Asked on 26 May 2020
In a dilemma on how to still save money when I plan to study further, and family planning, etc. I have some savings but may only be enough to pay for honours programme. I need to pursue honours and masters in order to practice psych. If I've chosen to study full time, I may need to borrow money from my parents to pay off my bond and I won't have monthly income. What should I do?
The question that you need to ask yourself is, why did you sign the bond for your current work in the first place?
My guess is that previously when you graduated from (poly?), you decided to start work first while pursuing your part time psych (degree?). However, I'm puzzled that you have 2 years bond left. Which means you signed something like a 4-5 year bond from the start? Did you signed it because of some attractive bonus to fund your part time psych?
If the main reason for you bond was for finance, then it doesnt make sense for you to break the bond and pay the penalty. If so, in the first place you could have just borrowed money from your parents for further education.
Also the most important consideration now is the COVID Pandemic. Everyone is getting pay cut / retrenchment. You are lucky to have a bond to 'secure your job'. Think about it, would your parents have enough spare cash to pay for your bonds? What if your parents lose their job at the end of the year. Will you guys have sufficient savings to tide thru?
Lastly, my opinion is to continue for the next 2 years and finish off your bonds. Meanwhile, start saving more of your income so that you can purse your studies afterwards. Also, if you decided to pursue full time studies, apply for bank loans. Keep your savings for your daily expenses.
Given your situation, getting that clarity in life would help you prioritise what is important. You might want to weigh the pros and cons of your options you have in mind by writing them down on a piece of paper. Wish you all the best.
Personally as a part time student myself, I would continue to perservere on. No doubt studying part time is tough but remneber you are gaining both industrial experience and a degree. I believe most part time programmes have honours as well! Perhaps, if you really find in tough to cope, you might want to take more leave (Annual/ unpaid) to study during your exam period!
After you graduate from university you can definetly still apply for masters programme if you did well! I have seniors from my course that managed to apply for NUS masters programmes after they grad. So it's possible!
All the best! You are doing a great job by studying and working at the same time and I know that it's not easy!
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