Do you have the cash you need while you are looking for a new job? Will you be able to pay your bills? Watch this video to find ideas about setting up a cash flow calendar.

Do you have a financial plan to help carry you through your job search?

Whether you are actively looking for a job by choice or you have been laid off, the period between jobs can be extraordinarily stressful, particularly when there are bills due. That gap in your employment could also mean that there will be a financial gap in your bank account.

This is one of the reasons why I recommend detailed family budgeting to all my clients who are thinking about looking for a new job or career. Having a plan in place before you start can save you massive headaches in the future.

So, let’s talk about your cash flow!

The first step is simple: What are your bills and when are they due? When will you have money coming in to cover those bills? Let’s start with the bills:

When Are Your Bills Normally Due?

Do you know when your regular bills are due? One nice thing about bills (this might actually be the ONLY nice thing about bills) is that they’re usually predictable. Many of us have automatic payments withdrawn out of our checking accounts, but we don’t know the dates. If you’re moving into an uncertain time, financially speaking, then it’s important not to rely on automatic bill payments because the money might not be there when you need it. What day is your rent due? Your student loans? Your car payment? How about your child’s college tuition? Do you know the exact dates?

Are there payments that must be paid in full, or can you push them back or make partial payments? What do you need to have in the bank and when?

It seems very basic, but try creating a billing calendar so you know the facts about your cash requirements.

When is Your Cash Coming to You?

If you’re still employed during your job search, then you know when you are getting paid. But there might be other sources of money that you might not have considered. Do you have a commission or bonus coming to you? What about paid vacation time? Can you estimate those sources of income? And when will you get those payments? Building up your bank account as much as possible during a job search can give you a healthy financial buffer.

If you are between jobs, where is your cash coming from and when? Have you been able to put aside money so you have a cushion of some sort? How long can that last?

Maybe you have a side hustle or a second job that can help to carry you over from one job to another. How much money will come in from that and when?

This information about incoming cash should be included in your billing calendar so you see both incoming and outgoing cash at the same time. It’s a simple hack, but helpful.

Money can be a touchy subject in any family, but it can be especially stressful during your job search. You can’t just ignore it and hope for the best. Instead, it’s better to find out the facts of your financial situation and then plan around them.

As a job search coach, I have helped many people in the past with this process. This doesn’t mean that you need to share confidential financial information about your family’s income. Instead, please give me a call I would be more than happy to help you develop a plan that will keep you on financial track throughout your job search.