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Original poster

Masters degree or house deposit?

17 replies

Crazycatgirl08 · 03/01/2021 22:57

Hi all,

Never posted on here before but feel like I’ve reached a bit of a crossroads and not sure what to do so would be really interested in getting other peoples thoughts on this.

Since the age of sixteen, I have always known that I would like to become an archivist. I graduated a few years ago and I have been working and saving since then and recently landed my first job in an archive as an archive assistant (fixed contract). Originally I had planned to go on to do a masters degree with the money that I have saved from working however I am now unsure if this is a sensible path to go down.

Through working, I have saved a sizeable deposit for a house (as has my boyfriend who I have lived with for two years) and we would really would like to buy.

If you were me, would you use the saved money to go back and do a masters degree or would you use the money to put down a deposit on a house and potentially return to the idea of a masters in the future?

All thoughts welcome! Smile

OP posts:
Tyranttoddler · 03/01/2021 22:59

Do you live in the UK. Keep it for a deposit and get a student loan for the masters?

LouiseTrees · 03/01/2021 23:00

The house. But only after advice on whether home values will increase or plummet and depending on how long you will stay there. No use of you wouldn’t make a profit in the time you live there in order to move up the ladder.

Original poster
Crazycatgirl08 · 03/01/2021 23:01

Hi,

Yes I do live in the UK, the masters degree I was looking at would cost the full amount of the masters loan so I was planning to use the saved money for living costs whilst doing a masters (I would need to rent somewhere)

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Higher education
AnonymousAuroch · 03/01/2021 23:04

I'm doing a masters degree and working full time as well. It's easy if you don't also have children. I'd buy a house, personally, before the stamp duty holiday ends, rather than spend the money on rent.

Mumteedum · 03/01/2021 23:05

House. Every time. You could do masters other ways. And ring fence your money separate to your boyfriend if you are putting money into joint property.

The voice of experience and crap decisions here!

AcornAutumn · 03/01/2021 23:07

House deposit. Zero contest.

maddy68 · 03/01/2021 23:08

House deposit. Often a work place will pay for you to do your masters. Mine did. Tbh it hadn't really benefited me anyway. So yes deposit all the way

Windinmyhair · 03/01/2021 23:11

House deposit, work, and do masters over a couple of years part time?

infinitediamonds · 03/01/2021 23:11

House definitely. I would also save rather than take out a Masters Loan.

Windinmyhair · 03/01/2021 23:13

(I wouldn't let it stop me doing the Masters...)

Original poster
Crazycatgirl08 · 03/01/2021 23:19

Thank you all for the replies! Seems house deposit is a bit of a no brainer from replies so far and the security that would bring makes a lot of sense to me. We would be looking to turn the house into a home so wouldn’t be intending to move/make a quick profit. No children yet so the idea of working and doing a part time masters is definitely food for thought! My main worry about not doing a masters would be whether it would inhibit me getting to where I would like to be in my career?

OP posts:
SarahAndQuack · 03/01/2021 23:20

House deposit. I know people with relevant PhD and postdoctoral training who are struggling to get jobs in this area. It is stupidly competitive and even more so given the backlog of people doing higher degrees who can't get work. A friend of mine recently got a job (paying just over minimum wage) to do archival work and was delighted.

I would be very, very cautious about doing a Masters right now. I'd put down the money on the house and sit on the profits for a while.

IdblowJonSnow · 03/01/2021 23:40

How old are you OP? Is there not a way of you doing both?

purpledagger · 03/01/2021 23:42

House deposit every time.

I've interviewed loads over the years and the more successful candidates aren't the ones who have academic qualifications, but the ones who have experience.

Get some decent experience under your belt before committing to a Masters. You never know, an employer may help fund your qualifications.

SimplyRadishing · 03/01/2021 23:47

House.
I don't know much about archiving but experience relevant to role has always been the key thing in my industry and your job is giving you that right now.

Have you discussed it with your employer. My old employer was considering part funding a masters for me (I had to ask and actually left for a new job Blush but you get the jist)

littlealexhorne · 03/01/2021 23:48

Another vote for house deposit, I think I'm going to make a similar choice in a few years when I've got some more money (hopefully) saved

Original poster
Crazycatgirl08 · 03/01/2021 23:55

@IdblowJonSnow
I’m 24. A couple of posters have suggested doing the masters part time and working which is something I’d be open to and would make it possible to do both, as would discussing potential funding options with employer. If I wanted to do the masters full time, although the loan would cover tuition fees, I’d have to pay for living costs/rent/transport which would take a big chunk out of the savings

OP posts:
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