Job forecasts issued by the US Department of Employment show past trends and expected changes in the future for different industries. The reality for individuals is being either unemployed or stuck in a job you can’t afford to keep. Individuals in these situations are pressured to either increase their compensation or economize.
Let’s look at the second solution to ease the burden. How can you dampen the pressure on spending? You can put off expenditures except for what is absolutely needed. In the ideal, the rate you spend money is to have enough to last out the week putting aside for money for the rent or savings. You don’t touch the reserve, only spending whatever income is brought in. When the monthly expenditures aren’t being covered, one method is to re-allocate your spending so that when the weekly paycheck goes for the rent one week, you’ve purchased backups that allows you get by that week with minimum expenditures. Another method is to wait to replace some items. This helps adjust your food expenditures and encourages the family to better manage their supplies. Should you find you are using credit cards to cover necessities, and not being able to pay them off, you will find yourself sinking into an expanding debt situation.
The other solution to easing the burden is to increase the compensation. Let’s put to bed any thoughts that gambling, in all its forms, is a good way to count on to increase your compensation. It’s not. Getting a second job which could be exhausting and slower is better. Being able to count on two paychecks can also help you get out of debt.
What’s better than getting a second job? Getting a better job! The cost of the better job is whatever it takes to qualify you for that better position. How is that paid for? In time. You spend your time in gaining the experience and knowledge preparing for the position. If you are not working a second or third job, you should be “studying” for your next job whether its training or schooling. The schooling could be at a community college for an associate degree or part-time at a four-year college for a bachelor’s or liberal arts degree. If you are unemployed, besides cashing your unemployment checks, you could be cashing in your study chips. If you put your time into schooling, either finishing what you started or getting a graduate degree, you could look at college credits as guaranteed reserved potential as good as a 2nd job or landing that better job.
A job change, even if it is a lateral change, extends your experience into a new field with new horizons. You’re learning new skills that can be thought of as a tool for employment. You want as many tools in your tool chest as you can get. You could get aggressive: if everyone in your pay grade doesn’t have a degree of some sort, you can bump yourself to the head of the class (the promotion list) with a diploma. If your current employer offers educational reimbursements, you are leaving dollars on the table if you are not taking at least one course. That is like throwing in your cards in a poker game because you think your cards can’t win.
The “best“ better job is doing what you want to do and getting paid to do it. If your present job doesn’t have the potential for advancement, a better job would be one in a larger company that is nationwide or international. More places to work and you already are on the inside, familiar with the culture and products. You may want to be the owner of your own business. In which case, you’ll want to take some business course because just being the best at what you do won’t help if you’ve made some bad business decision setting up your business. With the risks involved in being your own boss can come rewards.