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3 Tips for Financing a Career Change

Sep 2, 2020

You did it! You’ve decided on a major career change. Congratulations! It was a tough decision to make, but now you are ready to make the leap to making this career change a reality. Sometimes when you decide to make a major career move, you might be taking a lower salary or might have to go to school to get further education. But how do you finance all of that? Here are a few tips in reaching your dreams.

Saving

Most career changes demand for a little extra padding in your savings account. Your savings could be used for schooling or expenses while needing to switch to working only part time. Saving more than you already do can be hard.

Here is a list of ways to cut your budget:

  • Minimize services/subscriptions you hardly ever use
    • TV, internet, music, magazines, etc.
  • Purchasing habits
    • Where does your money actually go? Using the Money Management tool in 1st MidAmerica Credit Union’s online banking platform can help with this. Every transaction is automatically categorized and put into a budget to help you stay on track.
    • Fitness – Are you paying for a personal trainer when you can work out in a class or even at home?
    • Groceries – What is the average you spend per meal? Where do you shop? Can you shop at a less expensive grocery store? How often do you eat out? Can you cook at home instead?
    • Utilities – Do you leave your fans and lights on all day? What is your thermostat set on? Can you shop around to see what supplier has the best rates?

Side Hustles

Side hustles provide many benefits. According to Forbes, “There is no downside to a side hustle. There are only benefits to building more than one source of income.” Not only does a side hustle allow you to build wealth, but side hustles also allow for a flexible schedule and are a great way to network, meet new people and create new opportunities.

External Support

Chasing your dreams should not be stressful. There might be hurdles, but those hurdles will only make you a stronger individual. Leaning on family and friends for financial and/or emotional support is OK.