Active job hunting not only takes a lot of time and energy but it also requires financial investment. Job seekers should have a personal budget in place to finance their job hunting activities. The money will be used to pay the cost associated with finding a job until the first pay cheque. Getting a job or finding a better one to earn money can be a costly process. The costs associated with finding a job or switching jobs can quickly mount, job-seekers often fall into debt to meet these costs. Debt management is important during this time. Many companies conduct background check on job applicant’s credit. Delinquencies, unpaid student loans, bankruptcies, credit-card account information is going to show up on your report.
How much do you need to land the job of your dreams? Here’s some insight into job search expenses you may incur as you seek out a new job:
Resume writing services
Cost: $100-1,100
Resume is a critical marketing tool for any job search. Professionally written resume is a marketing investment that can help land you your dream job. If you think resume writing is not your strength hire a professional resume writing services to create one for you. Resume writing cost vary depending on your employment level.
Resume distribution
Cost: $40-200
Resume distribution expense covers the cost of printing, copying, postage and distribution of cover letters and resume. Some online resume distribution service requires upfront fees. Targeted distribution services control who gets your resume. They distribute resume to specific location or industry. You can also choose to send your resume to recruiters and employers who hire for the position or salary level you want.
Travel and lodging
Cost: $50-1,000+
The most common expense associated to job hunting is the cost of travel and lodging. Travel and lodging cost include the cost of gas or the cost of commute for job applications and interviews.
Career wardrobe
Cost: $100-500+
If you want to make a good impression dressing yourself appropriately is important. You may need to buy a new suit or professional attire to dress up for your interview. If you’re lucky to get hired, you many need to purchase career wardrobe. The need to purchase career wardrobe depends on the company’s dress code. Purchasing a career wardrobe is one of the most expensive job search costs.
Placement services
Cost: $1,000-5,000
Recruitment and placement agencies help laid-off employees find new positions. Placement agency services include career counselling and career placement.
Career Coaching
Cost: $100-3,000
If you’re feeling stuck in your current job career coaching can help you improve your career progression. Career coaching can help you identify the right role for you and help you make the transition into that role. Career coaching includes skill assessment, personal potential, career aspiration and action planning to move into your ideal role.
Relocation expenses
Cost: 25,000-75,000+
Sometimes a new job requires relocating a home and family. The cost of moving can be both expensive and time consuming. Relocation expenses can include selling and buying a home, packing, shipping, hiring a moving company and setting up new utilities. Take this expense into consideration before accepting a job offer.
