I was unhappy in my professional services marketing career for a long time and looking back it was never the right career for me. But one thing I did enjoy was the money. Now don’t get me wrong I wasn’t raking it in but the money was just enough to buy me a few nice holidays, a semi decent wardrobe and a (sometimes) over-indulgent social life.
When I speak to other women who are unhappy in their career the money side of things will inevitably rear its head. And sometimes, I must admit, I get a little bit pissed off because all too often the conversation is had over a glass of expensive French champagne, or in the middle of discussing a wildly extravagant holiday or car purchase. And I think to myself “well perhaps if you cut back on x, y, z you’d be able to afford it …” Then I pull my head in and remind myself that a) it’s not as simple as that and b) who am I to judge, especially when I’ve been there myself.
I know that for me, the whole possibility of changing careers seemed so unrealistic and far-fetched that I thought I might as well book a holiday, or have another glass of wine, what difference would it make? It’s a bit like when you’re faced with the prospect of saving a $200,000 deposit to buy a house. It seems so impossible that you think you might as well get that avocado on toast. What difference is it going to make?
I think we all know that cutting back on avo on toast alone is not going to enable us to buy a house or change career. But what can you do that might actually make a difference? Here are my recommendations.
Know what you want
If you don’t know what you want to do then how do you know that you can’t afford it? I think a lot of people assume that if they want more meaningful work then they’re going to have to take a massive pay cut but that might not necessarily be the case. Meaningful work doesn’t always mean working for a charity or NGO and it doesn’t always mean you have to start at the bottom rung of the ladder again. First you need to work out WHAT YOU WANT and not just from your career but from your life. Start with Part One of my Working Mum Career Change Plan and at the very least do the final exercise where you create your vision for your life and work. This will help you get crystal clear on what you want. Who knows you may not have to take a pay cut at all. You may even get a pay rise.
Work out what you really need
Once you know what you want from life and work then it’s much easier to know what you really need. And this is where the really meaningful change can happen. Ask yourself do you have to have that $80,000 car or will a $30,000 (still not a little amount of money) do the job just as well? Is driving a fancy car really that important to you? Do you really need to buy that flash TV with surround sound when your life vision is that you and your family spend time playing games together or going camping at the weekends? Work out what you need moving forwards, not what you’ve always had in the past, or what you think you should have.
Simplify and declutter
If you can strip down your “stuff” to that which is most essential and valuable to you then this frees up both money and time for the things that are most important, like being happy in your job. One of my favourite sayings is “Between the calendar and checkbook, ones priorities are laid bare.” Very often there is a misalignment between the way we spend our time and our money and the things that we say are most important to us. Try decluttering your home, removing some of the things you don’t need or that you have doubled up on and donating them to charity and then commit to not buying more. Do the same with your calendar. Politely say no to invitations or requests that are stopping you from doing the things you value most. If there is a course you really want to try but you think you don’t have the time or money to do it then try giving up one of the errands or non-essential things you do for others. Maybe your kids will do just fine without their Tuesday trombone lesson but that graphic design course might really light you up.
Remove double-ups from your calendar too. If you find you are at the supermarket every day then start menu planning and writing a shopping list so that you only have to go once a week. This will not only save you time but I guarantee it will save you money too because we always pick up extra things we don’t need whenever we go to the supermarket.
Develop an exit strategy
Knowing what you want and need, creating systems, and removing distractions will help you to stop unnecessary spend but if you’ve done the above work and you know that your career change is going to entail a pay cut or a temporary drop in income then you will need to prepare for it. I would never recommend that anybody changes career without having a well-thought out exit plan in place. I once got to the point where I was so miserable, back in London, that I quit my job without having another one to go to and no real plan in place other than “get a marketing job in the charity sector.” I also had a mortgage, my then partner was also out of work and we were approaching Christmas. Somehow we muddled through but I returned to professional services marketing four months later.
So you need to develop a plan. If you’re going to take time off work to study then you’ll need to have some savings behind you to get you through that time. How much? And how long is it going to take you save it? Or perhaps you will need to go part-time at work while you build up a side hustle into a business? That may mean making some reductions in expenditure. Or maybe there are other options like refinancing and releasing equity from your home (if you have one) or renting out a spare room. I have even known people to move back in with their parents to save money. Work out what you want to do, how you are realistically going to afford it and put dates against all of it so you know what you’re aiming for. You may need to spend two more years in your job if you’re going to save the money you need for your career change. Pin the date that you’ll be free on your desk so you can refer to it during the hard times and get working.
Cut your costs
If your career change entails a pay cut or temporary drop in income then you’re going to need to cut your costs somehow. I’m not going to tell you to cut the avo on toast but maybe you can eat it at home occasionally instead of eating out. The real savings though, come from cutting your fixed costs as much as possible. We’re talking rent or mortgage, insurances, utilities, phone, internet and those other regular payments for things that might not be absolutely essential like a gym membership (how much do you use it?) or Foxtel. Examine these costs and see where savings can be made. Doing this helps you realise how much you actually need to live on and that will enable you to assess job opportunities further down the line. You may think you can’t afford a pay cut but when it comes down to it how much do you actually need to live?
Build your support team
Finally build your support team. You need to surround yourself with the right people who will support you in your career change dreams. If you’re trying to save money but your friends insist on going to the latest fancy restaurant and ordering a $200 bottle of wine then you may need to consider meeting those friends for coffee instead and hanging out with others who are more like minded. Of course, if you’re going to take a pay cut it is essential that you have your partner on board, particularly if they are going to shoulder the financial burden for a while. They will need to know that this is important to you and that you are committed and have a plan in place to make it work.
Please don’t let your finances and your lifestyle hold you back from being happy at work. One of the greatest regrets of the dying is not having the opportunity to do work that they loved. Please don’t let that regret be yours. After all, you can’t take your lifestyle with you.
I’d love to be part of your career change support team. Contact me for a free working mum SOS or find out more about my coaching packages here.