When you’re searching for a new job, you’re focused on your resume, interviews and the offer. And when you finally get one and accept, it can seem like the investment of time and effort is over. However, when it comes to your wallet, starting a new job can actually wind up costing you money. Here’s a breakdown of the key areas and how to minimize the impact:
If you have a longer commute time, then you’re going to be spending more on gas and upkeep. Not only that, but if your car is leased, you’ll need to think about the effect on mileage too. In addition, if you’re gone from home for longer due to your commute, it can increase other costs, such as if you use child care.
If you worked in a casual environment in the past, but now have a new job in a more formal one, you’ll need to ramp up your wardrobe. It certainly won’t be cheap, but it’s also something you can do over time, investing in a few classic pieces at first and adding to them down the line.
Your last job had on-site parking. But if your new one doesn’t and you have to park in a public garage or lot, then you need to factor that into your budget. It can easily cost hundreds of dollars each month, which can add up.
In many cases, your new insurance won’t kick in for 30 days. That means you’ll need to continue paying the old premiums from your previous employer through COBRA. In addition, another related cost involves the actual plan in your benefits package. Make sure you fully understand what you’re responsible for in terms of premiums, deductibles and co-pays, which can all take a big chunk out of your pay.
When you’re new to the job, you’re likely going to be invited to certain social events, like happy hours. While it’s a great way to break the ice and get to know your team members, it can also add up in terms of costs. So make sure you keep it to a one-drink minimum and aim instead to focus on forging new ties with your co-workers.
The best way to deal with many of these costs is to be aware of them upfront, before accepting an offer. You can therefore budget for them accordingly without any major surprises.
Interested in getting help launching a new job search?
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