When you're a student, you need to budget. Making minimal interest payments until after you've secured post-bootcamp employment is a great way of keeping your dollars in order, which is why Skills Fund loans for bootcamps are a student-friendly way to pay for your tuition. Jumping into an immersive education is exciting, but the prospect of moving to a student's budget might be a little scary. Balance your coding bootcamp budget and keep your finances in order with our tips & tricks.
Building a Bootcamp Budget
July 11, 2017
STEP 1: ANALYZE HOW MUCH YOU'VE BEEN SPENDING
Take a look at your debit and credit card statements. If you have a budgeting app, become familiar with the areas where you spend the most money. Becoming a student will certainly change your spending habits (you won't be able to afford those weekly sushi dinners) - so be prepared to shift your spending.
STEP 2: LOOK AT YOUR SAVINGS
Start to cut back on your spending. Be prepared to dip into your savings to pay for cost of living or relocation costs. If you need some extra financial padding, grab a cost of living loan from Skills Fund. It's a lump-sum check sent directly to you. You can use it for whatever you need: movers, groceries, gas, etc.
STEP 3: FACTOR IN RELOCATION
Moving to a new city, state, or country to attend a remote bootcamp is exhilarating! You can find lots of online resources to help calculate the cost of living in certain areas.
If you've become accustomed to buying gas and food for a lower cost, it might be a surprise when you go to attend a bootcamp in New York or a bootcamp in San Francisco (two of the cities with the largest cost of living index.)
Last but not least - if you're renting, you'll need to put down a deposit (often times a months' rent) and set aside a few hundred dollars for movers. Another thing to keep in mind is that leasing companies will usually check your credit, so take that into consideration if you're making any other big purchases or applying for financing. Multiple credit checks in a short period of time will lower your score.
STEP 4: RECURRING MONTHLY COSTS
Look at the items you're spending money on every month. Common monthly expenses include cell phone, car insurance, and health insurance. If you have time, call your providers and see if they can look into lowering your rates. Consolidating insurance policies (such as renters and car insurance) can come with benefits and lowered payments. Second-guess your cable television (you're in an immersive program, after all, and if you need some TV time there's always Netflix!)
STEP 5: WRITE OUT YOUR BUDGET
It's time to put pen to paper! Write your budget down in an area where you can reference it often. If you haven't already, sign up for a budgeting application on your phone.
TIGHT BUDGET? SKILLS FUND WANTS TO HELP.
Aside from being a great way to build your credit score and become more financially responsible, Skills Fund loans for bootcamps help students jump over the hurdles of financing, pay for their bootcamp, and get full-steam ahead in their new career. Our transparency makes us different than other lenders. Before you even apply for a Skills Fund loan, you'll know your interest rate, general APR and monthly repayment. You'll know exactly how much you need to pay monthly.