Expense Budget Calculator

Quick Expense Budget Calculator

for Career Transition Planning

Professional Career Transitions - Photo of "Imagine" tiles in John Lennon memorial in Central ParkProfessional Career Transitions - Photo of "Imagine" tiles in John Lennon memorial in Central Park

Career Transition Expense Calculator

The Quick Expense Budget Calculator below allows you to do a fast analysis of all your expenses. It is important to be thorough in this analysis. Examining the past few months bank and credit statements closely will likely remind you of expenses you may have forgotten.

All household expenses should be recorded. Be brutally honest. You may be surprised at how much you spend on certain items. “We spent how much on takeout and delivery?!” and “Are we trying to support Jeff Bezos by ourselves?! are likely reactions.

Once you have clarity on your expenses, you can see where reductions and cuts can be made. Every expense may be a potential tradeoff for a better career and life. 

If necessary, and it may not be, what tradeoffs in reduced expenses are you and your family willing to make for better, more meaningful work with more autonomy and less stress, anxiety, and boredom? For more balance in your work and life and increased time for yourself, your family, and your friends?

The Problem

Many attorneys mistakenly believe they will never be able to make as much money doing anything else other than practicing law.

Unfortunately, this belief results in lawyers feeling trapped. This is especially lethal for those who are already stressed, anxious, or burnt out.

Even if transitioning lawyers are not able to make as much in their first transition position, they can usually increase their income fairly quickly.

In any event, money is not everything. Meaningful work with autonomy and reduced stress and anxiety have significant value. And, there is always the value of more time with family and friends.

The Solution

One of the first things lawyers considering a career transition need to do is get clarity on their financial life.

While many, although certainly not all, lawyers earn a significant income, it’s the expense side of the ledger that should be focused on first.

Most of us expand our lifestyle and expenses in relation to our income. If you are considering a career transition where your income may decline, at least initially, closely examining all of your expenses, fixed and variable, is imperative. 

Once you have clarity on your expenses, it is much easier to make decisions on what expenses may be cut or reduced if your income declines.

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