Q&A with Octopus MoneyCoach - Job Hunting During The Cost Of Living

Times are tough right now and we know that money worries have crept into every household. Costs are rising, inflation is rising, and each day more people are affected. We know how precarious the courage and resolve to look for something better in your career can be even in the best of times, and you may be questioning whether now is the time to put a pin in any aspirations for a better career. 

At Escape, we deal in hope. Not blind hope either, the kind of hope you develop from 12 years of watching people achieve the kind of changes they thought only belonged in their office daydreams. We understand that people are concerned, that people are craving stability and security and you may be asking, ‘can we escape the city, even now?’

Well, Octopus MoneyCoach has recently registered their free training course to become a qualified money coach on Escape the City, and we thought this was a brilliant opportunity to get some expert advice on managing the search for meaningful work during the cost of living crisis. If you have any questions, please send them to us at the email address at the bottom of this article.

So let’s dive into our chat with Octopus MoneyCoach.

Firstly, addressing the cost of the living crisis, are there any general steps you would advise everyone to take? Or any particular resources or budgeting tips to look for?

Well, firstly I’d say ask your workplace if they offer any financial coaching services because it’s really best to work out a plan that’s right for your unique situation. 

We’re encouraging everyone to look at their budgets and start by finding the least painful areas to cut back first. Most of us hate budgeting because we think of it as restrictive and doing less of what we love. But if you focus more on the things you want to keep spending on rather than the things you have to cut back on, it becomes a much more interesting process. 

It might even make you feel more grateful for the good stuff you still get to do. Look back over the last 3 months of spending and find at least 3 purchases you regret … almost all of us have them and that will get you thinking about how to rebuild your budget for rising costs.

Another simple budgeting tip is to look for the automatic subscriptions coming out of your account…most of us have at least one we’ve forgotten about or barely use.

One mistake that’s easy to make in times like this is to lose good money habits you’ve taken time to build. It could be to stop saving towards your future goals. Or even to stop your pension contributions (which actually means walking away from free money in most cases). Good habits are hard to build and easy to break. So rather than stopping saving altogether, ask yourself honestly “what’s the most I can afford to keep saving right now?” Maybe it’s £1 a month, but it’s always better to keep the practice of saving if you can.

Read A Guide To Making Pensions Green.

As inflation is rising quicker than wages should people be approaching their employers for a pay rise? And realistically how much should they ask for?

It’s certainly worth a try. But it’s also worth knowing that many employers may struggle to give out pay rises now. That’s because many businesses are facing a challenging mix of rising costs (the same ones we’re feeling) and lower revenues (some economists suggest the UK is heading for a recession). Unfortunately, a pay rise equal to the rate of inflation is probably not realistic for any of us right now. But speak to your employer, explain your situation, and your contributions to the business and ideally show some evidence of how salaries are changing in the market for what you do.

Read How To Ask For A Pay Rise - And Make Sure You Get It.



For people who are unhappy or unfulfilled in their current jobs but are cautious about changing roles or retraining in difficult times what words of advice would you give?

There’s always “a leap” involved in changing course or trying something new. Sometimes it can help to zoom out and give yourself some distance. Fast forward to 10 years from now. When you look back, what would make you happy? What would make you feel really proud of yourself?

Talk to people or listen to podcasts featuring people who have made similar moves. It can be reassuring to realise there are so many others out there just like you, who have taken the leap. More often than not, it’s better to try something new than continue to be unhappy or unfulfilled.

All that said, it’s a smart idea to think through a “plan B” and make sure you have a safety net in case things don’t work out the way you expected. In financial terms, that might mean you build up an emergency fund that’s enough to cover your costs for a few months. That might give you the reassurance you need to take that leap to more fulfilling work.

Read Changing Careers, What About The Money Question? And check out Escape the City's podcast, The Escape Artists.

Flexibility in location and working hours has been important to our users since even before the pandemic. Are there particular challenges to going freelance, becoming self-employed, or being a digital nomad that people need to be aware of before making the move?

You’ve touched on some of the benefits there, it’s amazing to get the choice of where you work, the hours you work and when you want time off for things like holidays. Plus, you get to be your own boss.

It’s good to know that there is some admin involved in setting yourself up for self-employment. One of the big ones is how you pay tax. Self-employed workers must file a tax return every year and pay their tax as a lump sum after the end of the tax year, rather than it being deducted from their monthly pay. You also may need to take out professional indemnity (PI) insurance.

Some people also miss the support they get as part of a full-time team. That’s one of the areas we’ve invested a lot in addressing. We have a dedicated HQ team set up to mentor and train the coaches that work with us – by their side every step of the way. And our community of coaches are incredibly active and supportive of one another.

Read How To Live An Affordable Digital Nomad Lifestyle

Octopus MoneyCoach has just registered a free money coach training course on our courses page. Who especially is this course aimed at and what are the benefits they can expect out of it?

This is for anyone who is excited about the idea of getting paid to help ordinary people with their money. Money stress has become a leading cause of poor mental health across the UK. And most people want a person they can talk to, but the UK needs thousands more money coaches.

You don’t need to have any special qualifications, just some interest in personal finance. Our money coaches come from a wide range of backgrounds: teachers, accountants, life coaches, finance managers, parents looking for flexible work and many more.

The training programme is designed to set you up to become an accredited money coach with Octopus. We’ll give you all the knowledge and tools to grow as a money coach and to support clients in the workplaces we partner with.

It’s incredibly rewarding work, helping people feel better about money – especially in a time like this.

A massive thank you to Octopus MoneyCoach, make sure you check out their free training course. If you have any questions you’d like to get answered about the cost of living crisis for Octopus please send them to tim@escapethecity.org