For most adults, there come times where a job change is either wanted or needed. This might be because of a need for more income, issues with coworkers or superiors, a move or even just a simple desire to do something new. Regardless of the reason, your first job will almost never be your last one.
A challenge in transitioning between jobs that many people face, however, is managing your money while job hunting. If you are still employed while you tackle job hunting, your financial situation will look different than it will if you have already left your current job. In either case, however, you may need to adjust your short-term financial plan.
To start, consider the things that your current or last job provided. This includes financial considerations such as your pay rate, insurance, and other benefits. It also includes non-financial factors, such as commute, hours worked per week and interaction with coworkers.
Before you start looking for a new job, you should consider all of these factors and decide which factors are the most important, and which are simply nice to have. By knowing what you need from a new job, you can narrow down your search criteria to fit your needs. You can also include your list of wants when you enter an interview, giving you meaningful points of discussion with a new company.
Most importantly, though, is what this will do for you before you start working. By having this list prepared, you can establish financial priorities that will help you focus on budgeting and key financial considerations during your job hunt.
For some people, the biggest hurdles when job hunting are experience and education. While your current job may have given you the training and knowledge you need to move into a similar position at a new firm, those two factors can keep you out of a new field of work as well as better opportunities in the same field.
With that in mind, perhaps furthering education is the right move for you. Fortunately, there is another blog in this series that can offer you some advice in pursuing higher education. But what if that’s outside your financial capabilities right now? There are always online resources that can help you gain additional knowledge or accreditations for particular skills. There are resources available to help you expand your skills that are often free or low cost for many different subjects.
If you are between jobs, another consideration is taking on a part-time job. This may be short term opportunity at a local business or a “side-hustle job”, such as driving for a ride-sharing company or producing online content.
While part-time work may not be ideal, it can help to support you during a job transition. Another consideration is that a part-time job in a new field may give you the experience you need to give you an edge over your competition in the job market. You may even find that this part time opportunity leads you towards a new career you are actually more excited for than you expected.
If you are experiencing financial difficulty and are looking for a solution, non-profit credit counseling can help you make sense of all your options. Contact us today for a free financial assessment with one of our certified credit counselors.
Consumer Education Services, Inc. (CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones. Our goal is enhanced economic security for everyone we serve.
CESI is NOT A LOAN COMPANY