Retraining seems so expensive. How will I cope?

ShiftDoctor answer

By Jessica McGrego... on 7 May 2007 at 17:39

In order to make this transition less daunting you need to break it down into doable steps. It can all seem incredibly overwhelming when you look up to the peak of the mountain and wonder how on earth you are going to climb it. If, however, you can take a step back and begin from where you are, a path with individual steps can be picked out.

Step one - look at your budgets.

Whenever you move from one career to another that includes a time for retraining you need to have a close look at finances. Often it means a time of pulling in the belt and cutting back in some areas. Take a piece of paper and create two columns. In the first column write down all your main monthly living expenses - the ones that are not avoidable: mortgage payment/rent, utility bills, insurances, basic food bill, car payments/costs, health care, anything that is a fixed cost. In the second write down all the other payments you make in a month such as health club subscriptions, meals out, holidays, clothes, luxury foods, hobbies, movies, luxury goods payments, everything that is a choice rather than a necessity. It is always good to see where the money you currently earn now is going and it helps you to see where you can implement a change of priority.

Sometimes retraining does require us to change our lifestyle, if only temporarily, however the final outcome, the new career, is always worth it. One word of caution: do not budget out all the fun stuff in life - you also need to be able to enjoy your life whilst you retrain and so identify some of the less expensive (or free) things or activities that you can keep in your life.

Step two - the shortfall

Once you have got real about your finances the next step it is to work out the shortfall. This is obviously something you will need to do with your husband, as it will affect him too. Is this shortfall an amount that you can supplement with part-time or evening work? Could you see yourself doing a full-time course and working enough to fill this shortfall?

Step three - earn as you learn

If yes, then you have the next step - identify the part-time work that you could do that would pay enough. This is a matter of research and the wider the window, i.e. you being willing to do a wide variety of work, the easier it will be to find part-time work. Make a list of all your usable skills and of the type of work you'd be willing to do - for ideas go to a job website and search different skills. You might also try talking with employment agencies as they are a good source of ideas. Once you have some ideas start contacting those types of companies. Another thought is perhaps your current place of work might consider a part time position (preferably not with the bully!); often companies do not want to lose good employees.

If, however, you realise that part-time work is not going to address the total shortfall then it is a rethink that is needed. If your only option is to do a full-time course (and maybe you could re-look at that element of the puzzle) investigate if there are any grants available or maybe student loans that have a low rate of interest. This can help pay for the course as well as supplement your part-time earnings. Sometimes you do need to finance a retraining through loans, but the main thing to do is to have a debt repayment plan before you go down that road. In this way it feels more attainable and can't get out of control.

Another option if you do not like the idea of large loans is to see if you can save some of the necessary money before leaving your current job. Once you have cut your budget this may seem more possible than right now and may not delay your progress too much. Finances are a juggling act. Look at different variations of ideas and see which one looks the best for you. Most importantly be real about your finances.

Turning the mountain into a molehill

As for the challenge of changing from arts to sciences, think of it as a simple extension to your knowledge base. We learn the most when we are studying what interests us. That is why the kids who love maths and are good at it, whilst the others who hate it can't add to save their lives. Your interests have changed as you have matured. Now nutrition is a passion and so you'll find the study fascinating. It will be like reading a book that you can't put down. That is not to say it won't be a challenge, but it will be one that you will meet with passion and enthusiasm, and that is what will make you successful. Feeding this passion is what will keep you going through the course and help you address your finances. If something feels worth it - has personal value - we will do anything to make it happen, and when we come from that space with a determination to make something happen we cannot fail.