How to Build Your Skill Set on a Budget

I've noticed a disturbing trend among my fellow millennials who graduated deep in debt from their undergraduate years and continue to struggle with pervasive post-recession un- and underemployment as they approach the big 3-0. Disenchanted with unsustainable and unfulfilling career options, many default to graduate school. Rather than earning money for most of their young adult lives, these 20-somethings borrow their way through their early adult years, approaching 30 with an additional few letters to their names and a massive load of crushing student debt.

While graduate school provides an opportunity for continued education, skills training and increased earning potential, it is not necessarily the most cost effective way to achieve those goals. In fact, unless you are pursuing a career that specifically requires an advanced degree like becoming a doctor, lawyer, nurse or teacher, the return on investment from a graduate degree might not be worth sinking yourself into further debt.

Strategy consultant Dorie Clark recently wrote in the Harvard Business Review that paying for tuition might not be the smartest choice. "There are a lot of things you could do with $100,000, and going to school because you aren't sure what to do with yourself, or because you received some wisdom that an extra degree is always helpful, could be a colossally misguided move," she wrote.

Perhaps it's time to re-evaluate graduate school as the "default option" for young adults who feel stuck in low-paying jobs and college grads figuring out what to do next. But if not higher education, how can job seekers differentiate themselves from the thousands upon thousands of undergraduate degree holders entering the workforce each and every year?

The answer is skills.

According to Glassdoor's 2014 employment confidence survey, 72 percent of employees rated their specialized training to acquire specific skills as more valuable than their degrees in securing employment. Additionally, when asked what was most important in advancing their careers and earning a bigger paycheck, more than 3 in 5 employees listed learning new skills or receiving special training.

While going back to school is certainly one way to acquire those new skills, non-traditional alternatives, including certificate programs, boot camps, webinars, conferences and online non-degreed courses, are becoming increasingly attractive low-cost options.

Rather than automatically applying to a graduate program when post-grad career prospects prove grim, undergraduate degree holders may be better served by researching their prospective fields and learning which skills are increasingly in demand. With the vast array of affordable, flexible and accessible skill building resources now available to anyone with an Internet connection, job seekers in every field can benefit.

If you're looking to increase your marketability or earning potential, consider expanding your skill set using one of these affordable online resources to get started.

Khan Academy. A free, nonprofit website, Khan Academy has upwards of 4,000 educational videos covering a broad range of topics from history to biology. Videos average around 10 minutes long and are taught in a classroom style with black screen with colorful keywords, drawings and narration. Practical concepts are taught in an engaging manner using simple language, creating the perfect learning environment for any student of life.

Codecademy. Codecademy offers free online coding classes in six different programming languages. Considering that web programming is one of the most in demand skills in today's job market, codecademy is an invaluable resource. Basic coding skills also allow job seekers to better build an online presence for themselves, opening the doors for more career prospects, web entrepreneurship and diversified income streams.

Massive Open Online Courses (MOOCs). An increasingly popular alternative to traditional university training, MOOCs like Coursera, edX and Udacity offer online courses with unlimited participation and open access and are, for the most part, free of charge. MOOCs provide a mix of traditional course materials like readings and problem sets and interactive user forums to build community among students and professors.

Udemy. Udemy is an online learning marketplace where experts in various fields create courses and offer them to the public. Udemy's course catalogue covers everything from health to entrepreneurship. Depending on the instructor, courses can cost up to $100 but many are free.

As employers continue to care less about credentials and more about you can do skill-wise, these affordable online platforms serve as a valuable resource to job seekers everywhere.

Stefanie O'Connell is a New York City based actress and freelance writer. She chronicles her struggle to "live the dream" on a starving artists' budget at thebrokeandbeautifullife.com.