Perhaps you’re changing careers for a more lucrative salary – but taking on a new job often comes with unexpected hidden expenses. As a woman in the workforce, you want to get ahead, yet you don’t want to be caught off guard by surprise expenses as you advance in your new job. Consider the following tips when you’re changing careers.
Update Your Resume on Your Own
If you’re still searching for a new job, you might be tempted to pay a writer to revamp your resume – but with the right tools, you can save your money and tackle this project on your own. You can make your resume look more professional by using this free resume builder that provides free templates. You’ll be able to browse a large selection of resume templates designed by pros, and then add your personal content, images, and even pops of color to your resume. After that, you can post your resume on sites like LinkedIn for some extra exposure!
Choose Affordable Wardrobe Pieces
If you’re switching from a remote job, or a job that required a uniform, to an office job where you’ll be wearing clothes from your own wardrobe, you might be eager to go shopping for some new outfits! But you don’t need to spend big on new pieces. Check out thrift stores first, and keep an eye out for popular retailers running sales or promotions to get great deals.
Understand Your Taxes
Will your tax situation change because you switched jobs? Possibly! Taxrise.com states that your severance pay and unused PTO may be subject to taxes. And if you owe back taxes from unfiled years at your previous employer, you’ll need to take care of this now. If you’re confused, you may want to get in touch with the Human Resources or Accounting departments at your previous employer.
Evaluate Your New Benefits Package
Your new salary is higher – but it’s important to carefully assess your benefits package to figure out if your total compensation is really any better. The Balance Careers states that you should compare and contrast the retirement plans, health insurance, dental and vision coverage, vacation time, family leave policies, and any other benefits offered at your old and new jobs. Otherwise, you might end up spending more to cover these costs than you assumed!
Avoid Lifestyle Inflation
Maybe you will be making a lot more money at your new job – but you don’t want to inflate your lifestyle costs so dramatically that you don’t save any of it! When you’re suddenly making significantly more money, it’s easy to get excited and start splurging on pricier lifestyle choices. But by sticking with your frugal habits and saving your additional income, you’ll be amazed by how quickly you can reach your big financial goals.
Assess Relocation Costs
If you’re moving for your job, and your new company hasn’t explicitly stated that they will pay for your relocation expenses, it’s worth getting in touch with the hiring manager to see if you can negotiate on this. After all, moving costs can quickly add up. And if you’re taking a pay cut because you’re extremely passionate about this new opportunity, you should definitely inquire about having your new employer cover your relocation costs!
It takes time to adjust to your new job. As you go through the onboarding process, you’ll want to account for these expenses so that you don’t end up stretching your budget. With a little advance preparation, you’ll have no problem managing new expenses that crop up when you’re changing careers!