4 tips to financially manage a career change later in life
Did you know what you wanted to be when you were growing up? From footballers to film stars to astronauts, we set our sights high when we’re young – but many of us go down altogether different paths when we do finally get into work.
In fact, around half of the UK workforce today worry their skills are not well matched to their job. Whether it’s in search of better job satisfaction, a healthier work-life balance or higher rewards, it’s normal to consider a career change from time to time – but it can be a scary jump to make.
Start a savings fund
It’s a good idea to be saving at all times in life, but especially if you’re considering a career change. If you have the means to build up a special savings fund well in advance, you could make your new job search a little less stressful.
Create a separate savings account that’s not easy to withdraw money from. Finding extra sources of revenue such as taking on part-time roles or selling unwanted possessions won’t hurt your cause either. In addition to this, you could always take out an instant cash loan as a form of additional funding to help you make the career move you want.
Budget for a drop in income
If you’ve progressed to a certain level in one industry but you’re planning to start again in another, you’ll probably need to get used to earning a little less at first.
Try researching what a typical starter wage is in your ideal job and have a go at living on a similar amount for a few months before you commit. You’ll still be earning your current wage at this point, so you’ll be able to put a little extra in that savings fund too.
Build a support network
If your friends and family know you well enough, they’ll probably know your current role isn’t right for you and should support your decision to switch things up.
Let them know you might not be able to spend as freely as you used to. Speaking openly about your decision with others could allow you to hear more about their careers – or even find a quicker way in.
Time it right
Ultimately to manage a career change will feel more achievable during certain periods of your life than others. If you have a young child to support or you’ve just secured a new mortgage, for example, you’ll probably need to be more careful than if you had fewer commitments.
That shouldn’t mean having to wait forever though, so if you fancy your chances, it could be time to take the plunge.
Do you wish you felt more fulfilled at the end of the working day? With just a little prior preparation and planning, you could complete the career swap you’ve been putting off for many years.