Everyone would like to search for a job while still being employed. If you still have a pay check coming in every week, there's no hurry to land a new position. However, many people don't have this luxury. Some people end up getting laid off, and some people have jobs that are so demanding that they cannot search for a new position while still going in to work every day. This week's job searching tip deals with ways to manage your finances during and after a job search.

FIND A JOB FASTER

One of the best things you can do to save money in your job search is to speed it up. The faster you find a job, the quicker you get that new position with a higher salary than your previous one. On average, people make at least 5% more when accepting a new position. We recommend developing a job search plan and starting out with the techniques that give you the biggest and strongest exposure first. This would include announcing the fact that you're searching to your close associates, friends and relatives. Another way to get massive exposure quickly is through a resume distribution service.

ResumeDirector is a service that lets you get your resume posted on over 90 job sites at once. Using their service, you enter your resume once and it gets posted on Monster, HotJobs, CareerBuilder and all the other top job sites. To find out more about that service, visit this web address:
http://www.jobsearchinfo.com/rd.htm

ResumeArrow lets you have your resume sent directly to the inboxes of thousands of recruiters in your job specialty and local area. Find out about ResumeArrow by visiting this site:
http://www.jobsearchinfo.com/dist.htm


REDUCE YOUR DEBT

One of the most effective ways of improving your financial situation - during or after a job search - is to reduce your debt. When deciding which debts to pay first, pay the ones with the highest interest rates. The following is a list of types of debt, in order from worst to best, along with typical interest rates:

* Late payment of bills - 18%+ - If you don't pay a bill on time, companies will often charge both an initial penalty and 1.5% interest per month. This interest rate is higher than most standard credit card rates, so you're better off paying less on a credit card if you have to choose between that and paying a phone or electric bill on time.

* Credit Cards and Consumer Bank Loans - 9% to 20% - Rates for credit cards vary. Be careful of special promotions that only last for a short amount of time. Read the fine print!

* College Loans - 4% to 10% - College loans are often backed by government agencies and offer special benefits that are not available with most credit card loans. If you're out of work, many college loans allow you to temporarily stop paying them until you're working again. Typically the interest will still accrue on the loans, but since the rate is lower than credit card loans, you're better off allocating your money to the higher-interest credit card debt.

* Car Loans - 0% to 7% - Interest on car loans can vary based on the deal you negotiated with the finance company. These loan payments are typically lower than credit cards and college loans because the bank can always repossess your car if you default.

* Mortgates and Home Equity - 3% to 7% - Mortgages and home equity loans are really the best kind of loans to have. Not only are they low interest, but the payments are generally tax deductible. The more of your debt you have in this form, the better!

We have put together a page on our site with links to a great group of resources that can help you with managing your finances better. We have selected some of the best books, magazines and web resources on the subject. There are links for a free debt analysis, to get information on home equity loans, quotes on lower-priced services like insurance and phone service, etc. You can reach this resource page at:
http://www.jobsearchinfo.com/finance.htm


This article was provided by JobSearchInfo.com.  For additional career resources, please visit http://www.jobsearchinfo.com.