Most people don’t think about savings until after the job search is complete and we have a paycheque coming in. However, because the act of searching for a job can be expensive, it’s good to have a savings fund already started.
Hidden Costs of Looking for a Job
Before you buy your interview outfit or print your resume, some jobs may require you to have certain accreditations, professional liability and commercial liability insurance, practice permit, certificates or professional designations. For example, there has been an increase in truck driving jobs but not enough licensed drivers to fill those jobs. Because licensing courses can cost thousands of dollars in fees, the licensing process can be a significant financial barrier.
“By having savings, someone could afford to take training as soon as they see the job opportunity appear. It’s a savings goal we strongly encourage for those looking to enter the truck driving industry,” says Jonas Hila, driving school founder and instructor.
“Unfortunately, we’ve seen people who couldn’t take the training right away and lose out on some job opportunities.”
Other funding to help pay for school
In addition to having savings, there are a handful of ways to fund post-secondary or other paid education. Bursaries, scholarships, student loans, government grants, and student lines of credit are all options. However, you must be prepared to go through an application process and associated wait time. Bursaries select applicants based on financial need and sometimes academic performance. Scholarships are awarded based on merit, so applications can be competitive. With loans, interest is typically paid on what you borrow. And government grants typically have very specific criteria to be eligible.
Momentum’s Youth Fair Gains program also helps savings to stretch further by matching funds set aside at a 3:1 ratio. Marcus, a savings program participant explains, “By being in the Momentum program I will have saved enough money to pay for tuition to become a Class 3 Driver and increase my income greatly.”
“We’re happy to assist prospective students with applying for grants like the EI “Back to Work” initiative, but it’s better to simply use existing savings,” adds Hila.
Start Small. Savings Add Up.
Even a few dollars a week can add up in a year. Get rewarded for saving $40 a month through the Momentum Savings Challenge. You’ll get $5 just for signing up and each month that you save you’ll earn more cash rewards. Plus, you’ll automatically be entered into QUBER’s Save to Win contest. Learn more here.