Step 2 - Budgeting for the Search and Pricing the Product
The job seeker faces the tasks of establishing a time-frame for the search, determining the resources necessary for completing the effort to find that new position and “pricing” the product. Where do you start? Many factors may have to be taken into account here, because each individual’s circumstances are different. Suffice it to say that there are several basic issues that need to be reviewed:
- What is your current revenue stream?
- What is the timing factor around your search?
- What is the outcome you desire?
Planning Your Budget
Your current revenue stream might be made up of salary from a current position, savings set aside for this type of situation, a severance package given by your last employer, unemployment benefits or other sources of money that can be used to support you and others dependent on you. Below I have listed a basic budget planning device and also a link to a more sophisticated planning device.
Required Expense Items:
- Housing (Rent or mortgage payment)
- Electric, Gas, Oil for heating & cooling
- Automobile expenses
- Taxes - real estate, personal property
- Income other than withholding
- Insurance - life, medical, home
- Automobiles, etc., Credit cards and other debts
Optional Expense Items:
- Recreation & vacation
- Savings and other
Total Income - Total Expenses = Discretionary Income
Assistant Professor Jebediah Gorham, McCormick Division of Business
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