Sep 4, 2025
Switching from one job to another is quite common, but sometimes ditching a stable gig for something that’s a little more exciting can come with its fair share of risk.
Take Aidan, for example. Aidan — a 30-year-old software developer in Austin, Texas — used to work for a major corporation until last year, when he traded in that stability for a more exciting role at a startup. And while he knew working for a startup would be a risk, he didn’t quite realize just how risky his decision would be.
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Two months ago, the company that Aidan decided to join went out of business, and since then he hasn’t had any luck with job applications. Making matters worse, Aidan has just $10,000 in savings, and that cash is dwindling by the day. Thankfully, Aidan doesn’t have any debt, though he is responsible for rent payments and general expenses.
He knows he’s in a tough spot, and since borrowing from his parents isn’t an option, Aidan feels like his back is against the wall. But there are things Aidan can do to help him get back on his feet before he runs out of savings and starts taking on debt.
Job search more effectively
While software development had a hot job market in the past, the demand for such work has been slowing down as of late, which has led to developers competing for fewer roles. In fact, employment for developers has been slowing down since 2020 [1], when pandemic lockdowns began to hit the U.S.
Now that he’s facing stronger competition for employment, Aidan should try to focus on how he can stand out from the rest of the software developers looking for work. Here are some things he may want to consider [2]:
- Doing extensive research on prospective companies in order to show that he understands their respective missions and goals
- Networking with people he may know at prospective companies so he can hopefully get a recommendation
- Emphasizing why he feels that he's uniquely suited to the role in his application
- Including hard data in his resume to show off his results and achievements
- Keeping his resume concise, and remembering to triple-check for spelling and grammar
- Using the job description to his advantage by tailoring his resume and cover letter to address the specific elements of the role
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Start budgeting
While Aidan is looking for a job, he should also try to focus on how he can make his small savings stretch as far as he can.
For starters, he should take a quick look at his current spending habits to see where he can save some money. Trimming down on luxuries — like restaurants, ordering takeout, gym memberships and online subscriptions — is a good place to start.
Once Aidan has cut down on luxuries and figured out how much his basic expenses should cost per week, he can divide his $10,000 savings into weekly amounts and “pay” himself each week. This kind of budgeting can help him avoid overspending on his remaining cash.
What to consider before making a risky career move
Aidan is young, so he should be able to recover from this career setback without any lasting damage to his trajectory or retirement savings. However, he’ll likely be a lot more cautious in the future when it comes to potential career moves.
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If you’re contemplating a big career move — like joining a fledgling company, moving across the country for work or retraining for a new career — you may find yourself in a position where your brain and your gut instincts are at odds. Sometimes we let fear talk us out of good ideas, but it’s also possible to leap before you look, as Aidan’s story proves.
In order to make a wise decision, consider weighing the pros and cons on paper.
What’s the upside?
Will this job opportunity help me develop valuable skills that I can carry into the future? Will it boost my earnings, or maybe help me feel more positive about going to work every day? Does the job and/or the company align with my values? Will this new job support my long-term goals?
These are things that are worth thinking about before you quit your job for a new opportunity, and the answers to these questions could end up on either side of your pros and cons list.
What’s the downside?
When it comes to the cons, there are several questions you might ask yourself.
For example, can I handle losing this job — both financially and emotionally — if I were to accept it? And what’s my plan B if I take the job and it doesn’t work out? Does this job require in-office attendance, or is a hybrid schedule an option? If the job demands in-office hours, how is the commute going to affect my routine?
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The answers to these questions could heavily affect your decision on whether to accept a new job opportunity.
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How to plan for long-term financial health
When Aidan eventually lands on his feet and gets back to work, it’ll be important for him to rebuild his emergency savings as quickly as possible. An emergency fund — one that can cover at least three months’ worth of living expenses — is a stash of cash that can come in handy if Aidan were to once again find himself temporarily out of work.
Aidan should also keep his budgeting habits in place when he starts his new job. Developers are often paid well, but that doesn’t mean Aidan should splurge on luxury items once he starts receiving a steady paycheck. The more money he makes above the cost of his monthly expenses, the more money he can potentially save for emergencies or retirement.
Finally, Aidan should assess his long-term savings plan, including how he is saving for retirement and other major financial goals. Talking with a financial advisor can help him make a plan that’s realistic for his lifestyle.
Article sources
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[1]. ADP Research. “The rise—and fall—of the software developer”
[2]. Danaher. “How to Make a Job Application Stand Out: 9 Practical Tips”
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Rebecca Holland is dedicated to creating clear, accessible advice for readers navigating the complexities of money management, investing and financial planning. Her work has been featured in respected publications including the Financial Post, The Globe & Mail, and the Edmonton Journal.
