If you've decided on a new city but don't have the right job opportunity, it's still possible to take the plunge. Whether you're a new graduate or a corporate veteran ready to make a career change, moving to a place with no steady income can be nerve-wracking. Fortunately, there are some strategic steps that can make the work-free move smooth and efficient.
To avoid running out of your savings, make a commitment to make your job search your top priority throughout the relocation process. As long as you are fully committed to saving and prioritizing your job hunt, and you don't mind living below your options, your decision is free to make.
Even if you don't consider yourself financially savvy, moving without a job will require you to at least learn the basics of budgeting for your plan to work. It is definitely possible to get a job in another country and make important professional contacts in the process. Below we have explained how to approach the move while avoiding stressful mistakes throughout the moving process.
1) Be realistic about the house that you can afford
Don't overestimate how much you can spend on accommodation in your new city. If possible, stay with friends or family to avoid paying rent when looking for a job. Once you start housing or hunting, you need to be honest with yourself about what you can afford. If you are planning a rental, a rental budget calculator is an invaluable free tool.
2) Build up your savings as much as possible
To justify an unemployed move, it is helpful to have a solid safety net with savings in place. Set aside at least six months of living expenses before moving. You want to be able to sleep at night without having to worry about not having an emergency fund. It has never been more important to be ready to live without a steady income.
3) Become a Budgeting Guru
The first thing to do when you arrive in your new city is to calculate your monthly expenses. Essentially, you need to make sure that your future projected income can support your lifestyle. Your rent or mortgage payments, groceries, utilities, and other important things are key factors. If you're trying to limit spending, zero-based budgeting is often a practical choice. Regardless of the budgeting method you choose, it feels good to take full responsibility for your financial situation.
4) Earn extra cash by doing multiple sideline jobs
While you're looking for a full-time job, it helps to have the security of knowing that you are making extra money through side jobs and passive income ideas. It is worth researching what types of online secondary appearances you can manage, as these are usually the most flexible and widely used. If you have multiple sources of income from working online with little effort, don't panic as you pay your bills and don't rush to find the right career for you.
5) Research employers with an open mind
Moving without waiting isn't necessarily irresponsible or far-fetched, but you can't expect a job to show up without getting the job done. Most importantly, be flexible and open-minded when looking for employers and specific positions. Even if you don't get your dream job, having a stable source of income sooner rather than later is useful.
6) Qualification while looking for a job
Take advantage of any downtime between applying for a full-time position and working by your side to further your education and earn new certifications. Make yourself a more attractive candidate in every possible way. Ultimately, this will also help you increase your earning potential.
7) Become a Networking Pro
Since face-to-face networking events in your new city are unlikely to be happening anytime soon, you can take full advantage of online networking. Through your digital network, make sure you optimize your social media profiles, consider attending virtual career fairs, and use all best practices for online communication. Build your professional network and social currency on the web and use the best to open as many future opportunities as possible.
Navigating the job search is not always easy. It can feel especially challenging when you have the pressure to find something quickly after moving. Remember, even if it is difficult, it is entirely possible. Check out some pointers below to help you master the job search process after moving.
Moving without a new job can be a challenge, whether you're saving a lot or not. You may have to make some sacrifices, but anything is possible with the right budgeting app to help.
You may need a roommate, rent an apartment that is not in your ideal neighborhood, or live in your new town on a tight budget for your first year. Where there is a will, there's a way. If you are passionate about living there it will ultimately work and you will have a new job before you know it.
Register with Mint today
From budgets and bills to free credit scores and more
Discover the effortless way to stay on top of things.
Learn more about security