As a milspouse, you know that advancing your education helps you get a leg up in your career. Despite the long-term career benefits, the process can be expensive and challenging in the short term.
Managing finances is essential for maintaining focus, overall health and well-being and financial stability. These tips can guide you in securing education funding and achieving financial stability.
Tips for Managing Financial Challenges for Milspouse Students
Managing your finances and education costs involves key strategies, including realistic budgeting, tracking your spending, possibly getting a part-time job, accessing military spouse grants and applying for MyCAA.
Create a Realistic Budget
A budget is an essential personal finance tool. Mapping out your monthly expenses and tracking your spending gives insight into where your money goes and how to cut back. However, it’s also essential to be realistic with your planning.
For instance, you might aim to spend less on groceries, but setting your spending too low may be unrealistic, especially if you have a family. You might shop around to find better deals and plan budget-friendly meals, but be practical about the amount you need to spend for your situation and lifestyle.
Track Your Spending
Once you create a budget, keep yourself accountable by tracking your spending. Small, daily purchases add up quickly, and you may not realize how much you’ve spent until you total it all up.
In addition, paying attention to exactly where your money goes helps you budget appropriately. If you allot $300 for food over a month and spend that in the first week or two, you know you need to adjust your budget.
Consider Getting a Part-Time Job
There are three ways to solve financial challenges: cut back on expenses, earn more money or do both. A part-time job where you work a few hours a week adds extra cash to your budget.
Consider flexible jobs, such as remote opportunities with flexible hours or evening work you can do when your spouse is home, especially if you have children. Also, consider enrolling in an online program, such as short-term healthcare or IT certification training from MedCerts, which allows you to study around your work hours and personal commitments and find a better-paying career long-term.
Apply for Military Spouse Student Grants
The federal government and other non-profit organizations have several grant programs for military spouses who want to return to school to further their education. These programs include:
- Marine Gunnery Sergeant John David Fry Scholarship
- Mrs. Patty Shinseki Spouse Scholarship
- Navy-Marine Corps Relief Society Education Assistance
- National Military Family Association Scholarships
- Survivors’ and Dependents’ Educational Assistance
Get Funding Through MyCAA
Eligible milspouses can also access the My Career Advancement Account Scholarship (MyCAA) program. MyCAA provides up to $4,000, in $2,000 increments per fiscal year, in scholarship funds to qualifying military spouses to maintain or pursue a certification, license or associate degree that leads to employment. MyCAA is approved at many educational institutions including MedCerts.
Speak With MedCerts
MedCerts offers training in high-growth industries, equipping you with the skills you need for a portable and in-demand career. MedCerts’ Education Consultants can help you create an Education and Training Plan and determine your eligibility for the MyCAA scholarship. Get started today by booking an appointment to explore your options and secure the financial support you need.
