Invest in yourself and get payback with a better paycheque

November 1, 2022 Olivia Jackson

You’ve probably been affected by changes in the workforce over the last few years. Maybe you started working from home or changed jobs, or you’re thinking about finding a new one.  

You’re not alone. The news is full of stories about the “great resignation”. It refers to the fact that many workers have left their jobs, creating a labour shortage in many vital areas of the Canadian economy. 

It’s a great time to increase your value at work

The shortage of workers has employers looking for ways to keep their employees happy while scrambling to hire new ones. Part of the problem is that inflation is driving up the cost of everything and employees feel they need to earn more money in addition to finding ways to become better spenders. 

So now could be a great time to learn a new skill that can lead to a promotion with higher pay. 

Here’s an added incentive:

Employers are so eager to keep good employees that many began offering raises as the Great Resignation lingered on into the summer. According to a study by ADP Canada, in July 2022, “Over a quarter of respondents (27%) said they received a non-performance related pay raise in the last six months, and over a third (37%) said these raises were above 5 per cent.” That’s a good incentive to upgrade your skills and move your name to the top of the list for a raise or promotion. 

Finding affordable ways to invest in your job skills

Training doesn’t have to be expensive. Night-school courses are often reasonably priced and can be completed quickly. The same is true for workshops, boot camps, or education that leads to certification in your industry. 

The time, effort, and money that you put toward developing new skills will help you to earn more money year after year, and it also:

  • Opens up opportunities in other departments where you work.
  • Increases job security because you have more marketable skills.
  • Demonstrates to your employer that you are committed to improvement. 

Better still, it could catapult you into a new position or a new career. So the next step is how to get started. 

Borrowing to pay for training

Once you have chosen the skill you want to learn, and you’re sure it could increase your value at work, you need to decide how you’re going to pay for it. 

Taking out a personal loan is one way to spread the cost of your training over several months. You may be able to pay it off faster if you get a better job or start earning more money. 

1. How much do you need? 

The cost of your training is the biggest expense. However, find out if you need to purchase additional supplies or textbooks. And you may need to add a little for transportation if your training takes place across town. 

2. What’s your budget? 

You’ll need to start paying off your loan right away however, you may not be making more money immediately after your training is complete. Determine the monthly loan payment that you can afford within your current budget. A simple loan calculator will help you work out the cost based on:

  • The amount of your loan. 
  • The number of months you take to pay it off. 
  • Your interest rate.

Investing in your future is not just about money. It’s also about increasing your control over the work you do and where you get to do it. It’s a win-win on all fronts. 

At easyfinancial we are here to help. Talk to us if you are looking for some financial relief, have questions about managing debt in the face of inflation, or would like to adjust your current loan. Visit one of our 400 branches, call us at 1-888-502-3279, or apply online for loans up to $75,000.  

 


Disclaimer: This content is intended for informational purposes only and does not constitute financial advice on any subject matter.

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