Balancing Your Budget

Class Location: The Internet.

Description: This course is designed to teach you how to balance your budget while looking for a full time job.

Objective: Learn how to find a permanent job sooner, while managing your money.

An average job search may take three months if you’re searching full-time. If you’re unemployed during your search, you may be facing several months with little or no income. A little budget balancing can help you make it through the dry spell.

First, thoroughly review your liquid assets and short-term liabilities. Figure out how much income you’ll get during those three months from sources such as savings, securities, second mortgage possibilities, unemployment compensation, severance pay, accrued vacation pay, loans from friends or family, sales of property, and anything else that might put cash in your pocket. Then determine which bills you absolutely must pay during that time. You’ll be able to stall a lot of creditors as long as you continue to make interest payments. Next, compare the two totals to determine exactly how serious your situation is.

Try to avoid taking temporary or part-time work if you can help it. The more time you can dedicate to your job search, the sooner you’ll find what you’re looking for. If you must work, get a job that leaves you free to interview during the day, such as driving a cab or working in a bar or restaurant at night. If you don’t mind sales, there are plenty of commissioned sales positions and tele-marketing opportunities. Ideally, you’ll be able to find part-time work in your field. Working as a freelancer or contractor will probably pay better than a restaurant, and you can continue to network within your industry.

If you’re out of work through no fault of your own, you may be eligible for unemployment. You need to apply in person at the unemployment office, and it will take several weeks to process your claim. The amount of unemployment you can collect is based on how much money you were making during the first four of the past five calendar quarters.