Career

Can You Afford a Career Change?

Changing career is something that many of us consider from time to time. A bad day at work is fairly common, and we can all find ourselves frustrated from time to time. But, sometimes these bad days start to join together. A bad day becomes a bad week and a bad month. Your minor frustrations turn into a lack of progress and development, and you just want out. While it’s fair to say that it’s never too late to change careers nowadays, that you always have options and that you shouldn’t feel like you have to spend the rest of your working life in a career that makes you unhappy, it’s also true that money is a big consideration.

Most of us can’t afford to just quit our jobs without careful planning and consideration. We can’t just stop working and the take time off needed to study for our new careers or spend time out of work while we search for our dream job. We need a regular income to survive. So, for many of us, the answer to the question “can you afford a career change?” might be a resounding “no”. But, it doesn’t have to be. With some careful planning and budgeting, you could afford it and even benefit financially. Let’s take a look at what you need to do.

Keep Working

Don’t just quit your job without a plan and a fallback. First, think about what it is you want to do, and where you want your career to go. Then, keep working while you put a plan into place. You could start doing some volunteer work around your day-to-day job if you need some relevant experience. You could also study a course like a master’s degree in school counseling online, around work and other commitments. If you are struggling for time, or you’re desperate to escape, look at part-time jobs, or ways to make money online as an alternative.

Save

Even if you are lucky enough to manage a career change without ever being out of work, money can be tight. You may need to take time off to study; you’ll also need to pay for any courses that you want to take. Then, when you start your new job, you may face a lower income, especially if you are starting from scratch with an entry-level position.

As soon as you start thinking about a career change, start putting some money aside. Put a little away each month. This way, you’ll have a little nest egg saved to help, and you’ll start getting used to managing of less income.

Make Some Cutbacks

Saving is great, but you should also start making a budget, some cutbacks and spending less. Look at your outgoings, can you reduce any contracts or make any complete cuts? If you are used to a certain lifestyle, this can be hard to face. But, remember, it’s not forever. Over time, your new career could leave you better off than your current, as well as happier.