How To Manage Finances While Seeking A Job As A 21-Year-Old Graduate?

October 17, 2023

Are you looking for a job while juggling with regular finances?

Navigating through the job market is a complicated process. Everything is time-consuming, from preparing the resume to applying for the right jobs and attending interviews. Moreover, a smooth job search requires constant cash backup. It is the primary challenge that a graduate face. He struggles to meet regular needs with new expenses.

Thus, finances fall through the cracks. It is the reason individuals switch to instant cash modes like short-term loans or loans for the unemployed. Facilities like these help individuals get quick money for any small needs. However, maintaining financial stability against the odds is still a challenge. The blog discusses the best ways to navigate finances while searching for a job.

6 Ways to Regulate Finances While Attending Interviews

The article aims to provide detailed guidance into ways to manage your finances while hunting for a job. By following these guidelines, you may feel empowered to make strategic financial decisions and concentrate on your priority- Getting a suitable job. It is because a job would help ease up the financial management and savings.

1)      Set up a realistic budget

Setting up a budget is the primary step to managing your finances well. It is especially important when you are in between the jobs. According to Standout CV stats, “Graduates typically spend around £505.55 on attending interviews before securing a full-time job.” This expense stands separate from the monthly liabilities that cost a student around £1500/ month (minus rent).

Adding the job searching expense roughly translates into £2000/month. This is a significant amount and expense for a student. Thus, you must analyse the best ways to cut the costs.  Analyse the things that are important for survival unless you get the job. It may include resume updating software, utility bills, groceries, and internet subscriptions.

2)      Slash unnecessary expenses

The next part of budgeting is reducing unnecessary expenses. To track this, analyse your spending habits. It may include dining out more than twice a week, planning a movie twice a month, ordering food often or using credit cards excessively. According to a fact, “students spend the most on groceries followed by rental payments.” However, it is an important expense.

One must try to reduce expenses like-

  • Buying up new credit cards
  • Extending credit card limits
  • Purchasing clothing
  • Buying up a new edition of Play station
  • Taking up road trips 5 times a month

These are some common expenses that one often does without awareness. It is time to sit back and evaluate your monthly expenditure and bank statements. If you find more things like these, it is time to stop it. Eventually, it would help you save well.

3)      Consider prospects of part-time work

Cost-cutting may help you save on the existing financial situation. However, new part-time job opportunities help with additional income flow. According to the recent job market stats, “you can earn around £1566/hour on an average from part-time jobs in the UK.”

Having a part-time job besides seeking a full-time job approach helps you. Apart from helping you meet the basic skill requirement, it helps you manage the expenses comfortably. You can find part-time jobs in your niche of expertise from the following platforms online:

  • Freelancer

These are some popular job platforms for students to spot a freelancing or part-time job opportunity. The part-time work pay may differ according to the hours, industry and designation you apply for.

4)  Add more money towards Savings

According to the book of rules, “One must save enough before leaving the job.” Apart from that, you must make sure that you can withdraw some amount without inviting penalties. It is for those following a fixed amount set up in the company during the notice period. Check the terms and solutions. It will help you avoid any nasty surprises along the way.

It is ideal for someone with high responsibilities and expenses. It is one of the best ways to make a career change without getting knee-deep into debt. The more you save, the easier it will be for you to explore and land a good job.  With part-time incomes, you can now increase your savings.

 For this, identify the best pattern to save. Most individuals follow a 50-30-20 rule. Where 50% goes towards important requirements, 30% towards wants and 20% to savings. However, the proportion may differ according to liabilities, income and expenses. Draw out a workable expense chart and check how comfortably you can save.

5)      Start an emergency fund setup

Individuals set up an emergency fund to utilise the savings the best way. It is a 6-month saving pot one tap in extreme financial situations. It could be a job loss, business loss, loss of a life or permanent disability. It helps you cover the essential expenses up to 6 months post-unemployment or another massive financial change. Individuals use it when their income drops to zero or minimal.

If you had one, you could utilise that to meet super-important living expenses. It is the best way to counter short-term unexpected costs and bills like medical consultations, accidents, house fires or car burnout. However, avoid emptying the fund as it serves as an important survival mode in these situations. If you want more cash flexibility to address issues like these, immediately check loans for people on benefits from a direct lender.

The flexibility helps cover any short-term emergency without taping savings or delimiting your emergency fund. You get the cash immediately for the requirements and use it whenever you want. You can get the loans only if you have a relevant slip revealing your eligibility as an on-benefits fund candidate.

6)      Stay informed about potential financial help

Sometimes, financial programs, help, and support programs can be beneficial for your job hunt. Government, local agencies, and charities run grants exceptionally for unemployed people. Thus, understand the financial support available in your region.

These grants can provide essential guidance for savings, utilising job search resources and grants that may help you with living expenses. Contact Flora Finance, financial experts and loan providers for further financial aid and advice. Sharing years of expertise, they may help sift through the ways to meet requirements without impacting your bleak financial line.

Bottom line

Job hunting can be exhilarating. It requires time, financial support, expertise and guidance to rule out the best possibilities. By setting a realistic budget, trimming unnecessary expenses, seeking part-time jobs and increasing savings, reach your goals quickly. Moreover, these steps would help you navigate through unemployment and tighten your hold over the finances.

Apply Now