The cost of finding a new job

At some point during their career most people find themselves in the position of having to look for a new job. Everyone faces some sort of employment-related setback eventually – for a number of different reasons.

Most everyone is aware of the important things to do when this happens – update the resume and start working your network – but it’s also important to bear in mind the costs of finding and making yourself available for a new job, and to plan accordingly. The costs will differ depending on the circumstances, but consider a few that occur quite frequently:

Relocation expenses
Sometimes staying put isn’t an option, and that new job you secured will require an unexpected move. A move means extra expenses: packing, shipping, setting up new utilities, among many others. Many employers offer relocation assistance to new hires, so be sure to make this a part of the job negotiation process. Make a checklist of known expenses before your move so you are less likely to encounter anything unexpected.

Further education
These days, finding a new job often requires retraining or learning new skills. Entering an entirely new career path may be the only viable option for some. Before you embark, make sure you are clear on what path you’re taking and what questions you need to ask. Research the particular job you are pursuing in detail. Will it provide the necessary income to sustain you and your family? What are the projections for future employment in this field? In addition, consider both local brick-and-mortar and online education options for your education and training. If possible, talk to someone who’s been there before.

The in-between
Everyone should have a personal budget in place, but if you haven’t prepared one, a period of unemployment means you must develop that budget and stick to it. Establishing financial priorities will help you focus your effort and resources. If you have a budget in place, it might need a bit of adjusting due to the change in circumstances, but the important thing is to keep track of what’s going out and what’s coming in. Also, consider looking for other sources of income during this period. It can help you maintain recurring bills and expenses as well as maintain important things like health insurance.