Rising living costs, fewer job openings and tougher competition are pushing many people to rethink their career paths. Whether you're newly unemployed, underpaid or simply ready for something new, you're not alone if you're thinking about a career change.

But whatever is pushing you to seek greener pastures, one thing is clear: The financial risk in betting on yourself is real.  

"Don't just wing it," says Vicki Salemi, a career expert for Monster.com. "If you're in a toxic work environment, you might be tempted to say, 'I'm done, I'm leaving today.'" But from a personal finance standpoint, it's not beneficial to be spontaneous about a career change, she says.

You could end up unemployed for longer than you planned, take on debt or be forced to accept a lower-paying position. You may also need to pay out of pocket to acquire skills for your new career. The bottom line: The stakes are high, and without a plan, you might find yourself overwhelmed emotionally and financially.

If you're considering a new career path — whether out of choice or necessity — here are three important money moves to make before you take the leap.

1. Calculate your total compensation needs

Before you change careers, figure out exactly how much income you'll need to cover your expenses, Salemi says.

Think about whether your expenses could change in the near future: Are you planning to move? Adopt a pet? Get married? Beyond estimating the average salary in your target role, it's important to also understand how your pay typically grows in that field and whether bonuses or other benefits are common, she says.

DON'T MISS: How to change careers and be happier at work

Once you have those numbers, stack them up against your life and make sure the career you're going for is the right fit for you.

"Salary is the most important thing, but it's not the only thing," Salemi says.

2. Cut back on spending before your paycheck changes

A career change may mean a gap in your income or a lower paycheck, especially at first. You may start in a junior role, need more time to job hunt or decide to take on freelance work as you build toward your new path. That's why it's critical to understand and adjust your spending and saving habits in advance.

"Create a budget so you understand what your financial runway and flexibility is," says David Haas, a certified financial planner and founder of Cereus Financial Advisors in Franklin Lakes, New Jersey.

If you don't have savings to fall back on and no room to trim your spending, Haas says, you might need to do something to bring in funds while you figure out your career.

That might mean picking up temporary jobs like freelancing or gig work, he says. If you're not working, Haas recommends "paying yourself a salary" from your savings, if possible. This can prevent overspending by "keeping things normal and giving you the illusion of not having loads of money," he says.

3. If you're still earning, build an emergency fund

Experts agree that having a financial buffer is essential. Ideally, that means having three to six months of living expenses saved up before you begin to pursue a new career. 

"Before a career change, building a short-term emergency fund is key," says Greg Guenther, a financial advisor, chartered retirement planning counselor and co-founder of GRANTvest Financial Group.

Financial emergencies aren't just broken appliances or surprise medical bills — if you're miserable in your current job and need breathing room to pivot or upgrade your career, your emergency fund can help make that transition happen.

If you find yourself between jobs with no emergency savings to fall back on, Guenther recommends focusing on avoiding high-interest debt and seeking the help of a financial pro to maximize the resources you have available. 

By restructuring your budget, using a mix of emergency savings and unemployment benefits, and securing contract work, he says, it is possible to successfully transition into a new career without derailing long-term financial goals.

"Career changes come with risk," Guenther says. "Strategic planning can create financial stability and a strong foundation for the future."

Do you want a new career that's higher-paying, more flexible or fulfilling? Take CNBC's new online course How to Change Careers and Be Happier at Work. Expert instructors will teach you strategies to network successfully, revamp your resume and confidently transition into your dream career. Start today and use coupon code EARLYBIRD for an introductory discount of 30% off $67 (+taxes and fees) through May 13, 2025.

Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.