Being out of work and looking for a job can be costly. Not only are you keeping up with your bills, but you’re also paying expenses related to job interviews, career counselors, student loans, etc. Thankfully, there are several ways to save money during this time.
Save Money During Your Job Search with These Tips
Job searching can be a little less nerve wracking when you know you are saving money. Here are a few ways to minimize job-search-related expenses:
1. Don’t go crazy with buying new clothes — When you are eager to get hired, it can be tempting to spend money on new clothes to wear to interviews. Instead of purchasing brand new interview gear, why not shop at a secondhand store? These stores often have what you need at a fraction of the cost of new clothing and accessories.
2. Look for free career counseling services — Career counseling is not cheap. It runs about $75 to $150 USD per hour. This can be a financial burden to someone who is not generating any income.
If you need career counseling but have a tight budget, search for free or discounted services (a career counselor intern may offer services at a discounted rate) and free career exploration resources. Also, check with your local public library. It may offer a career exploration workshop for a small fee or create one if you request it.
3. Manage your student loans while unemployed — Most people in the workforce have student loans. When you are unemployed, it’s easy to let your loan payments get behind. Recruiter.com suggests managing your student loans when you are unemployed by…
- Entering loans into forbearance or deferment
- Applying for an income-driven repayment plan
- Considering refinancing
- Each of these options can buy you some time to come up with funds for student loan payments.
4. Create a budget — Putting together a budget when you have limited funds can be depressing, especially if there is not enough money to make ends meet. But by making a budget, you will be able to track where your money is going. You might be spending more than you think in certain areas. If you decide to not let it stress you out, budgeting can help you save money while you are unemployed and searching for work.
Stay Sane While Unemployed by Keeping This in Mind
Being out of work is high on the list of most people’s stressors. Remembering that unemployment is temporary (if you are putting in sufficient work to find a job) will help you keep a positive attitude as you search for the right position.
Buying secondhand clothing and accessories for interviews, seeking discounted career counseling services, managing your student loans and creating a budget will go a long way toward helping you save money during this transitional time.