How long can you realistically manage without a job?

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If you are thinking about a change of careers, you may be wondering how long can you afford to be off the market? Although a swift transition from your current job to a new job will be less of a financial burden, you may decide to quit your job to allow yourself time to figure out what your next step is.

But can you afford it?

There are a couple of things you need to consider:

  1. Can you afford to live whilst looking for your next role? Work out how long you will be able to comfortably afford to live without an income.
  2. Will your new job involve a pay cut? If so, how will it impact you? Will you still be able to cover the cost of your essential outgoings?

How can you afford it?

There are a few strategies you do to afford your change in careers:

  1. Create a budget plan. Creating a budget plan will help you work out how much you need to afford your life.
  2. Find a temporary income. Find other ways to generate some income whilst you go through a period of transition.
  3. Prepare for the unexpected. As the coronavirus pandemic has taught us, it is important to save for unexpected expenses.
  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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