Changing your career or going back to school can be overwhelming, but also an incredibly exciting path to begin. Taking ownership of your trajectory is empowering when you have goals and dreams to work towards. Whether you're planning for a major promotion in your current field or looking to shift your direction completely, money is always part of the equation. Financing a career shift can be done through research, some creativity and a major focus on the end goal of recharging your life. Take a fearless leap and read more to find out some creative ways to juggle the finances of funding your future.
Identify your goals.
Start by thinking about what your end goal would be. What do you want your future to look like? Do you want to change something about your current situation? Having the bigger picture in mind can help you identify a path when you work backwards. Think about your dream job and what it looks like, what skills does it entail? Identifying the qualities of your dream job compared to what you already do can now help you to uncover the path to getting to that next step. Do you need to go back to school and get a secondary degree or go back to study something completely different? Does your career goal even require more education? Could you gain experience in the field you are interested in through taking on a side job in the field you want to get into?
Research and discover.
Research is key to uncovering what skills you need to develop and how education can be a part of that process. Before you enroll in courses after hours, or take an online MBA, you can meet with different career advisors. Most colleges or universities are happy to discuss how their offerings can be parsed into a working life and can help you focus on the right direction to take. Organize some informational interviews as you prepare to make the leap with people who can help you navigate options you are most interested in. Check in with alumni of different programmes, meet with HR at your current employer, you’d be surprised at how far buying someone a cup of coffee will go to ingratiate you with them.
Take it slow.
If you aren’t ready to go back to school full time, there are plenty of upskilling options available too. There are different online MOOCs (Massive Open Online Courses) like edX that offer credits for courses frequently accepted at many universities. You can slowly start to build up your knowledge and skills while you gain a base of exploratory credits. This can be started for considerably less money than a full degree programme and without the commitment of a major degree from the start. Taking a little more time in your decision making can also save you money in the long run to try out learning some new skills slowly to ensure the path you choose is right.
Work towards change.
Taking on a part time job can also be a way to make some extra money while you are navigating a possible career change. Working in the field you are interested in joining is the best way to see what it’s really like without spending anything. Work for a caterer if you are interested in becoming a chef, take on a project based role for a creative agency to get more experience in that sector or work in a boutique on the weekend if you would like to get involved in a fashion career. Sometimes this can solidify your decision to shift gears and go back to school. You may even discover the industry is not what you thought it would be and can look elsewhere. Trying out a new field might even give you a glimpse of a career path you didn’t even know existed within a particular sector.
Refocus and reflect.
Build upon where you are at in your field. Sometimes your current job is ultimately where you should be, but may need to be re-energized. Learning additional skills and taking some time away can help reset your passion for what you already do. A career fatigue is common for everyone at certain stages and it is important to take a step back to reflect before completely changing course. Learn a new skill that could make you more versatile in your current role or take up a new creative hobby to enhance your creativity and bring new energy into your position. Even doing a week away from work in a retreat or volunteering program can reset your energy and reflect on why you are in your area in the first place.
Secure funds for learning.
As you identify your path, map out what money you’ll need to access to complete your education. Most full degree programs can cost quite a bit upfront so it is crucial to be careful and considered as you pull together your finances. It is truly an investment in your future that you need to be fully aware of your entire plan. Look for similar programmes at different institutions and do a cost comparison in your own area, but also don’t forget to look beyond your own backyard. Many international business programmes offer a low residency option where you can study online and attend lectures in person a few times a year. These programmes tend to be built with the professional in mind and won’t be disruptive to your current career.
Don't forget about living.
Daily living expenses need to be factored into your education financing as well. Taking time away without a paycheck needs to be accounted for while you are building your new career path. Tally up your groceries, living costs and even entertainment to see what you may need to borrow against what you are able to make while attending school. This is also a good time to plan for budgeting a new way of life while you are studying. You may not need as much money for entertainment, since your time will need to be focused on studying or eating out more often may need to be factored in if your new lifestyle leaves little time to be shopping for and preparing meals. Living or travel costs can easily be planned for if you are thinking about it from the start. Focus on your studies and look at loan programmes that can help mitigate living costs along with your tuition.
As you develop your long term career and education plan, don’t forget that this is so much more than just a job change. It is a skill building exercise that is about learning and growing within your life. It’s also about starting out with a goal and taking the steps to get there. It takes ambition to work through the challenges of entering into a new path, but with a clear focus on your target it can happen. Ultimately you are working towards striking a balance between a meaningful career and a fruitful livelihood. Always remember to have your own happiness and goals in mind because this is your life to live.
Disclaimer: The information provided in this article is intended for general informational purposes only. It is not intended to be, and should not be taken as, professional or financial advice.