Wednesday, October 17, 2018

Budgeting for a Career Change

There could be many reasons why you are about to change your career. It could be as simple as you are not happy in the one you have chosen and have decided to pursue another. You could have started a family and not be able to dedicate the time needed to your current career, or it could be that you have received a promotion that will make your job totally different, or that you simply want to make more money to help with your situation. Maybe you have decided to seek further qualifications and need the time to complete the work, or it could be that you are moving to a new company. Regardless of the reason, there could be a gap where there is a reduction in income, and you may need to budget for this.

Look At The Whole Situation

You need to consider your whole financial situation if you are thinking of changing career. For instance, if you want further education, can you really afford to give up your current job? If the answer is no, perhaps you should consider something like an online msn fnp program, or an online MBA course. In fact, there are online courses in just about every industry and profession, and this could be the way for you to go. With further education online, you can fit the course into your lifestyle, and work at your own pace.

If you are thinking of changing from an employed worker to a contract worker because it pays, more money, consider the perks that contract workers do not get. They do not get paid vacation time, sick pay or health care as part of their package. When you add all this up you might still be better off employed.

Moving companies can leave a gap between the last paycheck at your old company and the first one at the new one. You will need to be aware of this and budget your finances accordingly. Hold on to as much cash as you can until that first new paycheck arrives.

For those that have started a family, you may want to spend more time at home at less in a workplace. You need to speak to your current employer to see if you can reduce your hours and if not look for another job.

All of these scenarios may mean you could end up doing a similar job to what you do now, and you may feel that that is not exactly a change of career. But changes can happen within your current career that have just the same effects as if you had gone from being a motor mechanic to a hairdresser. Changes need budget constraints if they are to work.

Never Be Afraid To Negotiate

Whatever changes you are making, you want to end up with the highest salary you can get. If your career change is a new job or promotion, check out the salaries being paid for that position online. There are lots of resources to help you in this respect, and they will give you a good idea of how much you should be earning. Do some research and then do not undersell yourself. If there is an industry norm, you should expect to be paid at least that, and if not you should want to know a good reason why. You should never be afraid to negotiate for more money, as although success is never guaranteed, you may get more than you were first offered.

If you are offered a raise without asking, ask for more. One of the perks in some jobs is financial aid to obtain more qualifications. If your employer wants you to gain a new certificate, ask them to pay all the fees, not just a portion of them.

Reduce Your Spending

Not all career changes are for monetary gains, and in fact, many of them are just for a more satisfying work life. You could well find yourself in a position where you are earning less money, but that does not matter if you are a happier person.

You just need to adjust your spending accordingly. Look closely at what you spend each month and see what expenses you do not really need. Do you have old subscriptions still leaving your bank account, or could you do with the book club membership?

You should start by listing essential expenses such as rent or mortgage, utility bills, food, transport and possibly childcare. You should also allow something for clothes that will need replacing and family entertainments such as days out. Once you know how much you need to cover all these things, then you will know if you are going to have a shortfall of money after your career change.

There are often ways of cutting back that on their own do not seem much, but add them together and you could be saving quite a lot of money.

You should also look at any savings plans you have. It is not being suggested that you stop saving, as that would be foolish. Perhaps you could reduce the monthly amount a little though, just to help with your economy drive.

Do Not Increase Your Spending

If your career change will mean you earn more that is great. However, do not fall into the trap of increasing your spending so that it all disappears. A good way is to make a 50/50 split between spending and saving. This will mean you will have more disposable income to spend as you wish, but your savings will grow at a faster as well.

There can be advantages and disadvantages to making changes in your career, but you have to cope with the bad things and enjoy the good ones. For instance, if you have taken on extra responsibilities, you may find the job more stressful, or like some people, you may thrive on the extra duties you have. No one really knows how he or she will react until they have made the change, but always remember that if you are not happy with the way your career is going, you can always move on again.

Tips for Saving Money While You’re Spending Money

When gathering advice on how to save money, you’ll likely hear you should spend less. That’s definitely a great way to save some cash, but no matter what you do, living life requires a little green. You have to spend money sometimes!
If you really want to get serious about saving money, you have to know how to save it even when you’re spending it. Here are some tips that will help you save some green, even if when you’re forking it over on bills.

Get Smart About Sending Money

Sending money is easier than ever. Unfortunately, that also means it costs more than ever before to send it. Handing over cash may be free, but it isn’t possible if the recipient lives halfway across the country or the world.
Choose the right way to send money to keep fees low. For example, when sending money to Argentina, use Remitly. Your first transfer is completely free, and with multiple transfer options, you can save even more.

Make Online Payments

Are you still writing checks and paying bills by mail? If you are interested in saving money, you definitely have to pay your bills online.
Postage will be a thing of the past, and with letters costing more to send every year, you could see a significant savings. In addition, many services will reduce your bill by a dollar or two just by going green.
Want to save even more? Consider automatic payments! Not only will companies reduce your bill by receiving paperless statements, they may reduce your bill by even more if the amount is automatically deducted from your account every month.

Go with the Right Bank

Bank fees can add up quickly. That’s why it’s important to choose your bank wisely. When you’re ready to open an account, look for a bank that offers benefits like:
  • Interest bearing checking accounts
  • No fee checking accounts
  • Refunded ATM charges
  • A variety of financial services
If you are in the market for a loan or a mortgage, look for a low rate. When you choose the right lender, open an account there. Many banks offer discounts and perks to clients who have loans with their institution.

Shop Sales

A sale isn’t a sale anymore. Businesses and marketing professionals understand how tempting a sale can be, so they often mark things down only after they have been marked up. How in the world are you supposed to know you’re getting a good deal?
Compare prices online to see if you really are getting a good price on what you’re about to buy. Then, make sure you do a quick search for online coupons. Chances are, you can save even more!
No matter how serious you are about saving, you can’t just stop spending money altogether. Instead, get smart about saving when you spend. Give one or more of the tips on this list a try, and chances are, you’ll find that your bank account is much fatter at the end of the year. 

Why Buyers Still Have the Power at Car Dealerships

It’s an exciting adventure exploring the world of car purchases especially for first-timers. However, deciding upon a dealership is as important as the car purchase itself, and there are precautions you should take to avert a potential headache. Moreover, there exist some basic guidelines that should be taken during initial visits to any car dealership.

Searching for the right car dealership

            For the common folks, the actual distance to a dealership will be a major factor. While some may tell you to just go with your local dealership, in most cases it may be worth the trouble travelling further to another dealership. A car isn’t something that you’ll go through in a year or two, so take your time to ring up all the potential purveyors within a reasonable vicinity. This is more important if you’re looking for used cars, as vehicles prices will generally vary between provinces too. If you’re a well-oiled petrol head with a thirst for rare exotics, you may not even find the ideal candidate between countries.

            Back in the old days, you might have to ring up the dealerships individually and solicit offers. Nowadays though, any used or new car dealership should have a page or even website of their own with an online-accessible inventory to browse through. This can save you lots of time, but you should still call the dealership beforehand as a reassurance.

            Another telltale sign of a reputable dealership is whether if it’s mentioned online. Look up the dealership name online and search for online reviews. While not always reliable, it provides a rough gauge to a dealership’s creditability.

            It is also crucial that you identify what kind of loaning network that the dealership works with. A trustworthy dealership will only work with reputable lenders, and it’s a green light if they disclose this information freely. This is where you should do your share of research online, or contact the dealer directly to inquire.

            While not quite as relevant, it’s imperative for you to recognize what kind of sales and after-sales service the dealership offers that you should leverage. For example, some offer professional financial advice, online trade-in appraisals, carefully curated catalogue and plenty of used-car warranties for the all-important peace of mind ensuring the vehicles are actually ready to drive straight out of the lot.

Stepping into the dealership

            When you step into the dealership, it is important to immediately take note of the surroundings. A car dealership should effuse a relaxed, laid-back experience that prioritizes the customer above all. Prepare to walk out at any time, and always bring a friend along that’ll gladly rationalize every decision that you’re about to make. Don’t grow emotionally attached to any car on the lot. If the dealer deems that you’re an earnest customer, the dealer may even call back with a better proposal.

            Don’t fall for the sweet-talks salespersons that are over-enthusiastic at coaxing money out of your wallet. A reasonable and pleasant dealership should have salespersons that are helpful, but not over-aggressive in their sales pitch. Just nod your head to overzealous salespersons, and do your browsing at your own pace.

            These are just a few considerations to take into account when you’re looking for a car dealership, used or new. The Internet has made researching various dealerships much easier, and harder for unscrupulous dealerships to trick their victims. However, the same rule applies to buying anything high-cost - be cautious and very patient. Money is the talker, and you always have an edge over the dealership as long as you’re the buyer.