One of the more disturbing trends of the recent financial recession is the stagnation of wages in many professions. This has passed on the hardship to many families, who rely upon raises to cope with inflation and a high cost of living. The situation is even worse for young people at the outset of their careers, as internships often pay very little. Yet these jobs are important as they can often present tremendous opportunities.
If you are about to take a low paying job you will need to establish a certain time frame – experience is great but it’s not worth it if you can’t physically survive. So commit to this job for 6 months or a year and go in with a specific set of objectives, but don’t stay forever as you need to earn a decent wage at some point.
It is also important to embark on this venture with a war chest to keep you going through the lean months – you can then draw on these savings to ensure that you don’t have to subsist on potatoes and rice alone. So if you are going to take a low paying job in the near future you better start saving as soon as possible.
Finally, you should consider drawing on available financial support – this can mean borrowing from your family, or trudging to the bank and getting a short term loan. This is a difficult situation as no one wants to go into debt, yet if the internship or trainee job is really great it might be worth it – after all, the right start can springboard your career like nothing else.
Low paying jobs, such as trainee jobs and internships, are a fact of life these days, especially for recent graduates – so don’t be afraid of taking one, just be sure that you have your finances in mind when you commit. Good financial planning is crucial and you need to make career decisions with it in mind – otherwise you will find money a constant problem as you go forward.