By Jeff Altman, Big Game Hunter
Congratulations on your decision to change your career. This leap of faith is truly an exciting journey, but it’s completely understandable if this transition triggers some financial stress. Even if you are advancing into a career that pays better and offers better benefits, an employment gap can leave you without a paycheck for weeks to months. This period of unemployment requires smart and strategic financial management, an achievable skill that can relieve some of the stress you experience between jobs. To master this transition, consider some of the following tips that will help you manage your money during dynamic times.
Build an emergency fund
Career changes take an average of 11 months. There was no stable income for a long time. To make sure you’re fully prepared for this job change, save about six months’ worth of income. This way, if you don’t find a job in the near future, you’ll feel less stressed because you know you have a safety net you can rely on. If you already have a job, you still give yourself the best chance of living comfortably. If you’re worried that this new job isn’t right for you, you could even save more than six months. Also, don’t be afraid to take on part-time work during your layovers to bring in some cash flow.
Maintenance monthly fee
Your emergency fund plus any side hustles will make it easier for you to continue paying your current debts. When you miss a payment on any student debt, mortgage or other loans, your credit score will be affected. When your credit score drops, other plans you have for a big change, such as buying a new home near a new job, may be put on hold. For the best chance of qualifying for a mortgage, research the best credit scores for buying a home and make your monthly payments on time. If your monthly payments become overwhelming, you may also consider the pros and cons of consolidating your debt to make your monthly payments more manageable.
Two mistakes in the final interview will result in failed admissions
make small sacrifices
Reducing some typical expenses during a job change will significantly reduce your financial stress. Now, this doesn’t mean you should make drastic changes to your lifestyle. Instead, canceling some expensive subscriptions you may not need or opting for cheaper services can save you a significant portion of your expenses. Here are some subscriptions and/or services you can sacrifice while changing jobs without drastically affecting your lifestyle:
- go out to eat
- streaming services
- gym membership
- cellular data
Take care of your health
Financial problems and job security are among the leading causes of stress for Americans. It’s no secret that stress can have a significant impact on your physical and mental health, and so does this huge life change. Whether you realize it or not, your mind and body can take a toll during your career transition, so making time for yourself is crucial. Use any newfound free time to maintain your current exercise habits and enjoy some of your favorite activities that promote relaxation. Both can help you relieve the stress and nerves of a new job.
take a tour
The easiest way to reduce the stress of a new job is to experience it before you start. Visit your new employer to get a feel for the environment you’ll be in. Introduce yourself to your colleagues and network in your new town so you can become familiar with your surroundings when you arrive. If your job requires you to move to a new city, explore around the new neighborhood and familiarize yourself with restaurants, grocery stores, etc. Most importantly, know the cost of living in your new town so you can predict how much you’ll spend on necessities. Knowing how much your new lifestyle should cost will allow you to accurately plan your finances.
Financial stress shouldn’t overshadow your career transition. With a little dedication and financial literacy, you can gain the skills you need to thrive between jobs.
Final interview mistakes will doom your candidacy”
About Big Game Hunter Jeff Altman
Jeff Altman, Big Game Hunter is a coach who has been a recruiter for a hundred years. His work involves career coaching, as well as executive job coaching, job coaching, and interview coaching. He is the host of “No BS Job Search Advice Radio,” the #1 job search podcast on iTunes with over 2,100 episodes, and is a member of the Forbes Coaches Council.
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