45 - How to Balance Financial Stability with Career Growth

Let’s talk about one of the biggest dilemmas in career planning, how to make a career change without sacrificing your finances.

Maybe you are eyeing a career change that excites you, but the salary just doesn't cut it. Or perhaps you have hit a wall in your current role and are wondering if it’s worth the risk to move on. Whatever your situation, the question is always the same, how can I pursue what I want without throwing my financial security out the window?

Here is the good news, you can grow your career and keep your finances intact. It just takes some strategy, self-awareness, and, yes, a bit of patience.

Let’s have a look.

Define What Stability Means to You

Before you do anything else, take a step back and define what “stability” actually means for you.

For some, it’s having a certain amount of money in savings (6 months is good, 12 months is great). For others, it’s about steady income, health benefits, or the ability to meet monthly expenses without stress.

Get specific. What’s your baseline for financial comfort? Knowing this will give you a clear idea of how much risk you can afford to take when considering a career move. Start by looking at how much your current lifestyle costs today by reviewing your last few months bank statements.

Assess Your Financial Buffer

Next you want to understand your financial buffer. If you are thinking about making a leap - whether it’s switching industries, going back to school, or starting a business - your financial safety net is crucial.

Ask yourself:

• How long could I cover my expenses if my income dropped or stopped?

• What expenses could I cut back on if needed?

• Do I have an emergency fund, and if not, how can I start building one?

The stronger your buffer, the more freedom you will have to make career moves without sleepless nights. If your safety net isn’t quite there yet, don’t worry, start small. Even a few months of living expenses saved up can make a huge difference.

Weigh the Risks and Rewards

Career growth often comes with trade-offs. The question is, are the potential rewards worth the risks?

For example, if you’re considering a lower-paying role that aligns better with your long-term goals or happiness, ask yourself:

• Will this position give me the skills, connections, or experience I need to eventually earn more?

• How long can I manage financially while making less money?

• Is there a way to supplement my income during the transition, like freelancing or consulting?

• Can my partner’s salary help cover the reduction for the time needed?

• Am I OK with the drop in income if it means I am happy?

On the flip side, if you are staying in a comfortable but uninspiring role, think about what it’s costing you - beyond money. Don't waste your life doing things that you don't love, or that make you miserable. Consider if your current stability is holding you back from opportunities to grow or feel fulfilled in your career and life?

Make a Plan (and Stick to It)

Here is where many people get stuck - they have the ambition but no strategy to make it happen. A clear plan is your best friend when balancing career growth with financial stability. And if you have been following for a while you will know I love a plan!

Start by mapping out your short- and long-term goals:

• Short-Term: What steps can you take right now to prepare financially? (e.g., saving more, up-skilling, or researching roles)

• Long-Term: What’s the ultimate career move you are working toward, and how does it support your financial vision?

Set timelines, track your progress, and don’t be afraid to adjust your plan as life happens.

Explore Low-Risk Growth Opportunities

Not every career move has to be all or nothing. If you are not ready to make a big leap, start small:

• Take online courses or certifications to build your skills.

• Volunteer or take on side projects to gain experience in a new field.

• Network with professionals in industries or roles you’re interested in.

These steps allow you to grow without putting your financial stability on the line. Plus, they give you a taste of what’s ahead so you can decide if it’s really what you want.

Keep Your Finances, Dream Life and Career in Sync

As you grow in your career, your financial goals will evolve - and that is okay. However, many people fall into an unfortunate trap when they receive a pay rise.... their living costs go up too. Have you ever received a bonus and suddenly you have a new car? Or when you last picked up a nice pay rise, did you upgrade your home? Suddenly your cost of living has increased as much as your pay rise, and the benefit has netted off. 

The key is to keep your dream life goals in mind and to make conscious decisions rather than unconscious ones you come to regret later!

Check in with yourself regularly to ensure you are on track:

• Is your income growing in proportion to your efforts and responsibilities?

• Are you still on track to meet your savings, retirement, or lifestyle goals?

• Is your current role offering the growth opportunities you need to keep moving forward?

If the answer to any of these questions is “no,” it might be time to reassess your strategy.

Balancing financial stability with career growth isn’t about choosing one over the other, it is about finding harmony between the two. Yes, there will be risks along the way, but with a clear plan and the right mindset, you can take those risks without jeopardising your financial future or security.

So, what is your next move? Whether it’s a bold leap or a small step forward, I’m cheering you on every step of the way.

Always with love,
Elsa x