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Spending Money to Make Money:
Budgeting for your Job Search
We’ve all heard that looking for work is a full time job. Unfortunately, unlike a full time job, looking for work doesn’t come with a full-time paycheck. In fact, your full-time job hunt will cost you money. It’s money well spent once you find a job, but it’s also money you need to prepare to spend and budget for while job-hunting.
What a Successful Job Hunt Costs
In the digital age, the cost of looking for work has decreased somewhat since many of us submit electronic résumés online, but that doesn’t mean that we don’t incur costs when job hunting. You should prepare to pay for the following:
Copies of your résumé if you attend job fairs or apply to companies and organizations that require hard-copies
Copies of your educational transcripts for positions that require verification
Travel to and from job fairs and interviews
Hiring Agency fees (More on this later)
Professional attire for interviews (Plan for two in-house interviews)
Internet and phone usage fees
Newspaper and Professional Journal subscriptions
Childcare
Wages you are not making while searching for work
Looking for a job isn’t just time-consuming; it can be expensive too. In addition to these expenses, you also have to remember that you may not be bringing in any money. While you have to spend money to make money, it’s important to understand these costs and prepare for them.
Planning for the Cost of your Job Search
Because of the limited income most job seekers have and the cost requirements of applying for jobs, it’s essential that you budget for your job search. The following are actions you can take to make sure you don’t break the bank while trying to improve your bank balance (by getting a job).
By: Jamie Boyle