Job hunting can both be exhilarating and terrifying at the same time. But what makes it terrifying is you never can tell when you would get that call or if you would get it at all. While you go through several application and interview stages, your savings dwindle. Before long, you start to worry about money which can result in desperation. When you are desperate, you pick up whatever job you can find because half a loaf is better than none.
Understandably, you need a job, and you need it as soon as possible. So here is a list of things you can do to manage your finance while job hunting.
Know how much you have.
You must be aware of your financial situation while job hunting. Look at your savings and be honest about what you have to yourself. Remember, a bird in hand is worth two in the bush, so money owed to you does not count. You can put that in perspective when you receive the credit, but for now, work with what you have. Also, take a look at your bank statement to know what you mostly spend on.
Create a budget
From your account statement, you pinpoint your essentials and things you can do without for the duration you look for a job. This budget would help you spread your expenses over a period. It should include essential bills, groceries, and rent. Don’t forget to include the transportation cost of attending interviews and a little something to take care of yourself. Essentially, your budget should be realistic.
Stick to your budget
It is one thing to create a budget; it is a different ball game to stick with it. Cancel plans you did not include in your budget. Eat in that cheap restaurant, or cook your meals. Get someone to share their Netflix password with you instead of having to pay. Whatever you do, try to cut costs as much as you can.
Explore freelance work opportunities
Two words: side hustles. If you’re harboring a secret talent –– or a car –– use it to your advantage and do some freelance work to rake in some income. Graphic design, web design, freelance writing, ride-sharing: it’s all good if it’s feeding back into your budget. These jobs should not make you settle or quit searching, except you are satisfied with what you earn with them.
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. Or do you have appliances you no longer use or have more than one? Sell it.
Do not settle
Being without income is stressful, but it’s important to remain level-headed. When a job offer does come, don’t let the panic of your financial situation be the sole input on whether or not you accept. Be pragmatic in your evaluation, which will help you determine if you want the job, if it’s a good offer, and if it makes the most sense for you. Also, your side hustle should keep you afloat and save you from picking any job just because it’s available.