Recruiting Blog

Job Seeker: What to Do When Money is Tight

Job Seeker: What to Do When Money is Tight

whattodowhenAny job search takes time. Even if you are able to conduct your search full-time, it can take on average up to three months. If you are working full-time and not able to focus on your search, it can take longer. If you are not getting the results you want, you need to change the methods you are using in your job search. In the meantime, many job seekers may want to assess their financial situation and get a plan of action when your money it tight. Either way, we have some tips that will help you assess, learn and grow from your job search experience.

When you are feeling financial pressures, the first thing you need to do is review your liquid assets and short-term liabilities. Liquid assets could include:

• Insurance loans
• Second mortgage
• Unemployment compensation
• Severance pay
• Accrued vacation pay
• Personal loan sources (family and friends)
• Sales of personal property (car, boat, stamp collection, etc.)

Ask yourself how much cash you can expect to receive during the next three months from these sources. Then you list what bills must absolutely be paid. Many of your creditors can be stalled or might be willing to make arrangements to forgo principle as long as interest payments are made. It is important to talk to your creditors vs. ignoring them. For example, a company may waive a car payment and add that payment to the end of your loan.
The final step is easy, but can be painful. You compare the amount of money you have on hand or expect to receive with the amount you know you’ll have to spend in the next three months. The difference is your current financial status.

Many individuals feel it’s better to be unemployed than under-employed. If you can afford it, it may be wise not to take a part-lime or temporary position. The more time you spend looking for a good full-time position, the sooner you’re likely to succeed. However, if your bills are higher than the cash coming in, you need to supplement your income any way legally possible during your job search. You need to provide for yourself.

There are usually telemarketing positions available that pay anywhere from minimum wage up to $17/hour in some states. You need to sell yourself when you call these potential employers. Show them the sales skills you would use if they hired you to sell a product for them.

You also want to find part-time or temporary work that leaves you as free as possible to interview during the day, especially during your lunch hour. Many job seekers decide to work nights or evenings in retail or restaurants because that leaves the daytime hours open for interviewing.

If possible, it is best if you can locate part-time work in your chosen field. The salary will be more attractive and you can continue to develop your network of contacts.

You could also consider offering your services as a freelance worker. An administrative assistant, for example, might be able to find part-time work in a law firm at night. An accountant might be able to do taxes on a part-time basis and may gain access to new referral.

The best advice you could follow is to deal with your financial situation early in the process. You don’t want to get two months behind in all of your bills and then realize you need to do something

Review your income and expenses and then decide if your search is your full­time endeavor, or if you need to work part-lime or on a temp assignment in order to increase your income.

Keep in mind that many temp positions end up being temp-to-hire. The temp firm places you with one of their clients, who subsequently is impressed by your work and decides to offer you a full-time job. Many employers like to “try before they buy,” so be open to temporary or contract opportunities. Finally, it is a good idea to apply all Staffing Firms who specialize in the type of work you are seeking.

Analyze your situation and then take action!

Ingrid Moore

Ingrid Moore is the President and Owner of Corporate Resources of Illinois, an employment & staffing agency with over 20+years’ experience located in Schaumburg, IL. Ingrid and her team assist employers with finding the right hire for their business. For more info, follow us on our LinkedIn Company Page, or follow us Corporate Resources of Illinois‘s Google+ page.

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