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Affording a career change in today’s economy

todayDecember 26, 2024 44

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It’s true, dreaming of a career change can feel amazing, right up until the price tag smacks you in the face. Usually, the idea of getting a new job shouldn’t sound expensive, except for buying new clothes for work, and transportation costs, that’s usually about it.

But the reality is that a career change can cost a lot of money. You have the training and certifications, and taking a pay cut to start fresh can make it seem like your new path is out of reach. Even though it’s expensive, that doesn’t inherently mean it’s impossible. If your finances are tight but your determination is strong, there are ways to make that career change happen without emptying your bank account.

Start small and test the waters

For starters, jumping straight into a new career might sound bold, but it’s also risky, especially when money’s tight. Ideally, this is something that you need to just ease into instead.

For example, freelancing, volunteering, or picking up part-time work in your desired field can help you get a feel for it without walking away from your current paycheck. Are you wanting to become a graphic designer? Well, offer to design flyers for local businesses. Are you thinking about healthcare? Then it’s a good idea to shadow a professional or look for programs that let you dip your toes in.

But overall, just starting small, you can build experience and confidence without putting your financial stability on the line.

business career change

Find scholarships and free resources

What usually comes to mind when you think about switching careers? Well most people, think about paying for training (courses) or forking over a large sum (or loan) for a license or certification. But before you whip out your credit card, look for scholarships, grants, and free programs that can lighten the load. Yes, scholarships do exist outside of degrees.

For example, if healthcare is your goal, then the healthcare scholarship by Royal Ambulance could be the perfect fit. Since this is designed to help people get the education and training they need without the hefty price tag. Healthcare training has a reputation for being fairly expensive, so something like this would help greatly.

Build up a safety net

For the most part, making a big career move without any savings is like walking a tightrope without a net, it’s stressful and risky. Sadly, the average person doesn’t tend to see it that way. There’s this idea of working at their current job, applying to new positions for this new career, getting the job, giving two-week notice, and that be that.

But no, that rarely ever happens. You’ll need to start setting aside money specifically for your career transition. This might mean cutting back on luxuries, picking up a side hustle, or finding ways to stretch your current paycheck further.

Go gradual, not all-in

Sure, quitting your job cold turkey to start a new career is tempting, but it’s not always practical. That’s why you’re better off just trying to transition gradually since it’s a lot safer (since money tends to get pretty tight). For example, take evening classes or part-time work in your new field after you get off work from the current job/career that you have. It’s not ideal, sure, but financially wise, this is for the best.

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Partner Contributor
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