Can You Afford A Career Change?

Career Change

With recent studies suggesting that as many as 40% of us intend to change careers in the next two years, it’s fair to say that we’re living in an age where change is quickly becoming something of a workplace norm. That’s hardly surprising considering that the last two years have seen complete shifts in everything from how we live our lives to how companies operate. What is, however, surprising amidst all of this is that, despite higher salaries being the prime motivation for this switch amongst 39% of people, many of us find ourselves stuck in roles we no longer feel suited to because we simply can’t afford to do anything else.

After all, changing careers can be as costly as it is risky. When our finances are already stretched to breaking point, that’s something we can’t even allow ourselves to consider. However, staying in the wrong career inevitably leads to dissatisfaction and performance problems, meaning that simply assuming we ‘can’t’ is rarely enough. Instead, if you’re worried that you can’t afford a career change that’s increasingly feeling inevitable, why not consider the following ways to fit this into your finances after all?

Consider the full costs of a career change

Many of us don’t even bother to break down the details before assuming that a career change would be too costly, but as with any other budgeting requirement, thinking about the trust costs you’ll likely face here is the only possible way to find a solution. Of course, most obviously, any career change could mean spending some time between jobs without a regular income. Further costs that you can also expect to face during that period include retraining expenses, and even efforts to boost your future job opportunities with the help of tools like a recruitment database and a quality recruiter. On an even smaller scale, you’ll also need to budget for things like interview outfits, travel expenses, and so on, to provide yourself with the best possible opportunities, and hopefully, reduce the time you ultimately spend between careers. 

Set a realistic savings goal

No career change will be possible without some money in the bank. Hence why, with those expenses and the potential for up to six months out of a job in mind, you also need to set a realistic savings goal. This can become frustrating, especially if you don’t have anything reserved in the bank, but knowing that you need, say, £5,000 to comfortably cover this period and its costs can come as a huge relief. As well as providing you with the best possible opportunity to make this work, this figure can act as a light at the end of the tunnel, meaning that even if you have to save for five months to make it possible, you can rest assured that you’re making active financial progress in your quest for a better life. 

Consider ways to prop up your expenses

Regardless of savings, increasingly uncertain financial times mean that you could still find yourself in trouble between careers. Hence why you may also want to consider additional support to prop up your expenses. Obviously, this course of action has the downside of repayments, and is therefore something that you should never take lightly. That said, a gentle approach to alternatives like an overdraft or even a credit card that can provide you with some stability until you get a new job could still prove useful. This is especially true if you begin seeking interviews or otherwise pursuing new career paths while you’re still within your old role, and could even make it possible for you to switch to part-time work or take a few extra personal days to finally buy the time you need to change.

Prioritise this path

It’s also fundamental that you prioritise your new career goals instead of simply treating this as something for another day. After all, an ill-thought career move is something that you’ll probably never be able to afford. Instead, you need to put time frames in place and take actual steps to afford this change. That way, you may even find that you’re able to more easily implement budgeting tips like reductions in your monthly expenses, at least for the period that you’ve outlined. That, alone, can significantly boost your free cash for the foreseeable, helping to get your savings in check, and making it less likely that money worries will ever become a problem. 

You deserve the career change you desire, so don’t hesitate to take care of any financial concerns using these tips. 

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Written by themoneyshed

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