Retrain without breaking the bank

Two key things that Rest Less members ask when thinking about making a career change are ‘How can I retrain without breaking the bank?’ and ‘Is this actually possible?’ 

The great news is that we’ve seen many over 50s from all backgrounds retrain in new careers and prove that it absolutely is possible. 

Sixty-year-old Rest Less member, Christine Rollinson, is one such example. At 52, she left a long-term relationship and became homeless, with no job or income. Then, after being taken in by a family member, she applied to university to study criminology, funding her studies through maintenance loans and grants.

Christine from South Shields, says, “I got a maintenance loan to live off and because I was living on my own with my son, I received the maximum loan amount. There are a few different loans and grants available depending on your individual circumstances, and you only start paying back your student loans once you earn a salary above a certain amount. You can get help with buying the equipment as well. I got an amount towards buying a new laptop.”

As well as applying for student loans and grants, other tips for retraining without breaking the bank include:

— Working part-time while you train – many colleges and universities offer the option to study part-time around other commitments.

— Using your skills to boost your finances – for example, if you have a particular area of expertise, could you do some tutoring or consultancy work? Or if you have a spare room and enjoy hosting, could you take in a lodger?

— Training on the job – some employers will take on employees with little to no experience and train them on the job. Examples of roles where this might be possible include carers, travel agents, and emergency call handlers.

— Being honest about your outgoings – often, it can be easier to budget and get through a period of study or retraining if you know your new role will eventually cover your usual living costs.