When you’re out of work and trying to find a new job, money tends to be tight. Your job search itself can eat up a fair amount of cash – but you have to spend money to get back into employment, right? Well, there are ways to economize on your job hunting expenses. You just need to get creative, plan ahead and know how to prioritize your spending.
Start by making a budget. Add up your savings, severance from your last employer and your unemployment check, and compare it to your monthly outgoings. Cut out any unnecessary expenditure for the moment, and you’ll get an idea of how long your money will last you.
Next, consider some of these other ways to save money on your job hunt:
Use your local library: Libraries have a huge amount of help and information available for free, or for the modest price of a membership card. Here you can access online databases that would cost you a lot to subscribe to, use the internet for nothing, and borrow books on all kinds of useful topics like writing a resume, interviewing and changing your career. In addition to your city or county library, try your local college library too. You often don’t need to be a student to join.
Check out community job centers: Local governments and colleges run job training and career centers where you can use computers, photocopiers and the internet. You can get career advice, as well as low-cost training in skills such as graphic design, sales or data entry to improve your chances of scoring a new job quickly. There are often people to help you update your resume and application letters and prepare for interviews too.
Pack your own lunch: You’d be surprised at how much you can save by bringing your own coffee, cold drinks and sandwiches on the road with you rather than stopping at your favorite cafes and restaurants. If you go to the library or the job center, and then to an interview or two, make sure you eat before meeting a potential employer so you can present yourself in the best possible light.
Barter for help: Career coaches can be very helpful, but you do have to pay for their services. Some might be willing to exchange an hour of advice for some of your time, for example a couple of hours of secretarial or bookkeeping work. You could also try bartering your time and skills for admission to networking events where you can meet prospective employers or other useful contacts.
Keep all your receipts: Many expenses related to your job search can be deducted from your taxes, as long as you meet all the requirements – and save your receipts. These can include money you shell out for traveling to interviews, writing, printing and mailing resumes, and fees for employee outplacement services. However, you can’t claim any deductions if you’re switching careers, going back to work after a long hiatus, or if you’ve just graduated. IRS Publication 529 gives you a good overview of the requirements and the type of expenses you can deduct.