Sunday, July 30, 2017

How To Financially Cope With A Career Change

money cope
Making the conscious decision to change careers is a big step in the right direction, but it can be a scary one if you’ve quit one job to focus on your path towards a new one. Whilst it’d be nice to stick in your current job until you found a new one, of course, you may have simply run out of patience with your role and been unable to cope with it for another day. Whatever the case, if you’re out of work then it could be weeks or months until you find a new job; if you’re looking into a new industry then it may be longer because you might require additional training or experience before any employer will hire you. In the meantime, here are some tips for coping with the financial aspects of life whilst you’re out of a job.

Find part-time work.

It doesn’t have to be particularly skilled or highly-paid work, but finding some form of part-time employment whilst you search for a new job might be a good idea if it’s going to take you a long time to find full-time employment in another big company. Think about local businesses within easy reach of your home and with flexibility in terms of shifts so that you still have most of the day free to go job-hunting. You could easily fill out the Costco application online if you wanted somewhere to begin because retailers are often flexible with shifts and don’t boast particularly grueling working hours.

The point is that you need a job (not a career) to help supplement rent or mortgage payments whilst you search for a proper career. You needed to cut the ties from your full-time employer in order to devote yourself fully to getting qualified in a new profession, applying to new jobs, or simply finding opportunities for experience in a new sector. However, you also need money, so swallow your pride and take a part-time job even if it doesn’t sound very glamorous.

Rent a room in your house or flat.

You’ve got to think outside the box. If you’re far too busy with job hunting or training for a new profession then you might not have the time to do any part-time work. There are other ways to make money, of course. Think about the assets you might already own, such as your house or your apartment. You could create a steady income by renting out a room to somebody. If you create a private living space for a housemate then you’ll be able to charge them even more. There are lots of sites, such as Airbnb, which could help you with this.

Make a budget.

Once you’ve figured out some form of income for this in-between period of your career, you need to plan for the tough weeks or months ahead. You don’t know how long it’ll be before you have that dream job, so it’s important that you’re not running into the red each month and praying you get a full-time position soon. You need to make a sensible budget so that you’re always in the green. Set aside enough money each money for necessities such as food, rent, utilities, and taxes and calculate how much disposable income that leaves. Don’t exceed this amount if you want to avoid going broke. Sacrifice some luxuries if necessary because it should be worth it for the dream job.

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