Want to make a career change but worried about the financial strain involved? Personal Loans Now offers advice on how to make this change as smooth as possible for you by using a budget planner.
- What stops people from changing jobs
- How a career change can affect people financially
- How to make a budget planner
Career Change and your Budget
Changing your career or just moving from one job to another is often a difficult choice to make. Even a small gap between jobs can have a significant impact on budgeting during the weeks or months of the change. According to the London School of Business and Finance, many people who are searching for a career change feel financial insecurity. This forms a barrier preventing them from changing jobs. Regardless of the chance of greater financial stability once the change is made, many people find it hard to break this barrier and bridge the gap.
Statistics from the London School of Business and Finance revealed that in the United Kingdom, 47% of individuals of working age need a career change. However, this figure is much larger for the younger age groups, especially among individuals aged between 18 and 34.
- 66% of 18-34 year olds in the united kingdom want a change in jobs
- More people than not would like a change in career. Particularly in Glasgow, London, Edinburgh, Brighton, Norwich and Newcastle.
- 41% of 18-34 year olds state that the main barrier preventing them from changing jobs is their lack of financial security.
Worried a Career Change will Affect you Financially?
Many millennials, people aged between 18-34 want to change jobs. But they are very concerned about the lack of financial stability. By understanding how your budget can pan out over this time span you may discover that it’s easier then you thought. Thereby managing your money effectively during the time that you make your career change.
Trying to budget in a way that stretches out your income over a lengthier period of time can be challenging. Especially when you are trying to keep up with the daily living costs. The length of time between finishing one job, starting another and eventually receiving your first pay cheque can take longer that 4 weeks. People have concerns about overcoming this financial strain to the point where it can become a barrier to changing jobs. However, making it through this time is definitely not impossible. But, you may need a little help along the way.
How to Make a Budget Planner
An in-depth budget planner may seem difficult or boring. However, this is the only way to keep track of your monthly incomings and outgoings and help you to manage your money more effectively. It is important to consider budgeting advice if changing jobs will leave you with a large gap between paydays. It is very likely that you that there will be a greater need to manage your money effectively during this time. You can use a budget planner. This will to help you map out the time and work out how far you will be able to spread your money.
Consider your regular incomings and outgoings against the amount of time you have between payday. This can help you handle your money more effectively. You’ll be able to work out how much more money you’ll need to keep going till the following payday. In addition, this can also help you to change your spending habits to help you spread the money further.
What Can We Conclude About Spreading the Expense of Changing Jobs
Sometimes, budgeting the costs of changing career may seem like an impossible task. If the expenses are greater than you could have anticipated, taking a bad credit personal loans can help you close the gap between jobs more smoothly. In this way you won’t have to make too may significant changes to your lifestyle to compensate. You can borrow from £500 up to £25,000 and repay in monthly instalments. By spreading the expenses of a career gap using a flexible Loans UK, you will find it a lot easier taking the plunge to change your job.