Financial Planning

Home improvements can be a time consuming and expensive venture. Before one rips into a wall or spreads the first coat of paint, one must weigh options, receive estimates from companies or price the materials oneself, budget for time and expenses, and then begin the process. Planning for the job search is very similar to a home improvement project, if the planning stages are not done well, they will prolong the process, increase your expenses, and turn the experience into a major headache.

The first step job seekers need to consider is to look at the financial picture. This may require meeting with a financial planner or other professional in order to assess one’s economic standing. At the very least, every job seeker should:

• create and adhere to a budget
• eliminate unnecessary and cut back on expenses
• assess how long one can go without income from a job
• determine sources for income if they should become necessary (savings, retirement, investments, part-time work, etc.)

By looking at your finances, it can help determine a course of action for your job search. If being out of work is not an option financially, you may need to turn to temporary work or settle for one of the first job offers you receive. If your financial situation allows a bit more flexibility, you can be a bit more selective with your job offers.

Although there is no magic formula for how long your search will take, plan on at least a three month search. For alumni who are changing career fields, have 15+ years experience, have a narrow career scope, or live in a geographic area which does not cater to your career field, plan on the search taking longer. By financially planning for your search, you can lessen some of the frustration of a job search.