TomorrowMakers

Women might take a sabbatical from work willingly or unwillingly. When they do, their finances can be hampered as their source of income stops. As such, let’s look at 5 simple tips which can help with effective financial management.

women to navigate sudden career breaks financially

Marriage, having a child or an unexpected layoff can put a temporary stop to a woman’s career. A break, though inevitable, can have financial repercussions as the primary source of income stops. As such, it is essential for women to take control of their finances to minimise the damages. To this end, there are some useful financial tips that can help women sort out their finances even during a sudden career break. let’s have a look at five such simple yet effective tips.

  • Women can face sudden career breaks due to marriage, maternity or an unexpected layoff
  • The break can hamper women’s finances unless it is tackled effectively and women learn to take control of their financial situation.
  • Women can choose flexible or freelancing gigs and pay off debts to stay on top of their finances.
  • They can also upskill, cut down on unnecessary expenses and generate passive income for financial independence.

5 Financial Management Tips to Follow in a Career Break 

 1. Look for flexible or freelancing jobs

If you are unable to work in a full-time role due to your circumstances, look for jobs with flexible working hours. You can also use your skills for freelancing gigs for a flexible schedule and also generate income.

 2. Pay off debts

If you have existing loans or credit card debts, pay them off to save on the interest outgo. Use your savings or investments and minimise the debt burden.

 3. Upskill

When you join the workforce after a career break, you might be out of touch with the latest skills required for the job. In such cases, it is important to keep learning during the break. Choose online courses offered by leading institutes and upskill so that you can easily get a job after your hiatus.

Also Read – Know how to make a career switch a breeze

 4. Weed out unnecessary expenses

Have a re-look at your budget. Cut down on unnecessary expenses so that your savings can last longer. For instance, if you dine out frequently, try and cut down on the frequency. Cook your meals at home and save.

 5. Look for passive sources of income

To stay financially independent even during a career break, you can look for passive sources of income like rental income, income from investments, etc. These incomes would give you the funds needed for your day-to-day expenses.

Click here to read the latest articles on Wise Up 

The Bottom Line

A sudden career break does not have to spell financial doom. Use these tips and manage your finances so that you don’t depend on anyone even when you are not actively working.

Also Read – Check out more ways to plan your finances in a career break

Also Watch – https://www.youtube.com/watch?v=IAc-zCojoK8 

Marriage, having a child or an unexpected layoff can put a temporary stop to a woman’s career. A break, though inevitable, can have financial repercussions as the primary source of income stops. As such, it is essential for women to take control of their finances to minimise the damages. To this end, there are some useful financial tips that can help women sort out their finances even during a sudden career break. let’s have a look at five such simple yet effective tips.

  • Women can face sudden career breaks due to marriage, maternity or an unexpected layoff
  • The break can hamper women’s finances unless it is tackled effectively and women learn to take control of their financial situation.
  • Women can choose flexible or freelancing gigs and pay off debts to stay on top of their finances.
  • They can also upskill, cut down on unnecessary expenses and generate passive income for financial independence.

5 Financial Management Tips to Follow in a Career Break 

 1. Look for flexible or freelancing jobs

If you are unable to work in a full-time role due to your circumstances, look for jobs with flexible working hours. You can also use your skills for freelancing gigs for a flexible schedule and also generate income.

 2. Pay off debts

If you have existing loans or credit card debts, pay them off to save on the interest outgo. Use your savings or investments and minimise the debt burden.

 3. Upskill

When you join the workforce after a career break, you might be out of touch with the latest skills required for the job. In such cases, it is important to keep learning during the break. Choose online courses offered by leading institutes and upskill so that you can easily get a job after your hiatus.

Also Read – Know how to make a career switch a breeze

 4. Weed out unnecessary expenses

Have a re-look at your budget. Cut down on unnecessary expenses so that your savings can last longer. For instance, if you dine out frequently, try and cut down on the frequency. Cook your meals at home and save.

 5. Look for passive sources of income

To stay financially independent even during a career break, you can look for passive sources of income like rental income, income from investments, etc. These incomes would give you the funds needed for your day-to-day expenses.

Click here to read the latest articles on Wise Up 

The Bottom Line

A sudden career break does not have to spell financial doom. Use these tips and manage your finances so that you don’t depend on anyone even when you are not actively working.

Also Read – Check out more ways to plan your finances in a career break

Also Watch – https://www.youtube.com/watch?v=IAc-zCojoK8