On some occasions, finding a job can be hard work. It can take time and, sometimes, it can cost money. Any money spent for any reason when hunting for a job is technically an investment in your future, so long as it’s not frivolous or wasted spending but serves a specific purpose.
Everything comes with some form of expense and job hunting is no different. You might spend small or medium amounts of money printing off or copying resumes and references, buying clothes for job interviews, travel expenses, internet costs, phone bills, and so on. The list goes on.
One of the more major expenses when it comes to getting a job is relocation expenses if you chose to search for employment out of your area due to a lack of prospects. Another major expense is if you need to invest in training and education in order to have a chance of landing the job you really want.
If you’ve managed to land a job in another town or city and need to relocate, if you don’t have the cash on hand to cover relocation expenses, you’ll likely have to borrow the money from a bank or perhaps even use a credit card. The same goes for expenses when it comes to doing courses and furthering your education. Many courses can run into thousands of dollars and not everyone is going to have that kind of money on hand; particularly if you’ve already been out of work for some time and you’ve just been getting by.
Even when you land a job, there could be even more expenses involved. For example, you might be required to turn up for work with your own tools or certain equipment that the employer doesn’t supply. You may need to purchase steel-capped boots or certain work attire if a uniform isn’t provided.
All of the expenses mentioned so far are legitimate and possible expenses when either searching for employment or when you’re just starting a new job. Any money spent in these areas is, as mentioned earlier, a type of investment because you are essentially spending money in order to make money. The cash isn’t wasted once you’ve landed paying employment and gives you the opportunity to start earning a living.
Therefore, if you need to borrow money from a financial institution, or even from a friend or relative, it can certainly be worth getting into debt for a period of time in order to find a stable job that pays you regularly.
The Options for Financing Your Job Search Efforts and/or Funding Your Education
Possibly one of the easiest options is to apply for a credit card if you don’t already have one. The card can be used for job hunting and starting work expenses, or even to pay for an online course. If you’re disciplined with the card and don’t use it for unrelated purchases, the debt and interest won’t get out of hand and you can focus on paying it off once you’ve landed a job.
Another option is to apply for a personal loan with a bank or a private lender. Education expenses are usually considered an acceptable reason to want a personal loan. The downside is whether you’ll get approval on your loan application if you’re currently out of work.
Step Up Loans are another option. This type of loan allows you to borrow from $800 up to $3000 with repayment terms of 3 years, so monthly repayments are quite low and manageable, even on a limited income. Step Up Loans are a no fee, low-interest loans. They can be used for vocational expenses, so you can fund a course or further education. You can even purchase a computer, white goods, or fund your medical expenses with a Step Up Loan. To be eligible for this assistance loan, you must have resided in your place of residence for more than 3 months and have a Health Care Card, Pension Card, or Family Tax Benefit A.
To save on paying any interest on borrowed funds, an alternative is to see if someone you know will lend you the money to find a job or to do a course that will help you get a job.