How to prepare financially for a job change


By: Francisco Rodríguez, Chief Growth Officer of dusk

How to prepare financially for a job change
How to prepare financially for a job change

Some of our customers are asking us for help financially preparing to change jobs during a pandemic due to COVID-19. Let’s look at some recommendations.

As a background we have that in Mexico the turnover rate is 16.75%, the highest in Latin America, and the restriction left a balance of 647 thousand 710 jobs in 2020, of which 560 thousand 473 were formal and 87 thousand 237 were temporary. according to the latest figures from Mexican Social Security Institute (IMSS).

After the decline in jobs, there was a slight increase with the creation of 555,000 600 jobs from August to November 2020. In December, 277,000 820 formal jobs were lost. According to the IMSS monthly formal employment report, 3,372 jobs were lost in January 2021 while only temporary jobs were created. This means that these are fixed-term contracts.

  • Read: 5 Tips to Help You Fall In Love With Your Career Again

It was precisely at this time of childbirth that many workers were looking for new job opportunities. At this point, many professionals have been thinking about various aspects of their life, such as: B. professionally, academically and personally. This can lead them to make important decisions such as: B. change jobs, change their career plan or complete an apprenticeship.

If you decide to change jobs for a variety of reasons (poor work environment, low salaries, poor performance or long hours, including a lack of education), the problem you face is how to manage your money wisely so that your finances don’t get hurt.

In albo is the digital financial experience We are specifically designed to lead a simple lifestyle. We always see how we can support our customers with tools to help them manage their money intelligently.

Image: Depositphotos.com

1. Financial planning

Skilled workers change jobs five to seven times in the course of their lives. This means leaving your comfort zone to face something new. Before making a decision, analyze your financial situation and how it can be influenced. So be prepared to create your budget. Take a piece of paper, your Excel, or a note-taking app and write down all of your commitments so you know exactly what the cost of changing jobs is.

2. Separate money into spaces

To achieve your mission, look for an app that has tools to help you achieve your goal. It is a good idea to cut costs and use ‘Spaces’ from albo so that you can separate money from your account for your fixed expenses such as rent, electricity and water so that you are prepared with the capital you need. Make healthy financial decisions, such as: B. cutting down on home expenses like ants or vampires, and looking for promotions or discounts so you can gradually start adding to your account. Finance your job change.

3. Use mobility

Finding a new job takes time and paperwork, but you don’t want to go to a branch office to perform cumbersome processes, and all the more so when there are advanced mobile applications like albo that allow you to do everything from your phone. Every peso won is a saved peso and even better, more experience on your resume.

4. Create a custom resume

“Sell” yourself, apply on paper or video to set yourself apart from the aspirants. Prepare a resume and cover letter highlighting your skills. Identify your skills from previous jobs that you can leverage and creatively adapt them to the new position. It is also a good idea to invest in expanding your knowledge through courses, certifications, etc. Talk to people you know, register on job portals and online professional contact platforms to promote your resume, and create a LinkedIn account if you don’t already have one.

  • You may be interested: 9 Reasons to Change Career ASAP

Changing jobs can be a difficult task, but it’s not impossible. So don’t be discouraged because the sooner you start, the sooner you will find the job you are looking for. We know it’s challenging, but set goals and manage your money wisely to live without financial complications during the search period. Changing jobs is not a trivial decision, but before we decide whether or not to change we must first ask ourselves whether we are financially secure and willing to undertake this search.

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