Looking For a New Position Can Be Expensive!

Those new to the employment market find the costs of looking for a new job higher than expected


It is an old tru-ism that “it takes money to make money.” This has never been so true as it is now for those searching for a new job in today's uncertain economy. Job-hunting costs include the costs of printing and mailing resumes (yes - many people still look for a job the old fashioned way!), travel expenses, relocation costs and sometimes even clothing costs if you are moving into a career path that requires better (or different) clothing than your old position.

While new technologies such as on-line job sites and electronic classifieds have made looking for a job easier sometimes, the opportunity cost of the time spent job-hunting, the unavoidable out of pocket expenses can really add up. One survey reported that almost a third of respondents reported spending between $500 and $1,000 looking for a position, with many spending much more.

If you have suddenly found yourself in the ranks of the unemployed or if you have just decided that its time for a change … it can be a surprise just how much job seekers can invest before finding the right employment opportunity. For those without a savings cushion, personal loans, personal line of credit or credit account may be their best method of funding those expenses. For those who are hunting for a new position due to an unexpected layoff, the shock can be even greater, as there are usually little in the way of savings set aside for such a financial emergency. As the job market has tightened, more young people - even recent college graduates are struggling to find jobs.

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Sometimes, if you have to resort to obtaining a personal line of credit in order to finance your job search, you will find that non-traditional lenders are easier to work with than traditional banks and finance companies. Credit unions, some smaller local banks and private lenders often retain the ability to approve a personal line of credit when larger institutions will not. They are also often more flexible in their application and approval guidelines.

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