3 Ways to Survive Financially While Job Hunting

Job hunting is an arduous and lengthy process that you have to undergo just after you graduate. While some people are really lucky to land some really good jobs early in their search, there are others who have to deal with a long affair that involves filling dozens, if not hundreds, of applications. The job hunt process can take anywhere between a few weeks to six months.Survive Financially While Job Hunting

The experience can take a toll on someone’s relationships, physical well-being, emotions and finances. The good news is that you do not have to get stuck in the job search phase with nothing to show for your efforts, so far. There are several ways you can lessen the financial strain with small wins – and in a long job hunt period, these small wins will certainly feel huge.

Deduct Job Hunting Expenses

As long as you fulfill a few qualifications, you should consider writing off job hunt expenses on your next tax return. However, you should first itemize your deductions; some of the things people itemize include significant contributions to medical care, casualty losses or charitable contributions. If you do not need to itemize any deductions, the standard deduction is enough.

You can also deduct any job-hunting costs you incur as miscellaneous expenses if you choose to itemize. However, this is only to the extent of a total of the miscellaneous itemized deduction exceeding 2 percent of the adjusted gross income. The third consideration is where you were during the job search, in relation to your professional career; you cannot claim if you are hunting for your first job.

If you qualify, some of the costs of things you should take into consideration include things like business cards, printing resumes, employment agency fees and transportation to job interviews. However, talk to a tax professional to ensure that you do meet all the requirements for such deductions.

Stay Busy

Ways to Survive Financially While Job HuntingThe best way to keep money in your pocket or make money as you job search is by staying busy. There are several work-at-home jobs on various websites like Flexjobs and Upwork where you get paid for doing different tasks for people who are not looking for full-time employees. You never know, a lead can turn to be a full-time job.

Staying busy ensures that you have some cash coming in and helps you avoid adding that space of idleness to your resume. Looking to get into a new career? The websites above are an excellent way to take on the smaller tasks, build your experience and confidence in a new field.

Unemployment Benefits

This is something that is often heard, but few understand – filing for unemployment. Simply, employers are required to pay into federal and state unemployment funds, and when someone files for unemployment, they are basically submitting a claim to this federal or state unemployment insurance fund. If you are eligible for the benefit, you receive a payment on that claim – the same way you would have been paid if you had filed using your car insurance agent after an accident.

Filing for unemployment carries a negative stigma that purportedly indicates defeat. But the bottom line is that unemployment benefits should only be treated as the last resort. Remember, it may take a couple of weeks before you get paid your first unemployment benefit; but if you are really staring at financial death in the face, unemployment benefit sure beats going under as you hunt for a job.

Searching for a job can be an exceptionally brutal experience; it is just as well you take advantage of every dollar-maximizing trick available out there. Some of the tips listed above may not work in your situation, so it is best that you do your homework and find methods that are perfect for your situation.

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