Okay. So you lost your job and are looking for a new one. According to the career coaching industry, it can take at least one month of job search for every $10,000 you want to make annually. So, if you were making $50K and are hoping to make that again, you should plan on at least a five-month job search.
Do you have enough in savings to cover that? If not, these tips might help:
Apply for unemployment benefits immediately. The process for getting your benefits takes time, and requires paperwork and visits to the unemployment office. The sooner you get started, the sooner you’ll have a check to help with expenses.
Figure out exactly how much money you must have to pay any existing bills that could affect your credit. Now is not the time to let your credit score tank. The priority must be on paying the minimums on any bills you have to keep it from being affected.
Cut major expenses any way you can. Don’t wait to cancel subscriptions or services that aren’t absolute must-haves. Put your pride aside and dump anything non-essential.
Be upfront with roommates about your ability to pay rent. It may be time to find them a new roommate and move back home. If you don’t have the rent money, the sooner you relocate to a place you can afford (ie mom and dad’s house, or a family member’s couch), the sooner you alleviate yourself of the expense.
Sell things. Now’s a good time to go through all your possessions and sell anything you don’t need. For example, got gold jewelry you never, ever wear? Gold is at an all-time high and can give you a nice bump of cash for something that is collecting dust in your drawers.
Put yourself on a weekly minimal weekly budget. Get focused on where you are spending your money and make sure you are maximizing the savings on essentials like food, gas, and anything else you need. Then, find ways to save money and stick to the budget (i.e. walk instead of drive, make coffee at home, etc.).
Exercise. When we feel strong, mentally and physically, we make better decisions, sleep well, and minimize our stress levels. Being unemployed and looking for work isn’t easy, so taking good care of yourself via exercise can help you stay fit and focused on the goal.
Connect, connect, connect! Now is not the time to hide in your room and not talk to anyone. You need human interaction to keep you engaged and upbeat. You also need to network as much as you can and let people know you are looking for your next opportunity. Studies show that people who become reclusive after job loss have prolonged job searches. To speed up your job search, you need to be with more people, not less!
Find a part-time job. Many people use the excuse that a part-time job mightmake it impossible for them to look for work or go on interviews – wrong! A part-time job will keep you motivated, give you some extra income, let you interact with other people, and may just lead to your next job.
Note: If you are collecting unemployment, there may be rules as to how many hours you can work on a part-time basis and still collect, so you must inquire and make sure you meet those goals so as not to lose the unemployment benefits.
Finally, Here’s Something You Should Consider Buying
If you are feeling even the least bit uncertain about your ability to conduct a fast and effective job search, then you want to consider investing in resources to teach you the right way to job search.
(Click here to learn more about how not investing can cost you money in a job search.)
One of the other main reasons job search takes so long is most people go about it the wrong way. Investing in a training program that teaches you the right way to find work can help shorten your job search and keep you out of debt.
If you haven’t looked for work in a while, or you are young and have little experience looking for work, you’d be wise to get help with the entire process. You need a targeted plan for finding the right job opportunities, creating the proper tools (i.e. resume, cover letter, LinkedIn profile), and completing a successful interview process. A lot goes into job search. If you aren’t feeling 100% sure of your job search capabilities, you’d be wise to seek help as soon as possible. Nothing is more depressing and demotivating than to use up your savings in a prolonged job search, only to find out had you changed your approach – you could have found work sooner.
Saving money while looking for work is very important – you just don’t know for sure how long you’ll be looking. The less debt you incur, the better.
Plus, once you find a new job, wouldn’t it be nice not to have a mountain of bills to pay with your new salary?
Be smart and do what you can to save during your job search – you’ll be glad you did!
P.S. – First time reading my posts? Thanks for taking the time to stop by! Not only do I write for Linkedin, but I’m also founder of a popular career advice site,CAREEREALISM,and currently run the career coaching program,CareerHMO. I hope you’ll check them both out!