How to change careers post-Covid without hurting your finances
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The Covid-19 health crisis sure has given us plenty of time to do some soul searching. So much so, in fact, that according to a report by ING 3.3 million Aussies are thinking about changing careers when lockdown is over.
ING’s head of retail banking, Melanie Evans said that the Covid-19 lockdown had made many Australians rethink their jobs.
“There’s no denying Australians are nervous about what lies ahead, but our report reveals Aussies are being resourceful, using this time to plan for the future and upskill so they can move with the times,” said Evans.
Of course, it’s one thing to contemplate running away to join the circus and another thing to actually do it. In a time when more than a third of Australians are worried about their job security*, it pays to plan ahead.
Prepare yourself mentally
The first thing to do when contemplating a career change is to find out exactly what you’re getting yourself into. You may love theatre, but do you know how much lighting designers actually get paid?
No one really wants to think about money all the time, but if you don’t do your research and find out what kind of salary you’ll be looking at, you might struggle to make your old spending habits fit in with your new pay check.
Create a budget for your new job
If you’re doing a complete 180 on your old job, then you may have to enter your new career at an entry level position. This means you’ll most likely be earning less than you were before.
To prepare yourself, try creating a budget with your new salary in mind and take it for a test drive. This way you’ll have some idea as to whether or not you can actually afford to switch careers or what you might have to do to make it work. Are there any subscriptions you could cancel? Could you dine out less?
Curb your spending
According to a recent Mozo survey, nearly 60% of Aussies are spending less and saving more. That said, just in case you’re one of the 40% who haven’t jumped on the savings bandwagon, you might want to think about seriously cutting back on your spending.
One thing you could do is put as much as you can from your current salary into your savings account before you quit. That way you can build up an emergency savings fund of sorts, and be more prepared financially for your big life change.
Become an expert in your new field for free
Okay, so you don’t have to become a complete expert, but it wouldn’t hurt to earn yourself some brownie points with a little bit of upskilling.
Plus, if you know where to look, you can even upskill for free! A lot of universities offer short, online courses these days and the best part about them is that they shouldn’t cost you a cent. Have a scoot around the website Future Learn for a whole heap of free, online courses from around the world.
Show off your skills
You might not receive a certificate with some free online courses, but there are other ways to demonstrate what you’ve learnt that don’t involve a fancy piece of paper.
RELATED: Ready to build your money know how? Get started with these 4 ideas and free resources
You could put together a portfolio of your best work and if you feel like you don’t have enough to put in it, create something! If you want to be a writer start a blog. If you want to be a chef start baking and take pictures of your culinary creations. You could even start an Instagram account for your work, not for the gratification, but as documentation of how you’ve progressed.
Work part-time as a job seeker
Once you’ve figured out how much you might earn in your new chosen field and you’ve created a budget to keep your savings on the right track, the next step is to actually start searching.
You’ve probably heard the old saying that looking for a job is like a full-time job in itself. It takes time and effort, so you’ll have to be patient and strict with yourself. Try to put aside maybe an hour after work each day or four hours on a Saturday to sit down, research companies you might be interested in and seek out actual jobs on offer.
Put your money in a high interest savings account
Finally, to give your finances a little boost while you’re planning your great escape, review your savings account. Are you benefiting from one of the most competitive savings rates on the market? Head to Mozo’s compare high interest savings accounts page to compare rates or take a look at the accounts on offer below, to see if you could be getting more for your hard earned dollars.
Compare high interest savings accounts
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
*Statistics taken from a survey conducted by Mozo in April 2020.
^See information about the Mozo Experts Choice Savings Account Awards
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