If your current career isn't fulfilling your needs,
and you feel it's time for a change to move into the technical field of
employment, then we have everything you need to prepare for the road ahead. An
important aspect for anyone considering a change of career is your changing
financial situation. Being between jobs, or leaving a full time job to commit
to training can leave a hole in your finances. Here we've taken a look at what
you can do to budget efficiently for your changing career.
Keep an eye on your spending. Keep a notes page
free in your diary, create a simple expenses sheet, or use your smartphone or
cell to jot down everything you're spending money on each day. You'll be amazed
at just how much you may be frittering away. Identify items that are
unnecessary purchases, and lessen your budget for these items.
Make a budget and take a look at your monthly
expenditure. Divide this up into essential spending, important spending and
optional spending. Now think ahead as to how your spending needs and your
income may change as your career change plan comes into effect and
re-prioritise your list of expenses for the future, remembering that optional
spending items can always be dropped.
Take a look at your current work pattern options.
It's now easier than it ever has been to change your working hours. Flexi-time,
part-time work, freelance work and day release for training all give you
increased options when it comes to retraining alongside your current job.
When considering a change of career, savings are
more important than ever. Setting aside money now will help you further down
the line, where you may need cash to fall back on. Especially if you are
looking to leave work to re-train, you may well need your savings to help pay
for your accommodation or course fees.
You can choose a regular savings account, but bear
in mind that the higher rates of interest are usually linked to accounts that
are either managed online or require you to give a period of notice in order to
access your money.
Those looking to switch careers in the UK can make use
of ISAs, a unique British savings account system where you pay no tax on the
savings you put aside. However, it also means that you are not allowed to
access these savings for a period of 12 months at a time unless you are willing
to pay a fee to do so. ISAs are available from all of the major UK banks, like Santander, and you can find details of their
ISA savings account (and all other bank accounts on their website).