One aspect of having a career is the possibility of a career change. This may be especially difficult when you’re married and dependent on two incomes. If your spouse is thinking of changing careers, there are some important steps you need to take as a partner. Here’s how to financially support your spouse during a career change.
Talk About Your Career Change
Talk about the career change with your spouse early on and be open about the plans and concerns. You and your spouse should have an honest discussion about the impending career change and what it means for both of you financially.
This is a critical step in deciding whether or not to proceed with the change. If it’s inevitable, come up with a mutual agreement about how to best move forward.
If you’re not on the same page about the career change, it’s likely that one or both of you will be unhappy with the decision down the road. However, if both are willing to make compromises, you’ll be in a much better position to financially support each other during the transition.
Come Up With A Budget
Be sure to factor in your spouse’s needs when creating a budget for the household. If your spouse earns more, you may need to take on additional hours at work or find a part-time job to make ends meet. Alternatively, you may need to cut back on your own expenses in order to free up more money to support your spouse during the transition.
Working together to create a budget that meets both of your needs is critical to ensuring that you’re able to financially support each other during the career change.
Discuss Who Will Handle The Finances
It’s important to have a discussion about who will handle the finances during the transition period. Depending on your situation, it may make sense for one spouse to take on the financial responsibility while the other focuses on the career change. Alternatively, you may decide to split the responsibilities equally between both spouses.
Whichever option you choose, be sure to communicate openly about your expectations and come to a mutual agreement. Having a clear understanding of who is responsible for what will help to avoid any financial disagreements down the road.
Make Sure You Have 6 Months of Living Expenses
Before making any drastic changes, be sure to have a cushion of savings that can cover your living expenses for at least six months. This will give you both peace of mind and financial security during the transition period.
If you don’t have enough saved up, consider delaying the career change until you’ve been able to build up your savings. This will help to ensure that you’re able to financially support your spouse during the transition and avoid any financial stress.
Career Changes Can Be A Difficult Decision
Making a career change can be a difficult decision, but it’s one that you and your spouse can make together. By following these tips, you can ensure that you’re in a strong position to financially support each other.
What other tips do you have for financially supporting your spouse during a career change? Share your thoughts in the comments below!
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Tamila McDonald
Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
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