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Budgeting Lesson 4 - Some Tips for Job Seekers

Posted on: 04th Sep, 2006 11:28 pm

Once you are out of your college you need to quickly find yourself a job. Seeking a job can cost you lots of money, especially when you have resigned from a job and are looking for a new one, and yet not getting a suitable job for quite some time.

When you are out of work, your income will take a big hit while your fixed expenses like telephone bill, mortgage and other day to day utilities remain almost at the same level or may be increasing.
Other Budgeting Lessons

Try to Plan Ahead

If your current job is shaky or you are planning to step down, then you can consider taking a home equity line of credit to cover your expenses until and unless you get a better job. This type of loan helps in providing an income cushion. But at the same time, it's not easy to qualify for an equity line of credit, as it often requires steady employment.

Try to Trim Small Expenses

Itis amazing how small expenses like that on daily cups of coffee, eating out several times in a week or a month can add up over the course of a month. When you need to tighten your belt, you can try to cut back these minor expenses and save yourself a considerable amount of money.

Check out for options for your loan repayment

Try to combine and consolidate multiple loan payments so that you end up paying a minimum amount for one loan in a month. Be sure that you shop around well and check out each and every loan repayment option available to you.

Go easy with your credit cards

You can get yourself in some trouble if you are using lot of credit cards. It's very easy to fall in credit card traps. Believe me, there are a lot of hidden costs in credit card payments. So, instead of using credit cards, try to do cash purchase for maximum items.

It is always better to find a new job and then leave the current one, otherwise it tells upon your finances and a time comes when you find that you can no longer control things.

If you are the person who has already left a job and are about to look for another, a tight budget is all that you need.
  • Just add up your savings.

  • Add up the probable payments on your bills and purchases.

  • Compare your savings with the expenses which you will incur this month.
If your savings are higher than the expenses, there's nothing to worry. If not, then there's problem, and you probably will have to lower your spending and save more. That means, you may have to lower household expenses and find out where the extra money goes.

Hope my suggestions help all!

Caron.
Posted on: 05th Sep, 2006 12:38 am
Hi,

Let me add another thing. Sometimes new college pass outs in the excitement of search of their dream job start spending without hold on things like new suits, good quality and professionally made CVs or having better cells to have with them to provide a solid first impression on to their new mentors.

But they should spend with some restrain as these do have some importance but overall might not help you out with your dream job. It is better to plan out the spending and the outcome they are going to provide in terms of the expenditure you are going to put on.

Blue
Posted on: 05th Sep, 2006 02:02 pm
Before you change your job, consider your relocation options. Don’t compare only salary and other benefits packages but also compare cost of living which includes housing expenses, food costs, property tax, utilities and all the major expenses you can think of.

Make sure that you consider all the financial consequences also along with its benefits before you move.

Zeal_Deal
Posted on: 06th Sep, 2006 08:10 pm
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