A lot can happen while you pursue your education, especially over the course of a four-year program. The prospects for your chosen career path, for instance, are subject to market forces that are out of your control. Keeping yourself apprised of the latest news in your industry can help you make the necessary pivots for optimizing your education.
Understanding where and how you can be flexible goes a long way for this step of the financial plan. Talk to your academic advisor about policies relating to switching majors or taking on different courses. Getting this information ahead of time gives you the tools to be flexible, regardless of circumstances.
Research is a huge part of being prepared for the unexpected. Keeping up with what finances are available to you allows you to be more flexible when things don’t go exactly to plan. Chris Conway, director of financial education initiatives at University of Phoenix, highlights this point”
“If students really put the effort into finding that free money [of scholarships, grants and benefits], and things do change, then federal loans can be a good fallback. If you’re trying everything else first, then it’s good to have that safety net in case you need it.”
If you want to make some kind of adjustment, it’s important to give yourself the flexibility to change course. Saving up money in case of emergencies is a huge help in this regard.