When do you take a job because "you need the money?"?

Question

I'm looking for work. I haven't found something I'm satisfied with, but I know there will have to be a time when I must take whatever job is before me because "I need the money." I'm trying to figure out at what point that is. What magic dollar amount in your savings account is the red flag?

I am NOT talking about emergency money. I have that already, locked away and ready for a dire emergency. I don't consider job hunting a dire emergency.

There is a certain dollar amount where I start to feel uncomfortable if my savings should fall to that amount. There's no financial reason for feeling uncomfortable at that amount. I just do. I can live perfectly well if my account should fall below it, which it has. But I'm wondering if there's a financial rule, a smarter rule, you can give to know what amount to flag as too low.

I have a job offer that I don't like, but it is the only thing that is a sure thing right now. How do I know if I have to take it because "I need the money?"

Answer 1

The dollar amount is based on how much you spend in a given month comfortably.

So a rule of thumb would be to add up all your bills:
1. monthly mortgage plus property tax
2. monthly car payment
3. yearly car insurance bill/divided by 12 months to get the monthly rate
4. food, electric, heat, gas, oil, phone, cable bills
5. gasoline, how much do you pay at the pump per month
6. homeowners/condo association fees
7. credit card bills
8. anything else you can think of.

If your savings account is less than 1 month of the total bills listed above then it is way too low. It means that at some point during the month, you may have to use that 'emergency money' to pay the bills or take the first job (or jobs, if one doesn't pay enough) that is available.

If the job condition becomes unbearable in the future and you haven't found another job yet, I would recommend saving at least 3 months worth before leaving. With that much saved, you can go jobless (while still job hunting, of course) for 3 months before you start using your emergency savings.

The more months saved, the better it is of course but many of us don't have the will power to leave that much money in the bank without spending it. Three months worth of mortgage payments could be $4000 by itself and that is just one item on a long list of items. With that much money, I would be tempted to buy a 50+ inch HDTV with all the goodies. Or go on a cruise.

Answer 2

I am in exactly the same situation right now. I am trying to find some work that is satisfying to me and have quit two jobs in the last month because I couldn't see working at something I didn't really enjoy.
For me, the sooner I find something the better. I would rather be putting money in the bank than taking out of it. And right now I'm looking at starting a business. If I start that slowly, I'll be able to stomach working at something less satisfying. At least it there will be a light at the end of the tunnel.
So to answer: actively pursue a satisfying career and when you fell uncomfortable about your financial situation than you'll need to settle for something if you haven't found what you're looking for.
Sorry so long winded but this has been weighing on my mind a lot lately too.
Good luck

Answer 3

I would say that "uncomfortable" feeling is an instinct I would trust. As soon as I felt it I would take a job "just for the money". Bear in mind that you don't have to stay with that job if something more to your liking comes along, and it does seem easier to get a job once you have a job. Some Murphy's Law/Karma/God has a sense of Humor thing kicks in I think.

Answer 4

You can always take a job to bring in extra money until something better comes along.

Answer 5

Usually you take it when you need the money.