How can I create a budget for my career change?

I'm thinking about changing my career. How do I create a budget for this transition?

Creating a budget for a career change involves assessing your current finances, estimating new expenses, and planning for potential income gaps. Would you like to go through each step?

Yes, please! What should I start with?

Start by evaluating your current income and expenses. List all your monthly expenses and see where you can cut back to save for your transition.

Got it! What about estimating new expenses?

Consider costs like training, certifications, job search expenses, and any potential relocation costs. It's important to have a clear picture of what you'll need.

That makes sense. How can I prepare for potential income gaps?

You can build an emergency fund to cover your expenses during the transition. Aim for at least 3-6 months' worth of living expenses.