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Getting financially ready for a career change, redundancy or sabbatical

Kate Campbell chats with financial advisor Siobhan Ashby about practical advice for financially preparing for a career change.

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Do you want to get financially ready to make a career change?

Kate Campbell chats with financial advisor Siobhan Ashby from Northeast Wealth about practical advice and tools to help you financially prepare for a career change, sabbatical or redundancy.

Here’s what we talked about:

  • Have you dealt with income changes in the past? If so, what steps did you take to/wish you took to prepare?
  • We might be gearing up to change roles, and industries or move into a different work style (e.g. full-time employee to contractor). Should we get our finances in order before making the move?
    • Is it risky to quit without another job lined up?
  • Planning ahead: what are some practical ways to financially plan for a career move?
  • Any career change stories from your clients to share with listeners that might be really helpful?
  • What are some other considerations to think about when making a career move?
    • Unpaid leave – include LSL here if close to receiving entitlement
    • Redundancy offers – this could represent a good time to move if you’re thinking about it anyway
    • Losing access to sick pay
    • Insurances? 
    • Share options
  • Unplanned career changes (e.g., redundancy) → If we can prepare beforehand, how can we be better prepared to deal with this?
    • What if it’s a complete shock and we don’t have a safety net?
    • Support services that may be available (e.g. Jobseeker)

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