Can you really afford a career change?

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Many people dream of changing their careers. The reasons are many; the prospect of a change from the same old routine, or a new challenge, learning a new skill set or industry, the opportunity to relocate (perhaps internationally). A career change can be part of a fresh direction or start in life, or the realisation of an old dream or ambition.

For whatever the reason, many people have considered changing careers. What stops most people is the cost.

It is not easy to break into a new industry, especially when already comfortable and experience in the workplace. Additionally, not only does such a change take much time, effort, planning and research, but it can be expensive. There might be training course to attend, certificates to acquire, or costs associated with a necessary relocation. Work experience may often be necessary when starting a new profession; those are often voluntary. Pursuing opportunities to enter a new career field may mean that you have to take time off your existing work.

Even when successfully starting out in a new career, career changers will inevitably be at the  bottom of their new profession- and undoubtedly take a steep pay cut, which will impact on their lifestyle, especially when taking existing debts and financial obligations into account. All the benefits accrued in your previous industry (health insurance, holidays, parking, industry specific perks) will all vanish, and have to be laboriously worked towards all over again. Effectively, you will be starting at the bottom of the career ladder again; mentally and financially, can you handle that?

Although it is a major thing to consider when contemplating a career change, there is absolutely no reason that financial issues should stop you making that longed for change.

1Consider your current financial position carefully, with your existing obligations and income. Can you afford to make that change? How long can you afford to be between jobs and careers? Start saving, and building up financial reserves to deal with the expenses of such a change (nobody said that a career change would take place quickly!). Small steps in managing your finances will pay off dividends when actually taking the plunge and making the change.

According to some life coaches and self- help gurus, challenge and revise your thinking about money. Many people have certain limiting beliefs about money, which often hold them back. Now is the time to challenge those beliefs, and to change your thinking as regards money. Try turning limiting or negative financial beliefs or concerns into positive thoughts; for example, instead of ‘I can’t manage money’, thinks instead ‘how can I manage money more effectively?’ Don’t allow yourself to be held back from your goal of a career change by financial concerns. After all, you can stay at the same job, with the same lifestyle and finances- or you can take an expensive and risky chance. The reward, however, is a sense of achievement and accomplishment, a fresh start in an area that probably makes you happier overall. With greater positivity will come greater effort and enthusiasm- and over time, more money.

A point to consider is timing. Time your career change right, so that there is the minimum of time between jobs and careers, ideally when you have enough saved, or are financially stable enough. Time your change so that it is a good time break into your new profession, when the markets are good, companies are hiring, or (if applicable) it is the right time of year or season for hiring.

Gradually get the experience, skills, and qualifications that are required for your new profession. Research your new profession carefully, so you understand exactly what is required at entry level, and exactly what it involves. Talk to people in your prospective field, or specific, specialist recruitment consultancy agencies. For example, for financial and similar professionals, recruitment consultancies such as Randstad are very experienced and are knowledgeable about the job market out there right now, and will be able to help and advise those seeking employment.

Although challenging, tough, and a very long drawn out affair, a successful career change is ultimately fulfilling. There are many questions to consider, and issues to overcome- but don’t be put off career changing by financial concerns.


Saving Money around the House This Summer

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The British Summer

The British summer never ceases to amaze, and yet again it has been a classic dull, dreary start, although with the weather showing signs of improvement with it having been hot for a number of days, maybe there is hope yet. When the sun is out, the British public don’t need any excuse to hit the outdoors, and get immersed in a bunch of activities. However, we all realise how expensive these activities are, especially when prices seem to get higher and higher, year after year.

So whilst these outdoor activities are costing you so much, it is important that you stay on top of your household costs during summer; making sure your summer spending does not spiral out of control. There are many ways to minimise your household expenses, and possibly even save enough to pay for one or two of these outdoor activities.

Utilise the BBQ

The first way to save money at home is to make much more use of your BBQ. Whilst the sun is out and the warm weather surrounds us, don’t use the oven and waste gas/electricity. Use your grill outside and keep the holiday summer food feeling flowing.

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Save on Electricity

Another way to save money also involves the outdoors, but this time it is in regards to your clothes. During summer, why waste electricity on using your tumble dryer with your clothes? When the sun is out, use the sun and simply hang your clothes out on the line for a cost effective dry.

Be clever about energy usage

During the summer, it is understandable that you may wish to use your air conditioning to keep you as cool as you can. However, you should only use it from (for example) 11am-5pm, when the heat is at its peak. If we had to, we could go without air conditioning for the other hours, as here in England, admittedly, it’s not that hot at the best of times. On the other hand, if you do not have air conditioning, then a battery powered fan will do. This will save you money on electricity, and additionally still give you a much cooler and more pleasant place to live in.

With the light that summer offers, households rarely need to use their own and therefore you have a chance to save a valuable amount of money in your electricity bills. Along this theme, the same goes for turning your television off when it is not needed, along with other similar appliances, just as a way of using as little electricity as possible.

Back to School Shopping

The ‘back to school’ sales are possibly the best time of year to shop and take advantage of the low prices. Obviously it is peak time to shop for buying your children the correct stuff for their return to school, but there are surprisingly low prices for general home appliances too; giving you a great opportunity to purchase great deals and save even more money before the summer finally ends.

Conclusion

The summer is always a time of year where you seem to lose a lot of money out of your account, but through saving money on your home expenses, you may see that little bit of extra money in your wallet, and maybe even be able to pay for that occasional outdoor trip to keep the family happy.

This article has been written by Toby Fletcher on behalf of Guarantor Loans Online. For more top money saving tips visit their blog.