finances

Keeping an Eye on Your Finances When Job Hunting

by Josh Biggs in Finance on 4th April 2019

On the lookout for a new job? This can be a stressful time because it is a huge life decision and it can take a while to find a suitable role and then you have to go through the application process which can be stressful and daunting (especially if you have not done it for a while). During such a stressful period with a great deal of uncertainty over the future, it is absolutely essential that you take steps to keep a close eye on your finances during your job hunt.

Draw Up A Budget

First, it is a good idea to draw up a budget so that you can control your spending. This should include your total household income and then all of your regular expenses. You can then use this information to find ways to reduce costs and control where your money goes. The 50/30/20 rule is a good budget where 50% of income goes on essentials (rent, food etc), 30% on savings/debt payments and the remaining 20% on non-essentials. You may want to adjust this based on your individual circumstances.

Reduce Costs

When you draw up your budget it will help you to identify areas where you could reduce costs which is a smart move if you are job hunting. Here are a few effective ways to reduce costs:

  • Non-brand groceries
  • Walking instead of driving
  • Buying items second-hand
  • Eliminating unnecessary bills
  • Switching providers

Employee Loans

Employee loans from specialists like Salary Finance can also be a smart move because this provides access to lower interest loans which can help while you are looking for a new job somewhere.

Supplement Income

While you are looking for a new job, you could always find a way to supplement your income which will help to give your finances a boost. This could involve picking up a part-time job somewhere but there are also many excellent ways to make money online which provide great flexibility and allow you to take on as much or as little work as you’d like.

It is important to keep a close eye on your finances when you a job hunting as this can be a time of stress and uncertainty. These are a few of the best ways to improve your financial situation during this period which will enable you to continue living comfortably while allowing you to focus your efforts on finding an engaging, rewarding and interesting new role somewhere.

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