Is there still time to improve your finances with a better job?

. The smoking hot job market that led me to write that column is starting to fade.

After more than a year of high inflation, you’ve likely heard every frugal shopping tip known to humankind at least three times. You’ve heard the pros and cons of budgeting, been introduced to shopping apps and heard all manner of tips about budget travel and bulk buying. Increasing your pay is another option for improving your finances, but maybe not for much longer.

A recent update from BMO Capital Markets said the number of job vacancies has fallen to a seasonally adjusted 790,000 from more than one million last spring, while the job vacancy rate has fallen to 4.4 per cent from 5.7 per cent. We’re still above the prepandemic job vacancy rate around 3 per cent. But high interest rates are starting to weigh on the economy, just as the Bank of Canada intends.

Jumping to a new employer now could leave you vulnerable if there are layoffs down the road. Last into the workplace can mean first to go if there are job cuts. Offsetting this risk is an opportunity to build your career with better pay – and better benefits. A good dental plan and medical benefits could save a family thousands of dollars a year.

Our aging population suggests that filling all the vacant jobs in the economy could be a continuing challenge in the years ahead. But today’s elevated job vacancy rate argues for trying to increase your pay right now. In a year, expect this window to be closed.Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money

Source: News Formal (newsformal.com)

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