Degrees of Difficulty

Jarrod Sandra knows something about a spouse going back to school.

"I completed my masters while married, with a kid, and then about a year after that my wife earned a doctorate while we both continued to work full time," says Sandra, a financial planner at Chisholm Wealth Management in Crowley, Texas.

Getting a degree when you are married affects the whole family. Sandra urges couples to talk things over.

"You both must be on the same page for this to work because there will be time sacrificed in some form or fashion," Sandra said. "For example, I mainly focused on my studies very early in the morning while my wife and daughter were asleep and before work. This worked well because it didn't interfere with our family time. For my wife, she leveraged time after I went to bed to focus on her studies. It's not necessarily easy, but we agreed to be on the same page, so we didn't harbor ill feelings."

Even household chores were re-arranged.

"I know this may sound silly, but when I was in school, my wife picked up more of the household chore list and when she was in school, I picked up more of it. We were clear in what we needed help with and worked as a team to get it all done," Sandra said.

Don't forget to revamp the household budget.

"Review the budget and see what you're realistically willing to cut if a change in cash flow happens," Sandra says. "Too many people treat a budget like you have to go bare bones and be in survival mode. Don't take that approach because it doesn't work unless it's for a short time and all parties are on board. But review what you can cut back on and still make the family function. Then stick to that budget."

If you or your spouse is heading back to college, here are some top tips to keep in mind.

The decision to go back to school can be an emotional one.

"The decision for a spouse to return to school is not just a logistical one, but also an emotional journey. A few years ago, my wife and I made the decision for her to pursue her dream of becoming a Nurse Practitioner. This decision was filled with excitement, but also with a sense of the unknown and the need for careful planning," says Ben Lex, a financial advisor at Fiduciary Financial Advisors in Grand Rapids, Michigan.

His wife, a nurse, cut her workload to 8 hours a week and the family lived off of Lex's single salary while she attended classes. They paid cash for her schooling.

"We just worked her schooling into our budget," Lex says. "We have zero debt."

Make sure the degree you choose is one you will enjoy and that will lead to a career with a higher salary.

"The last thing you want is an advanced degree, student loans, and a lack of direction or excitement," Lex says. "Your desire and the potential for career advancement must drive the decision to return to school."

If it is possible, pay for your spouse's college tuition out of your savings.

"Plan ahead, save up and pay for school out of pocket," Lex says. "This will leave you in a great financial position, knowing you haven't taken on more debt. Depending on your current financial situation, this can take more time and require a fair amount of planning."

Only borrow what you need to pay for your college degree.

"If you must take out school loans, you will want your degree to 'pay for itself' in about three years," Lex advises. "If school costs you $50,000, you would expect your pay raise or a new career to increase your earning potential by about $15,000 to $20,000 a year, allowing you to wipe out that debt quickly."

Choose your student loan provider carefully.

"Before you take your student loans, do a lot of research into the different loan providers and loan forgiveness options in your career field," says Stacy Dervin, founder of Tailored Financial Planning in Eugene, Oregon.

"Prioritize taking out Federal Direct loans that have flexible repayment terms and forgiveness options," Dervin recommends. "Look into the reviews for various private student loan providers to learn which are best to work with and offer the best rates. Finally, especially if you are going into the medical field, look into special loan forgiveness options through future employers."

If you and your spouse will be living on one income when one of you heads back to school, be sure to try out this new, tighter budget in advance.

"We recommend doing a 'trial' of living on one income before quitting work," says Jay Zigmont, a Certified Financial Planner and the founder of Childfree Wealth in Mount Juliet, Tennessee. "You will need to get on a budget and make sure you can make ends meet during the school year. If you can't make ends meet on one income, you may need to consider part time work or another way to supplement your income."

Some companies reimburse tuition when an employee goes back to school. Snap this up if it is available.

"Many companies provide a tuition reimbursement up to $5,250 that is tax free," Sandra says. "It's an awesome deal and you should take advantage of that if it's available."

Don't forget to look for other ways to save on a college degree.

"For people going back to school for a graduate degree, this may mean taking part in a graduate assistantship or similar program that covers tuition and includes a stipend," Zigmont says. "For undergraduate degrees, it may mean looking at alternative programs such as testing out of classes, or leveraging community college."

Keep an emergency fund of three to six months of living expenses.

"Be sure your emergency fund is still intact and well-padded to account for a change in income if someone goes (to work) part time," Sandra says.

Having a spouse return to college changes the household for everyone.

"Just so you know, a return to school will likely be accompanied by a reduced income, added expenses, and more things to juggle," Lex points out. "While intimidating at first, getting on the same page as a family will be essential to making this all work. Your family's support and understanding are crucial in this journey."