Maybe you took time off to be with your kids and you’re returning to the workforce. Maybe you’ve been unemployed or underemployed for a while, and think a career shift could help you land another job. Maybe you just want to shake things up. No matter the reason, consider these important financial factors before you decide to head down a particular career path.
Match your skills to the job
If you want to move into a new career or industry, you may need additional education and training to help you update your skills. Alternately, consider an entry level position in a new career field to gain the skills you're looking for. Look for low- or no-cost training options in your community or online to help save money in your budget. And if you’re taking a lower-paying job, be sure you adjust your spending to match your lower salary.
Know the salary ranges in that field in that geographic area
Companies often base their salary offers on what their competitors are paying their employees. Do some research on salary ranges in your area by searching online for pay ranges. You’ll have a better idea of what others in your field are making where you want to live and work.
Keep payroll deductions in mind
Remember that the number you’re quoted for an annual salary doesn’t add up to your take-home pay. Federal and state taxes are deducted, and in some cases insurance premiums, retirement contributions or transportation programs will come out as well. Use an online paycheck calculator to help you get a more accurate picture of what your net pay will look like.
Budget for your search
Take a look at your finances. Is there room in your budget to pay for resume reviews or a career coach should you need extra support in your search? Will the new job you're seeking require an updated wardrobe? Job search costs can add up quickly. Track your expenses to help ensure you stay within your budget.
Once you've landed a new job, make a plan to pay down debt and increase savings. Contact the Credit Union for no-cost financial counseling to help you get started.
The advice provided is for informational purposes only.