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Making Career Choices

How To Create Financial Stability in a Job You Love

Alisa Barcan
26 Aug
02 mins read

balance between heart and brain

Maria is a music teacher and she couldn’t be happier with her career. Except for one thing: money. Maria loves her job but her salary is not enough to support her. The thought of having to find another job pains her, but she can no longer ignore the financial implications of not doing so. 

According to The 2018 Global Happiness Policy Report, most people do not perceive work as an enjoyable activity. In another study, out of the 39 activities sampled, paid work came second to last, “outranked” only by being sick in bed.

Enjoying what you do for a living can bring great professional and personal satisfaction, but what do you do if your dream job doesn’t pay enough to cover your expenses? Here are three steps to consider if you’re torn between continuing in a job that you love and finding a less enjoyable one that pays the bills.


Assess your financial situation

Start by looking at your current expenditure: How much do you spend and on what? Using your bank statements or mobile banking app, identify the expenses that are non-negotiable (rent/mortgage, transportation, food, etc.) and the ones that are discretionary (travel, gifts, entertainment, etc.) and add the costs in each category. It works best if you go back a few months—this will capture seasonal expenditure such as holiday costs. 

How much of the non-negotiable expenses are covered by your current salary? If it’s less than 100%, you might want to look at ways to reduce your expenditure. Some things you could do:

  • Move to a more affordable area 
  • Live with housemates
  • Use public transport more often
  • Carpool with a colleague/friend
  • Pack your lunch

For a complete assessment of your financial situation, you can use one of these strategies

After streamlining your expenditure, make a note of how much more money you need (if any) and follow the next steps.


Research the market

What is the average salary for your role in your area and where are you compared to this average? There are several reports and tools you can use to get this information like PayScale, LinkedIn Salary, Glassdoor, as well as job adverts and discussions with colleagues and peers. 

If you are being paid below the industry average, you can start thinking of asking your manager for a raise. Knowing how much more money you need to cover your expenses and what the industry average salary is can help prepare you for the negotiation process. 

However, an increase in salary might not always be enough. If that is the case, there is still one more thing you can do.


Assess the near future

What is the outlook of your current job in the next 6 months? Perhaps there’s a bonus coming your way, a promotion in sight or a transfer that will become available. It is worth asking around and talking to your boss about your prospects. 

Recruiting and training new employees cost companies a lot of money. According to the 2017 Talent Acquisition Benchmarking Report, it takes an average of 36 days to fill in a position and the average cost per hire is $4,425. Therefore, a sensible employer will be happy to accommodate any reasonable requests to ensure retention of their employees. And who doesn’t want to keep a person who loves their job? Sometimes just asking can lead to great results.

If, after following the steps above, you are still short on cash, then think about supplementing your income with a weekend or evening side hustle

I find that people tend to underestimate how much money they spend and overestimate how much money they need. Give the job you love a second chance by streamlining your financial situation and leveraging the information available to you.  

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Alisa Barcan
Alisa Barcan