Budgeting for the Job Search

Congratulations! You are soon graduating and heading out into the “real world.” This is an exciting, fun, challenging and sometimes overwhelming situation.   But as with everything else in life, the journey can be made much easier and less stressful with planning. Just as you researched and planned where you were going to go to school, what subject to major in and what classes to take, finding a job needs the same kind of research, thought and preparation.

While the job market shows signs of improving, it is still an extremely competitive workplace. It is crucial that your first impression shows you are together, organized and professional. This will help you stand out above the crowd.

One area that often gets overlooked is how to financially budget for a job search. In doing so, three areas that need to be addressed: 1) Presentation, 2) Tools, and 3) Appearance.

1. Presentation

Carefully and honestly critique your materials. Does your resume accurately reflect your skills, accomplishments and passions? Do you have a killer cover letter?

Recent graduates who are used to conforming to rigorous academic standards tend to send out resumes that look like everyone else’s. This is a mistake. Your resume and cover letters need to stand out and clearly communicate why you should be the top candidate.

If you need help, there are professional career coaches and resume writers. Fees for these services vary; some professionals charge by the hour, while others charge for a complete package. To find the best service that fits your budget, ask for referrals from other professionals then obtain references from those companies. Investing in profession services up front will ultimately save you time and money and aggravation and will help you land a job more quickly.

2. Tools

The tools you use will say much about you.  To look professional and create a “branded” image, consider purchasing matching stationary, envelopes, note cards and business cards –  yes, business cards. Just because you are not working does not give you an excuse to not have a card to leave with your name, email and phone number.  You also can have a personalized email template created for online communication.

You will need your own computer. Make sure there is a capability to copy your information so that it can be printed.  You need to have access to the Internet so that you can communicate as well as do research.  Computers can be purchased for as little as $500.

Don’t forget the cell phone if you are out and about; those hiring managers need to be able to easily contact you.

Invest in a professional portfolio or briefcase to carry your materials. Prices range from as little as $25 to $300 and up for designer brands. But remember, you want to communicate that you are smart, mature, sophisticated, and hard working – think about this when purchasing business supplies.

3. Appearance

Have you considered your interview clothing and what is appropriate? What if you have three or four rounds of interviews at one company, will you wear the same outfit each time? It would be wise to invest in a few pieces of clothing that are interchangeable to make numerous professional outfits.  For the best value, think classic, not trendy.

Candidates often think about the suit but forget about the shirts, shoes and accessories that also are needed.  It is not the cost or the label that are important, but how it fits, if it is clean, pressed and tailored.  You should never wear a brand new outfit that you are unsure of how it feels and looks. Try the items on and wear them for a few hours.  Make sure that your sleeves are not too long and that all buttons are in place.

Don’t forget a coat if you are interviewing in cool weather.  Nothing looks worse than a suit with a ski jacket.  There are some great resale shops that offer wonderful coats.

Appearance includes more than what you wear.  What about grooming? Does your hair need to be restyled?  Both men and women should be aware of how their hands look and may want to invest in a professional manicure (guys – no polish!)  Girls – is your make up suitable for day or are you ready to hit the bars?  Tattoos and body piercing may be cool among your peers, but we guarantee it will turn off every potential employer in a business environment.

This is the time for you to shine! Be prepared so you aren’t hit with unexpected costs.  This is a great guide to share for ideas on graduation gifts!

Estimated average costs:
Resume and cover letter rewrite:$300
Career coach:$500
Computer:$750
Cell phone:$39/mo
Stationary:$25
Briefcase:$40
Interview suits (2)
Women:$300
Men:$400
Shoes:$100
Shirt/blouse:$50
Coat:$125
Hair Cut$20 to $80