Before changing careers, total your training costs, estimate any income gap, and build a savings runway of at least three to six months of essential expenses. Reduce costs with employer tuition help, workforce funds and earn-while-you-learn options, and compare the long-term pay of your new career to make sure the switch pays off.
Step 1: Price the training
Include tuition, books, tools, uniforms, exam and licensing fees, transportation and childcare. Get real numbers from two or three programs.
Step 2: Estimate your income gap
Will you keep working full time, go part time or stop working while training? Calculate the monthly difference between your expenses and expected income.
Step 3: Build your runway
Runway (months) = savings ÷ monthly gap. Aim for three to six months of essential expenses: more if your new field has a slow hiring season. Cut non-essential spending before you start.
Step 4: Lower the cost
- Employer tuition assistance (at your current job or a new one)
- Workforce Innovation and Opportunity Act (WIOA) training funds through American Job Centers
- Grants and scholarships (see paying for training)
- Paid apprenticeships and trainee roles
- Veterans’ education benefits
Step 5: Check the payoff
Compare your current pay with the new career’s starting pay and pay after two to five years. Our salary guide shows BLS pay ranges for 709 careers. A short-term pay cut can be worth it if long-term earnings, stability or quality of life improve.
Step 6: Reduce risk
- Train while employed if possible.
- Keep health insurance coverage in place.
- Have a backup plan if the first job search takes longer than expected.
Download the free Career Change Budget Worksheet to run your own numbers.
Frequently asked questions
How much money should I save before changing careers?
A common target is three to six months of essential expenses, plus your total training costs.
Can I change careers without savings?
Yes, by choosing earn-while-you-learn paths, training part-time while employed or using employer and workforce funding.
Keep reading
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