When you’re starting out in any career, you have to start at the bottom and work your way up. But whether you’re just starting or changing careers, there are some expenses that may hurt.
Here are some of the toughest expenses you’ll deal with when starting a new career.
In the absence of experience, you’ll need an impressive education. And according to data compiled by Value Penguin, the average cost of private college tuition (including fees, room, and board) was $20,770 for the 2017-2018 school year. Public school tuition for the same timeframe was $46,950. And when you’re just starting out, that’s a tough pill to swallow. Most students end up taking out loans, which means they’ll pay more over the long run.
2. Transportation and Insurance
Once you land your new job, you’ll have to find a way to get there. The most common options would be purchasing a car, a bike, or even a motorcycle if you’re so bold. While owning your own vehicle already comes with a hefty price tag (Maintenance, monthly payments, etc.), it’s often the cost of insurance people don’t take into account. Insurance can get pretty costly, especially when you’re young, and there’s no real way around it. Insurance for automobiles is necessary by law, and while you may think having an insurance plan that covers your bike is silly, bike accident injuries are far more common than you think. Fortunately, you can save some money if you decide on public transportation or a rideshare service is a more feasible option.
With a new career often comes a whole new wardrobe. And this is an expense most people don’t consider. But if you want people to take you seriously, you’ll have to dress for success.
If you already have a job offer, review the employee’s handbook to find out the exact dress code. Shoot for about five work-appropriate outfits that you can mix and match. Your goal is to look fresh every day without spending too much money. And remember, it’s okay to buy from discount stores and second-hand shops. But regardless of where you shop, make sure you’re coordinated and presentable.
If you’re still interviewing, you can wait to make a major investment in your wardrobe. For the interview process, get one or two complete outfits that are appropriate for an interview (in most cases, this is a suit).
You may not be used to spending money to eat lunch at a restaurant, but lunches out and happy hours are often the fastest and easiest ways to form bonds with coworkers. This obviously isn’t a necessity, but it’s something you may want to do. The best way to handle this expense (if you choose to do so), is to budget for the extra expenses.
Naturally, if you have to cut anything from your new career budget, it will be schmoozing, but if you can handle it, this expense may prove to be worthwhile.
During lunches and happy hours, you can network with your peers and form lasting relationships that could help your career throughout a lifetime. And you can have a little fun in the process.
As we well know, time is money. And you’ll probably never spend more time at work than when you’re starting a new career. At this point, you’re trying to learn everything you can while making a good impression. And both of these things take time. This may mean working through lunch and/or working later than others.
Aside from education, starting a new career shouldn’t be a major monetary investment. With a little preparation, you’ll be just fine.