In the midst of a job search, the stress can be overwhelming, especially when coupled with the loss of income. How can you emerge from this period with your finances intact?
Creating a budget is paramount. Not just any budget, but one tailored to the spending realities of unemployment. Ideally, you’ve set aside 3-6 months of living expenses for such scenarios. However, consider the temporary changes in expenses during unemployment. For instance, costs related to commuting, work lunches, and coffee expenses might no longer apply. Scaling back on social outings, like dinners and drinks with friends, is also prudent until a steady income stream is secured.
Now, armed with a comprehensive budget, you’re in control. Factor in unemployment payments, a percentage of your savings fund, and reduced monthly spending and you should have a healthy understanding of what your monthly spending should look like. Determining this financial threshold not only provides security as you navigate the job market but also offers insights into the timeframe you have to comfortably secure your dream job.
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