The LinkUp Blog The Industry's Best-Kept Secret
The real cost of job hunting might leave you in shock
It’s no secret that searching for a new job takes a lot of time and energy. Beyond dedication and determination, finding a new position often requires a financial investment as well. So how much cold hard cash do you need to land the job of your dreams?
While the numbers vary from one person to the next, here’s some insight into the expenses that many people incur as they seek out a new job:
Resume writing services
A resume is a critical marketing tool when finding a job, so some people decide to hire a professional to create their resume to ensure it’s in tip-top shape. Costs vary depending on factors such as the writer’s experience and the time required to complete the project.
Travel and lodging
Likely the most common expense of job searching, the cost of travel and lodging can vary greatly. Whether you’re paying for gas to drive across town for multiple interviews or footing the bill to fly across the country to meet an executive team, it can add up very quickly.
With so many workplaces moving to a more casual dress code, you might find yourself short on options when it comes time to dress up for an interview. You want to make a good impression so you pick up a new suit or other type of professional attire.
Feeling stuck? Career coaches can give you third-party insight that can revamp your career. Their services can be particularly helpful for some during the job-hunting process, but good ones come with a cost similar to hiring a lawyer.
Cost: $1,500 – $10,000 (for senior executives)
Outplacement services help laid-off employee find new positions. Services can include career counseling and job-hunting assistance. While some people decide to pay for these services themselves, a previous employer may foot the bill as part of a severance package.
Cutting costs and giving yourself an edge
As you an see, it can be costly to try to find a new job while attempting to stand out from the competition. And these numbers don’t incorporate the cost of lost wages if you’re unemployed. Fortunately, there are numerous ways you can manage these expenses.
1. See what you can get for free
If you’re fresh out of college, the school’s career center will likely offer many of these services for free. For others, some community organizations make services like these free or highly discounted to those actively searching for employment. Your local library is a great resource as well, plus you’ll find free WiFi. A small bit of research can save you a big amount of cash.
2. Shop around
If you’re looking to hire services for things like resume writing or career coaching, take time to shop around. Everyone’s rates are different. You want to hire someone you can trust with experience and a reasonable rate. Some people might offer discounts for special circumstances, such as if you are a veteran. If you’re not finding what you need, leverage your personal and professional networks instead of hiring out.
3. Know your tax deductions
There are a variety of tax deductions that you might be able to claim to reduce job costs. Things like travel, outplacement agency fees, and even the cost of mailing resumes may be deductible if you are looking for a job in your current field. To determine your deduction, use Schedule A, Itemized Deductions. The amount of your miscellaneous deduction that exceeds 2 percent of your adjusted gross income is deductible, according to the IRS. Learn more at http://www.irs.gov/uac/Job-Search-Expenses-Can-be-Tax-Deductible.