Career

The Buck Stops Here
What to do when the money runs out and you're still job hunting?

By Louise Evans

Financing a job search for a single woman is at least 50% harder than for a married woman. When the severance runs out and EI barely covers the mortgage there is no cushion for your bank account.

Sound financial management ensures that you can weather the economic impact of being unemployed for months. You've been diligent about saving for a rainy day, right? Yeah, right.

Money is a serious matter. When you're unemployed there are many different ways to manage it. It often begins with using your severance (if you're lucky enough to get one) and ends with dipping into your personal savings or borrowing money from your parents (yikes!). Certified Financial Planner Rose Di Genova of Investors Group in Toronto says "single women need to plan for contingencies even more than married people because their risk is simply higher and they need to be disciplined about it." According to Rose a prudent financial savings plan has three parts:

• Save 10% of your net salary each year
• Save 6 months of income in an emergency fund
• Contribute to your RRSPs

So how do you decide what to spend your money on? She suggests developing a detailed budget and then cut costs. Here are some suggested areas:

• Cook. Try new recipes or learn how to cook. Get free information on the Internet and enjoy!
• Combine dining with networking. It's difficult to justify eating out with no income, but combining a meal with networking could be a worthwhile investment.
• Maintain grooming! Don't skip haircuts and maintain those roots. You must stay and look confident, polished and professional.
• Take advantage of FREE activities. Explore and experience things that you would be too busy to enjoy when you're working. Go for a long walk in the park, watch a new show or visit a friend. These are fun and good for your soul.

Nothing like enjoying your "down time" as you search for the ideal job! Do it now while the time is yours.

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