Anyone thinking about a career change is being encouraged to ask themselves three questions before taking the leap. Barclays shared the advice in a social media post, saying it is important to answer the questions first so you are prepared for the upcoming switch.
What to ask yourself
On Facebook, the bank highlighted the three essential questions: “Ready for a career change? Here’s three questions to ask yourself first. One: how many months of spending could your current savings cover? Two: What’s the lowest monthly income you’d need to cover essentials?”
The post continued: “Three: Have you factored in additional costs, like retraining, equipment or travel?” By answering the questions, customers can help ensure their finances are in order when they decide to take the leap. It could also help to avoid any nasty surprises.
Tips for saving money
The bank also shares tips for saving money quickly on its website. To get started, it is recommended to set a savings goal. Barclays said: “It’s easier to save money when you have something to look forward to. Write down your goals and say why they’re important to you.”
“If you’re saving for a deposit to buy your own place, for example, you might add ‘So I’ve got my own space and I can decorate it any way I want’. You should also check your goals every month to see how your savings are building up.”
Setting ground rules and challenges
Barclays added that customers can write their own rules. “Setting some ground rules helps you curb unnecessary spending. For example, you could set a daily or weekly limit on your spending on nights out or lunches. Maybe taking cash instead of cards when you go out will help you avoid impulse spending.”
“Other rules to think about are substituting supermarket own-brand groceries for big brands, or setting spending limits for clothes and shoes. Just keep track of the savings you make this way and you’ll start to see how worthwhile your rules are.”
Alternatively, you could participate in money challenges, such as the £5 challenge. “Try setting aside £5 for your savings every time you buy something that costs more than £20. This might seem a bit challenging, but finding that extra fiver is a good way to get into the habit of making sensible savings,” the bank says.
Sharing a few examples, Barclays said shoppers might opt for cheaper products or a cheaper delivery option when trying to reach their savings target.
