Preparing financially for a change in career


Are you looking to move on to a pursue a new career? Perhaps you’ve been thinking about making the switch for a while, but fears about money have stopped you. In this article, we discuss some steps you can take to help you prepare financially for a change in career.

Safety net

Many people won’t feel comfortable about making a career change until they have built a safety net. A safety net can allow you to:

  • Have more time to figure out what to do
  • To launch a business (start-up costs can be hefty)
  • Complete new qualifications or training
  • Cope with a pay cut in a new role

Although building a solid safety net can take time, there are other methods you look at to help you reach your goal sooner, such as downsizing or cutting costs.

Gradual career change

‘Don’t quit your day job’ – rather than making an abrupt career change – something you may not be able to afford – you could look at making a gradual transition to your next career.

Want to start your own business? You could do it alongside your day job. Working in evenings, weekends, and any spare minute you have may seem like a daunting task, but it can give you the financial security you need to make your new business a success. It can also provide you the opportunity to confirm whether it’s what you really want to do!

Pursue financial assistance

Although it’s your career change, that doesn’t mean you have to do it yourself. There’s all types of support out there to help you make your transition smoother. For example:

  • Turn to family or friends
  • Apply for grants
  • Business loans
  • Student loans to upskill
  • Online courses and training

There are hundreds of options out there to help you make a change in career, but it just relies on you to find them and apply for them!

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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