Worried about making a career change while money is tight?

As we all know, the cost of just about everything went up in the last 12 months, but should you let money worries impact your career? If you’ve been pondering how secure your next big move is (or how solid your current role is), we’ve put together some handy tips. Read on…

Don’t Trying Times Stop You – But Consider Your Options Carefully

Considering retraining? Or perhaps you’re wondering if self-employment is for you. While you shouldn’t necessarily let money worries stop you moving forward in your career, it’s also a good idea to make sure you have a financial safety net.

You might, for example, want to leave a toxic workplace – or perhaps you feel it’s better to decline a higher-paying role for a job which could potentially be more stable in the long-run.

Consider all options carefully and try to ensure you have a backup or ‘emergency fund’ via a healthy savings pot, should your next move not work out as you’d hoped.

Hone Your Skills – or Discover New Ones

If you’re already in a stable role, you might want to ensure you’re as indispensable as possible – where time and your mental health will allow, of course. Don’t work yourself into the ground but, in any available ‘downtime’ in a role, you could consider learning a new skill that could benefit you and your employer.

By boosting your skillset, you’ll feel more confident at work and you’ll be bolstering your future career prospects in the process.

Make Connections

It’s never a bad idea to make more professional connections; it’s often ‘not what you know, but who you know’, as the old saying goes.

When you’re looking for a new role specifically, make your LinkedIn network aware – or be bold and consider attending some local business events if you’re toying with the idea of self-employment. You never know where your next career opportunity will come from. Plus, you may make some new friends as well.

As stated in this LinkedIn article, by networking ‘you can glean firsthand information about how specific companies or industries are doing during a recession. Plus, you never know who in your network has the exact knowledge needed to refine your job search, help you ‘get more strategic in your job search’, and hopefully land you a job’.

Research the Job Market

Even if you’re in a job you’re happy with (and aren’t interested in a career change) it’s worth keeping an eye on the jobs market – you never know when a new role might take your fancy.

As well as scoping out the opportunities within your industry and area, you’ll also be building an understanding of the roles which offer more longevity – or the jobs which provide the chance to progress in a shorter timeframe.

Don’t Be Too Hasty

Whatever you choose to do – from boosting your skillset to retraining (or even going self-employed)– give yourself plenty of time to consider the pros and cons.

Although the cost of living going up feels like a lifetime while we’re in it, it may not affect your line of work in the long run. Jumping ship too quickly, or being spurred on to be your own boss by other friends or family members who are self-employed, may not be the right decision for you – yet. 

Cut Costs Now

Cutting down on your ongoing costs now will help you put more funds aside for a ‘rainy day’, or a potential dry spell on the job front, regardless of where you’re at now.

Regularly assessing your direct debits is the way to go; you may well be signed up for services and subscriptions you no longer use. Or perhaps you can cut costs in other areas – from swapping takeaway coffees on your commute to work to a homemade brew in a keep cup, to choosing to get fit via online tutorials, over paying to attend the gym.

While no one truly knows what’s around the corner in terms of their career – and its stability – everyone can plan for the future by ensuring their finances are as healthy as possible.

If you want to chat to our team about our financial products, do not hesitate to get in touch for a no-obligation conversation about anything from Flexible ISAs to Over 50s Life Insurance. Unity Mutual’s savings and investments accounts are designed to deliver growth in your money*, regardless of if you have a lump sum to deposit, or just a few pounds a month to spare.

Until next time…

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