NMDWS launches financial budgeting tool to suite of career and employment resources
(Albuquerque, NM) – The New Mexico Department of Workforce Solutions’ (NMDWS), Economic Research & Analysis Bureau has developed a financial budgeting tool that estimates the minimum income needed for a person to cover their monthly living costs. The tool, known as Why I Work, allows individuals to customize their expenses and leads them into career exploration for occupations with a salary that will meet and cover their selected living costs.
Developed specifically with New Mexico’s youth in mind, but available and helpful for all New Mexicans, Why I Work helps users understand the basics of budgeting and educates them on realistic income expectations as they undertake the task of exploring career options and planning for the future.
In Why I Work (www.dws.state.nm.us/WhyIWork), each user walks through a simple process of selecting monthly expenditures using standard costs specific to their area or using customized amounts they input themselves. Based on those expenditures, an annual income is calculated to show how much the user would need to earn to cover their living costs. The tool then guides them towards the Career Solutions website (www.NMCareerSolutions.com) where they can learn more about occupations that pay a similar annual wage to the one calculated by the Why I Work tool.
Financial awareness goes hand-in-hand with career exploration. By understanding basic budgeting and aligning that understanding with data for occupations, New Mexicans are more equipped to make responsible and sustainable career and employment decisions for themselves and their families. Why I Work is a valuable addition to the NMDWS suite of career and employment resources.