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According to the US Bureau of Labor Statistics, the job outlook for software developers is going to increase by 25% from 2021 to 2031. This represents a significantly higher projected growth than the average for all occupations. Median annual pay for software developers was $120,730 in May 2021 (the most recent government statistic available.)

But how do you pay for the training? These programs can be pricey, and not all students have enough cash on hand to cover the cost. Fortunately, there are ways to make coding bootcamp more affordable. Read on for a closer look at how these programs work, including average costs and payment options.

What Do Students Learn in Coding Bootcamp?

Students will learn a variety of programming languages, rather than focusing on just one, to be equipped for a dynamic job market. When students graduate, they may have a portfolio, a website, profiles on programming websites, as well as interviewing and job hunting skills.

These programs teach frameworks and programming languages like JavaScript, CSS, HTML, Ruby on Rails, Python on Django, and PHP. According to a Course Report study, 79% of Bootcamp graduates find jobs as programmers.

Coding bootcamps are intensive programs that teach skills like data science, cybersecurity, full-stack web development, and technical sales, among others. Typically, the average Bootcamp is around 14 weeks long but can range anywhere from six to 28 weeks. Courses are offered online or in-person and at dedicated coding Bootcamp facilities or at universities a Bootcamp program might partner with.

How Much Does Coding Bootcamp Cost?

The coding bootcamp cost varies depending on the program. While the average full-time coding bootcamp in the US costs $13,584, bootcamp tuition can range from $7,800 to $21,000. It’s a good idea to ask about costs for the programs you are interested in so you’ll have adequate information to compare programs. The cost of coding bootcamp might seem high, but paying for a college degree can be a much costlier investment.

If the cost seems out of reach, looking into free coding bootcamps might be an alternative. Some free programs are open to anyone, while others require passing one or more tests. There are also free coding programs targeted to women, girls, and residents of underserved neighborhoods. Some of the free programs offer just basic instruction in coding, while others are more comprehensive.

Recommended: Are Coding Bootcamps Worth the Money?

Paying for Coding Bootcamp

There are a variety of options to pay for coding Bootcamp.

Loans

One option might be taking out a coding bootcamp loan. Some coding bootcamps partner with lenders that offer various terms and interest rates depending on a variety of the student’s financial factors. Bootcamps might also offer their own financing, or students might choose to apply for a loan through a bank or credit union. It’s important, however, to read the fine print of any loan agreement to be sure you’re aware of any fees, such as an origination fee or early repayment fee, that could add to the cost of the financing.

Alternative Ways to Pay Tuition

Coding Bootcamps may also offer an income sharing agreement (ISA) or deferred tuition. Students who choose an ISA agree to pay a percentage of their income to the school for a certain period of time after they graduate and find a job. With deferred tuition, students will either pay no upfront tuition or they’ll pay a small deposit, and then begin paying tuition once they graduate and secure a job.

The terms of each ISA or deferred tuition program differ by program. For instance, The Grace Hopper Program does not require students to pay tuition if they are unable to secure a job within one year of graduating. GeneralAssembly does not require students to pay tuition if they don’t secure a job that pays $40,000 within eight years of graduating.

Recommended: Ways to Pay for Your Child’s Tuition

Employer Funded

If students are already working, they might consider asking their employer to fund part of or all of their boot camp education. By demonstrating to their employer that by increasing their skill set they’ll be able to contribute more to the company and boost their productivity, their employer might be willing to pay for some of the program cost.

Recommended: How Does Tuition Reimbursement Work?

Military Benefits

US military veterans may be able to pay for their coding Bootcamp using their GI Bill benefits. Another funding source for veterans to look into is the Veteran Employment Through Technology Education Courses (VET TEC) program . This educational assistance program funds education for qualified veterans in computer software and programming training, and data processing, information science, and media applications programs. Benefits include housing costs incurred during the training program as well as tuition for full-time students.

Paying Out-of-Pocket

Using personal savings to pay for a coding bootcamp program is an option some students might have. While it may be difficult to part with the money, the return might be worth it. The median starting salary for a coding bootcamp grad is between $77,030 and $120,730.

Recommended: Jobs that Pay for Your College Degree

Coding Bootcamp Scholarships

Students seeking scholarship funds won’t have far to look. Like scholarships for any other education program, these are available to students who meet a variety of qualifications, for instance, residence in certain geographic locations, students of diverse genders and cultural backgrounds, veterans, and military spouses, among many others.

Some scholarships might be need-based, while others will be based on merit. The amount of tuition and other costs that are covered will vary by scholarship.

Types of Jobs for Coders

After graduating from coding bootcamp, students will be qualified to work in a variety of jobs, including:

•   Software engineer: working with Ruby, HTML, CSS, and JavaScript.
•   Data scientist: discovering insights from massive amounts of data.
•   Back-end web developer: using PHP, Sql, Ruby, Python, or Java.
•   Front-end web developer: utilizing HTML, CSS, and JavaScript to design websites.
•   Full-stack developer: troubleshooting website design on the front and back end.
•   Mobile developer: building mobile apps.

There are many options, and students can look for a job that best suits their skills.

The Takeaway

If you want to be a part of the growing technology field, a coding bootcamp might be a route you can take. While the cost can be a deterrent, there are a number of ways to make the tuition more manageable, including scholarships, deferred tuition programs, tuition financing, and/or an employer-based tuition reimbursement plan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL0623058

Pet ownership comes with an array of costs, and medical care can be one of the big ones. Does that mean you should get health insurance for your pet? Is pet insurance worth the cost?

Insurance policies for pets are more worthwhile for some pet parents than others. A policy that covers general pet wellness and preventive care may not make economic sense, but a policy that covers accidents and illness may be a good move for pet owners who would have trouble covering a hefty vet bill should their pet suddenly be injured or become sick.

But plans vary significantly on what they cover — and what they cost. Here are some key facts to consider when shopping for a pet insurance plan.

Average Cost of Pet Healthcare and Emergencies

Between food, daily care, equipment, and toys, the cost of owning a pet can be high. The cost of veterinary care can also stack up pretty fast.

Pet healthcare costs vary widely, depending on the region and what kinds of care your pet may need. But dog owners spend an average of $580 per year on routine vet visits, while cat owners shell out an annual average of $433 on routine care, according to the American Veterinary Medical Association.

Heartworm tests can tack on another $35 to $75 annually, with monthly preventive medications costing from $6 to $18 apiece. This means an annual cost that can range between $107 and $291 for heartworm prevention, while flea and tick prevention can cost from $65 to $150 or more per year.

Even a healthy pet may need emergency care, ranging from a few hundred dollars to thousands. Wound treatment and repair, for example, can run as high as $2,500 for a dog. Emergency surgery for a large dog can cost up to $5,000.

In fact, emergency room bills for pets can run as high as $10,000 when adding in hospitalization costs.

Recommended: 19 Tips to Save Money on Pets

What Is Pet Insurance?

Once a niche product, pet insurance policies have been steadily gaining in popularity. Indeed, many employers now offer pet plans as part of their benefit packages. But what exactly is pet insurance — and how does it work?

Like health insurance for people, pet insurance is intended to ease some of the costs of keeping your pet healthy. You can choose from different levels of coverage, with each plan costing a monthly or annual premium based on how much coverage you choose.

Some plans cover accidents and injuries, some only cover accidents, and others include wellness and preventive care. The more comprehensive the coverage, the higher you can expect the cost to be.

As with health insurance for people, pet policies include exclusions, various levels of coverage, copays, deductibles (a certain amount you must pay out of pocket before coverage kicks in), and payment limits.

Most pet insurance policies exclude preexisting conditions and hereditary or congenital conditions. Some carriers will not accept pets younger than 8 weeks or older than 12 years, and many policies have waiting periods before benefits for injury, illness, and orthopedic care begin.

Pet insurance typically uses a reimbursement model: You pay the full amount due when you take your pet in for care, then submit a claim to the insurance company.

What Pet Insurance Covers

Pet health insurance offers several types of coverage, each with its own list of coverage options and costs. The three most common types of coverage are:

•   Accident and illness. This typically covers treatments and tests for accidents and illnesses.

•   Accident-only. This coverage generally takes care of accidental injuries, such as poisoning or ingestion of a foreign object, being hit by a car, cuts, and other physical injuries. Accident-only coverage is often preferred by owners of older pets that have aged out of comprehensive coverage.

•   Wellness plans. Wellness plans tend to cover preventive-care visits, such as checkups and routine vaccinations, and you can buy one as a stand-alone policy or as an add-on to an accident and illness policy.

Before deciding whether you want to buy a pet insurance policy, it’s a good idea to download sample policies from insurers. You can then review each policy for limitations, exceptions, and copayments. You can also reach out to a rep with questions.

What Pet Insurance Doesn’t Cover

Some pet insurance options have breed-specific exclusions, or it could cost extra to cover specific breeds.

As mentioned, just about every pet insurance policy excludes coverage of preexisting conditions.

Many plans also limit the amount you can claim, either annually or over your pet’s lifetime.

Wellness plans likely will not cover any treatments having to do with accidents, common injuries, or any other emergency treatments.

Accident-only plans will likely not cover any cost associated with illness, while accident and illness plans will likely not cover any preventive care or any care related to preexisting conditions.

An accident and illness plan with a wellness add-on provides the most comprehensive coverage. But again, it will likely not cover any care for a preexisting condition and could come with breed restrictions. That’s why it’s essential to read the fine print of every policy option before deciding which one is right for each pet.

How Much Pet Insurance Costs

The cost of pet coverage varies widely, but the average accident and illness premiums cost $675 a year for a dog and $383 for a cat, according to the North American Pet Health Insurance Association’s latest figures.

Accident-only premiums — covering things like ingestion of a foreign body, lacerations, motor vehicle accident, ligament tears, and poisoning — average $204 for a dog and $116 for a cat, the association reported.

In a Consumer Reports survey of 3,583 pet owners who have pet insurance, 34% said the policies had saved them money, while 20% said they broke even. Still, 67% of respondents said they thought the insurance was worth the cost.

Keep in mind that costs can rise, depending on a number of factors:

•   Your pet’s breed (purebreds may cost more to insure because they are more susceptible to some hereditary conditions)

•   Age (plans tend to cost more as your pet ages)

•   Region (the higher cost of vet care in some areas is factored into your premium)

•   The coverage you choose

Note that once a pet reaches a few years old, most pet insurance providers will increase rates every year at renewal time.

Pros and Cons of Pet Insurance

Pet insurance can make pet treatments and services more affordable: As you make annual or monthly premiums, the insurance company bears the brunt of covered expenses.

Pet insurance also may help protect the emergency funds in a checking and savings account or savings account. If your pet is young or healthy, or you choose a lower tier, you can get accident and illness coverage for a fairly low cost.

But it’s important to read the details. Many plans limit the amount you can claim, either annually or over your pet’s lifetime. If your pet suffers a major medical problem, you could quickly max out your plan’s limit and find yourself paying the difference.

Depending on the cost of the premium, wellness-only plans and wellness add-ons may not be worth the price, since they can end up costing about the same as, or more than, paying out of pocket for routine care.

If pet insurance may be a possibility for your household, here are issues to consider before making a decision.

Research Which Pets Are Covered — and for What

Plans have different enrollment requirements. Typically, though, once a pet is enrolled in a plan, lifetime coverage is available — at least for as long as premiums are kept up. It’s a good idea to check to see if a plan requires a vet visit before enrollment.

Once plans have been identified that would likely accept your pet’s enrollment, find out what each of the policies covers. For plans that go beyond accident coverage, find out specifically what the benefits include. Will the policy, for example, cover ongoing treatment for a condition, or would a policyholder need to pay an add-on fee for continual care?

Investigate the Reliability of Pet Insurance Plans

Once a list of providers has been narrowed down to ones that would accept your pets, it’s a good idea to check the companies’ track records.

This includes the length of time they’ve been in business and how many policies they have in effect.

You may want to see which ones are rated by the Better Business Bureau and what those ratings are, and read online reviews. Who develops their policies? Are there veterinarians involved?

Compare Deductibles and Payout Limits

Pet policies come with deductibles. Sometimes it’s an annual deductible. Other times, it can be applied per illness or injury.

If that’s the case, then once a deductible is met for that condition, maximum reimbursements may be paid out for that particular injury or illness. If, though, a pet develops multiple conditions, a deductible would need to be met for each one individually.

If the deductible is applied per incident, monthly premiums may be lower. A low annual deductible may sound appealing but will have a higher premium than plans with a higher deductible.

Alternatives to Pet Insurance

Again, like humans, unexpected expenses can come up from time to time with a pet.

Another way a pet owner can pay for both expected and unexpected vet bills is to have an emergency fund earmarked for your pet. Stashing a little bit of cash each month into a pet care fund can slowly add up.

Whether you do or don’t spring for pet insurance, you may be able to avoid emergency care by monitoring your pet’s diet and exercise and staying up to date on vaccines and heartworm prevention treatments.

Even knowing the most common ailment associated with your pet can help keep a minor problem from turning into something major.

Finally, you may want to shop around for the lowest price on the veterinary services you need.

Recommended: Emergency Fund Calculator: How Much Should I Save?

The Takeaway

Is pet insurance worth the cost? Pet insurance that covers accidents and illness may be a reasonable hedge against a huge vet bill. The payoff for wellness coverage is less clear. If you do decide to take out pet insurance, be aware of all of the policy’s limits and exclusions.

Life is full of unexpected events. Insurance is meant to ease the burden of paying the full cost of an accident, illness, or loss.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOPRO-Q225-016

Does living on a budget sound like a bummer, all about scrimping and saving? It shouldn’t! A budget is really just a way to evaluate and keep better track of what money you have coming in and going out each month.

Having insight into the big picture of your personal finances can make it much easier to figure out where you may need to make tweaks so you can reach your personal and financial goals.

Rather than feeling restrictive, living with a budget can actually make your life easier and less stressful, while also helping you prepare for the future.

Here are some ideas to help get you going.

1. Determining What’s Coming In

The first step for creating a budget is to figure out how much money you are earning after taxes every month.

This might be easy for salaried W2 workers who automatically get their taxes taken out of every paycheck. It can be a bit trickier for 1099 freelancers who only see how much they are taxed at the end of the year.

For freelancers, there is a simple solution though: Using how much you made the previous year and what taxes you paid, you can then pay estimated quarterly taxes to the IRS. This can help give you a more accurate picture of how much you are earning on a monthly basis.

2. Listing Spending Categories

Next, you’ll want to figure out how much you’re spending each month.

This involves going through one month’s worth of expenses and dividing everything up into categories, then figuring how much you spend on each. You can do this by hand, put the info into an online spreadsheet, or use a budgeting app. Your financial institution may offer one, or you can download one.

Spending categories typically include necessities, such as rent or mortgage, transportation (like car expenses or public transportation costs), food, cell phone, healthcare/insurance, life insurance, childcare, and any debts (credit cards/ loans).

You’ll also need to list non-essential spending, such as cable television, streaming services, concert and movie tickets, restaurants, clothing, etc.

You’ll also want to include monthly contributions to a retirement plan and personal savings into the expense category as well.

In addition, you may want to have an emergency fund in place that could cover at least three to six months of living expenses just in case. If you don’t have an emergency fund, consider putting it on the spending list, so you can start putting some money towards it each month. (Putting it in a high-yield savings account can be a wise move to help it grow. You might even automate your finances and have a small sum deducted right after payday and put into the account)

3. Seeing Where You Stand

Once you have a sense of your monthly earnings and spending, it’ll be time to see how your numbers line up with general budgeting guidelines. One good budgeting method is the 50/30/20 model, which looks like this:

•   50% of money goes towards necessities such as a home, car, cell phone, or utility bills.

•   30% goes towards your wants, such as entertainment and dining out.

•   20% goes towards your savings goals, such as a retirement plan, a downpayment on a home, emergency fund, or investments.

By looking at your income versus your expenses, it will be easy to see what, if any, changes need to be made.

4. Making Adjustments

There are many ways to adjust how much is being spent in order to reach certain personal finance goals.

The easiest way to change your spending habits is to trim some of your nonessential expenditures. For example, perhaps internet and cable television costs $120 a month, and if cable is cut out, it would result in a savings of $60 a month.

Not taking as many trips to the mall or cooking (instead of getting takeout) more often could start adding up to a big difference.

Using coupons and promo codes when shopping, as well as or going to discount or second-hand stores can also reduce costs.

Living on a budget may also require looking at the bigger picture and finding places for more significant savings.For example, maybe rent eats up 50% of your income and it’d be better to move to a less costly apartment. Or, you might want to consider trading in an expensive car lease for an older, pre-owned vehicle.

5. Negotiating With Credit Card Companies and Service Providers

If debt and bills are too high, then it’s going to be much harder to budget and save up money for the future.

One way to cut back is to negotiate with credit card companies and service providers. Credit card companies want their money back, so when cardholders call and say they can pay if some adjustments are made, they may be willing to help.

Cardholders can ask for their monthly payment to be lowered, see if their interest rate can be lowered, and/or ask if it’s possible to remove late fees.

It may also be possible to lower monthly bills for internet, cable, streaming services, medical bills, and car insurance. For instance, if you see a promotion going on for cable and internet, you can always ask your cable company if they can apply that promotional rate to your account.

You can also use a car insurance quote comparison tool to find a lower car insurance rate, or call up a hospital to negotiate a medical bill.

6. Taking on a Side Gig

Once a living budget is made, it may seem clear that additional income could be a big help. As long as someone has the time and energy, they can take on a low-cost side hustle to bring in more money. Some ideas include:

•   Selling things on eBay, Craigslist, or Facebook Marketplace
•   Having a garage sale.
•   Creating an Etsy store and selling homemade goods
•   Driving for a rideshare or food delivery service
•   Giving music lessons
•   Renting out a room on Airbnb
•   Walking dogs
•   Cleaning houses
•   Babysitting
•   Handling social media for small businesses
•   Selling writing, photography, or videography services to clients

Setting aside additional income for necessary expenses, and not spending all of the money on wants, can be a big help when it comes to living on a budget.

Recommended: Benefits of a Side Hustle

7. Using Cash Whenever You Can

It’s easy to spend money when only using credit cards and debit cards. Whenever possible, it’s a good idea to use cash as it can be easier to see the impact of your spending. You might be less likely to go into debt since money doesn’t seem invisible anymore. Consider taking out enough cash at the beginning of the week to cover your daily expenses to help you stick with your budget.

The Takeaway

Living on a budget doesn’t have to feel onerous and restrictive. In fact, the process of setting up a budget and sticking to it every month, can eventually free you from financial burdens and help you reach your life goals.

Getting started involves listing everything that is coming in, and everything that is going out each month. The next step involves figuring out where you stand, and what you can do to get closer to your personal and financial goals. This may involve cutting back in some areas and also finding some ways to boost your income.

Keep at it and soon you will be in control of your finances, rather than the other way around. Your bank can also help you stay on top of your budget. For instance, with a SoFi Checking and Savings Account, you can easily track your spending on your dashboard within the app. Plus, you’ll earn a competitive annual percentage yield (APY), pay no account fees, and spend and save in one convenient place. All of those features can help you be a better money manager.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.