Would you leave work in the current climate to study?

[Ontheedge2]

I work full time, have a mortgaged home with my DP. No kids and we earn a good amount and while the cost of living is definitely biting, we're lucky to have some savings.

An opportunity has come up for me to study full time. This is a dream, it was always part of my long term plan to try and apply at a time when money was a little more available.

And now the offer has landed in my lap which is amazing! But there's a cost of living crisis, interest rates increasing etc. There's some funding attached but my wage would decrease by about 50%.

My job isn't safe due to redundancies going ahead currently and so I may find myself out of work shortly anyway but I have been applying for other roles. I also hate my job.

I could live on the funding but it would be a different lifestyle. My DP is also very supportive after I supported him financially through something similar years ago.

The study is related to my field and would help with career progression, although it is not mandatory and not a lot of people in the field have this qualification.

I really, really want to do this but I don't know whether I'd be stupid to do it now.

WWYD?

If you can afford to, you and DP are in agreement about the change in lifestyle and how financial responsibilities are met, and there's good prospects at the end of the course then it's probably a good idea.

If you might need to use household savings to top up living expenses, your DP doesn't want to be carrying the financial load in uncertain times, or you're unlikely to have pay off from the course then it's probably something to leave for now.

Yes. I was in a similar position to you and I'm half way through an undergrad - related to my work but will open more days and will allow me to make more money once I graduate.

It's been amazing in so many different ways, finances have been stretched, savings are dwindling but it's been worth it.

Doors not days

Thanks @sailrunski, that sounds great - well done for taking the plunge!

Can I ask if you'd make the same decision now with everything going on in the financial markets?

There's a part of me that thinks this is amazing timing (not enjoying my job, possible redundancy) and another part that thinks it's the worst!

Thanks @LolaSmiles

We are in agreement on how we'd live during the time but it would mean cutting back and while DP is fine with that, im worried about a big unexpectdd bill coming in (boiler etc) and us not having a great deal of flexibility.

I would need to use some savings to get me set up with equipment etc but the budget we've looked at would keep our savings stable after that - no decreases, but no increases either

I did the opposite but I don’t have a DH, finances forced me to leave my studies and work instead. However the job I found was complete serendipity, needed the experience I had studying but not the finished qualification, and lead to me entering a great career with tons more prospects than I originally imagined.

Swings and roundabouts. You never know what might happen when circumstances present themselves. I’d say go for it- my door to education may have closed but yours has just opened!

Mine came off the back of a terrible time at work too. I'd make the same decision again, without a doubt. I've grown in ways that money can't buy, made an amazing group of friends and will have a degree behind me that should accelerate my career.

It's a hard decision and the unknown is terrifying (in regard to money) but I stalled in my early 30s and this has kicked me up the arse

I say go for it Op. It'll be better for you in the long run Op and there will never be a perfect time so might as well be now! Good luck!

Also this, there really isn't a perfect time for anything.

I had a bit of a blip last year, cost of living forced the closure of my son's nursery and caused a headache but a million other things could have happened too regardless of the shit state we're in financially as a country

Thanks everyone - so good to hear stories from both sides too!

Glad to hear both your decisions worked out @sailrunski and @Lilibobo

I'm usually really risk averse and because I know this isn't essential to my career, I guess it feels a little like taking a huge risk just because it's something I want rather than need necessarily?

I'm always thinking worst-case scenario though and it would be lovely to be a little more positive!

I'd go for it, especially as you will get some funding and your DP is supportive. You'd kick yourself if you did end up being made redundant and you hadn't taken this chance.

Very good point @PacificallyRequested !

There's no real option to do half way and study part time - the funding is only attached to the full time study (which would be my preference if I take the finances out of it but is also terrifying to not have any 'safety net'!)

I'd do it if you were married. If not he could leave and you'd be fucked.

If you hate your job - do you really want to study so that you can carry on doing your job?

Thanks @IDontWantToBeAPie - it's a really good point and definitely something to consider.

In this scenario, I own more of the house (tenants in common) and I have the larger savings pot.

I will still be able to pay basically 50% of the bills but will have much reduced 'fun' or savings money.

We have a joint savings pot that I would no longer be contributing to for the length of the study.

Would this change your view at all?

Definitely a consideration!

It's my current employer and Team that are horrendous - I enjoy the field I'm in and this qualification would (in theory!) Get me out of the transactional stuff I do today and into the more strategic stuff that I want to be doing.

As an example, it's like I'm in tech. And I've got to management on the sales side but want to be on the development side. I have some qualifications in the area and experience but this qualification would make me a real expert and improve my chances of moving there and retaining my current seniority.

Does anyone else have any experience with this?

All views welcome!