Budget For Your Career

Does your budget show an investment in your career? Career planning and management requires both time and financial resources. Are you investing in your ability to make a good living? To reach your dreams?

It is difficult to give a specific budget for career planning as it varies depending on your goals, resources, and expenses. Consider these costs when budgeting for career planning and management:

• Education and training: Professional development courses and certifications keep you up to date and, therefore more valuable at work
• Professional association memberships
• Career coaching services
• Networking events
• Job search expenses (interview apparel, internet access, software for preparing documents and managing communications, and related expenses)

Prioritizing expenses and allocating funds based on your specific needs and goals implies that you have written goals and objectives. Do you? Are you auditing your progress at the end of each quarter of the year? Knowing what you want to accomplish is the first step in developing awareness of what it might cost you to reach those goals!

With your goals and objectives in mind, set aside a portion of your monthly income specifically for career development and planning expenses. When you know you have the funds set aside, you will be able to make choices on value of investments rather than merely on the cost. For example, have you become a member of the professional association for your occupation? Membership has a fee but comes with plenty of rewards.

You gain access to resources, networking opportunities, and support for adhering to industry standards and best practices. Many professional organizations have different levels of membership with varying costs, so it's important to research and choose one that aligns with the individual's career goals and fits within their budget. Be sure to review the ethical code of conduct promoted by the association (this is one indicator of a good choice) and then check aspects such as the size of the membership and the years since the group was founded.

Ask colleagues and community leaders what professional associations they have joined - their selections may help you pick one with many members in your geographic area.

Use LinkedIn to search for groups related to your occupation and career interests. Join these groups and learn what members discuss. Although belonging to a group is not the same as actively holding a membership, the group can inform you of the association's culture.

Many professional associations offer reduced rates for students, so check for that option if you are enrolled. Offering a student rate is a sign that the association is committed to a long-term perspective that aligns their purpose with yours. Once you know the fees, budget annually for this expense. In the US, memberships range from $50 to $500 annually. Remember this is an investment -- and an inexpensive knockoff may not get you where you want to go! Some of the factors that can impact the cost of membership include (1) the size and prestige of the organization and (2) the benefits and services offered (e.g., access to events, publications, resources, and advocacy for public policy).

Talk with your mentor about the investments you make in your career. Your mentors have a great perspective on your growth and issues that affect you day by day. In addition, you may find it valuable to seek career advising (sometimes called coaching). These advisors take the long-run perspective and guide you in having a plan that guides you throughout the years to come. Many invest in themselves by joining SHRM and NCDA and perhaps other professional associations. Why? So that they can renew their knowledge and bring better value to you.

Take a moment to review your budget. Have you set aside funds to get where you want to go? Is your career knowledge a little dated? Is your apparel getting shabby? Are you aligned in your present state and your goals? (Think of this as what you offer to employers today and what you want to achieve through your efforts at making a living.) If there is a gap, invest in yourself. Budget for your career.

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--Dr. Rydesky provides career advice to persons at all stages of their careers from first jobs to retirement, including major transitions such as the military to civilian life as well as career field or industry changes. She is a member of ATD, NCDA, and SHRM, professional associations that alert her to changes in workplace and career strategies.