One of the best ways to find supplemental income as you look for a full-time job is to pick up a part-time job. Look for areas of work such as part-time hourly, seasonal, freelance, and/or consulting work. This will allow you to earn some income, while giving you the flexibility to research and explore the job opportunities available. If at all possible, try to find a part-time job in the area you eventually want to gain full-time employment. For example, if you’re a teacher and cannot find a full-time teaching job, become a substitute teacher. This will allow you to continue to gain experience, earn income, and hopefully open a door for full-time employment in the future.

If you absolutely need some cash, consider tapping into your savings. If your savings is in an account where you can freely take it out, like in stocks, bonds, mutual funds, checking or savings accounts, then take out only the portion you absolutely need. Otherwise, try to get by without taking money out of these accounts.

If you have a 401(k) retirement plan, you should only take out this money in an emergency. If you withdraw from your 401(k) plan before you turn 59 ½ years old, you may lose up to 50% of your money in penalties and taxes for withdrawing your savings too soon. Additionally, you may consider taking your savings in your 401(k) plan and transferring it into an IRA plan. Once your savings is in the IRA plan, you’ll be able to take out your savings without a penalty to cover such things as medical expenses and/or medical insurance costs.

Next, we’ll explore your educational opportunities.