financial planning

Career In Action: Research jobs based on your finances (but jobs you would still find rewarding!)

Take today to really think about what you have found rewarding in the past. What career options would both capitalize on this but still pay what you need as a minimum? If you are at a loss for what minimum salary you need please see yesterdays post.

 

Research the roles which would pay enough at entry level (both before and after study if either option is open to you) whilst also providing you with a career or job you believe you would still find fulfilling. Please don’t be tempted to fool yourself that the money is enough to warrant a career change in and of itself, you need to find your career or job rewarding! Remember to factor in any savings, partners or family members which could support you whilst studying or building up experience.

 

A very helpful aid when looking whether you would take home enough money after tax for any given salary is a salary calculator and you can easily find these for free online. You simply enter in the salary and it calculates how much you would take home after tax. This is an excellent way of deciphering what salary you will need to achieve to meet your monthly financial commitments, such as a mortgage or family.

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Budgeting in action: create a revised and realistic monthly budget

Please download Accessible Psychology’s ‘Financial Budgeting Spreadsheet’ below, to take part in today’s exercise:

 

Download “Finance-Budgeting-Spreadsheet.xlsb” Finance-Budgeting-Spreadsheet.xlsb – Downloaded 144 times – 17 KB

 

Monthly Expenses and Savings Sheet (Budgeted Column)

 

Last week we entered in our current expenses in the ‘Actual’ column, this week we’ll fill out the ‘Budgeted’ column.

 

When creating a budget it is vital to do your research into how much things realistically cost but also honestly assess what you can cut back on. Do you need to buy lunch? Could you make a sandwich and take that to work instead? Do you need to spend as much on entertainment? Could you perhaps drink before going out and then just top up when on nights out in bars? Would buying a monthly pass for travel be less expensive than paying daily travel costs?

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