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Budgeting for a career change

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).