Facing the reality of our financial situation can help give us the control and knowledge we need to build momentum in our job search. Start by considering how much money you have in savings, as severance, or available to you in the form of loans or debt. With these simple steps you will understand what resources you have to launch yourself into your new job.
Look at your bank statements and reflect on your actual spending habits. If you haven’t yet, Download Your Bank Statement
Choose three different time periods: short, medium and long. It could be three, six and twelve months, or three, six and nine weeks, depending on how much money you feel you have immediate access to.
Plan budgets for each of these scenarios.
Weigh each option against the possibilities and momentum you have in your job search and your desire and comfort for risk. Do you want to leave yourself a long runway, or are you confident that you will find a position within a month?
We call the amount of time before your money runs out your runway. Choose a runway and budget, adjusting your spending habits and mindset accordingly.
Put a date on the calendar three weeks from now to reassess where you are at and then do this exercise again. Don’t think about your budget until your reassessment date. When the time comes, did you stick to your budget? Did you over or underestimate your comfort for risk? Don’t judge yourself, just adapt based on where you are now. Readjust your runway based on the money you now have available, make a decision and get hustling.
If you don’t set a runway at the outset of you career change you risk feeling paralyzed by the fear of spending down your savings. This can be a huge barrier to gaining the momentum you need to get that perfect job.
Now that you have some room to think decide how much money you need to make
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