May, 2020

4 Tips for Saving Money When Transitioning to a New Career

4 Tips for Saving Money When Transitioning to a New CareerWhether it’s wanting to look for a new career path, dealing with a job loss or looking for a better paying job, we would find ourselves transitioning to a new career at some point in our lives. And while all these reasons are valid and acceptable, the fact of the matter is a job switch can take a toll on your financial health. Especially when you’re not ready for it.

 

If you have been wanting to make the move of switching to a new career for whatever reason but are a bit reluctant because you fear financial hardship, you’re not alone. Fortunately for you, we’ve come up with a list of tips to help you save money during a career transition.

Revisit your current financial situation
Before anything else, it’s best that you know exactly and are fully aware of your current financial situation. It’s a reality you can’t run away from especially when you’re about to go through a major change that will create a significant impact on your financial health.

So, if you haven’t done it in a long time, this is now the best time to revisit your current financial situation. Face your financials and review your current expenses. What are the things you are regularly spending for? Food? Utilities? Transportation? How much do you need to survive on a monthly basis? How long will you be able to sustain your needs after leaving your current job? Do you have an emergency fund you can tap during a worst case scenario?

Cut down on dining out
Now that you’ve figured out how you stand in terms of finances, it wouldn’t hurt to take a few steps to start saving more money. Even if you’re quite sure you have a safety net until such time you can start on a new job, we can never tell what the future holds. So, start working on your savings by cutting down your expenses on regular dine out. You may not realize it but frequently dining can drain your bank account. Sure, there’s nothing wrong with treating yourself to a delicious comfort food after a long day at work. But there are ways you can reward yourself without breaking the bank!

Eliminate unnecessary expenditures
Having a lot of channels on your cable TV may be nice to have but if you spend the majority of your time working and staying out, your money may not be worth it. Determine if there are unnecessary expenditures that take up a chunk of your monthly budget.

Explore opportunities for side hustles
While looking for a new career, it would also be a good idea to explore opportunities to earn extra through side hustles. This will be an excellent way to build up your savings in preparation for the transition. Who knows, you might find a full time position in one of your side hustles?

Looking to change careers but fearing the impact the transition will leave on your finances? Now’s the best time to start working on your savings for a stress-free transition!

 

 

Read 179 times Last modified on Thursday, 23 July 2020 04:38
Alan Carniol

Alan is the creator of Interview Success Formula, a training program that has helped more than 80,000 job seekers to ace their interviews and land the jobs they deserve. Interviewers love asking curveball questions to weed out job seekers. But the truth is, most of these questions are asking about a few key areas. Learn more about how to outsmart tough interviewers by watching this video.