Managing Your Finances While Unemployed

Being employed gives you a certain amount of financial security, but it could change if you suddenly lose your job. Unless you have job security this could happen more than once in your lifetime.

For individuals who do not have job security, living within ones means is crucial. Living within ones means is easier when it is a lifestyle habit; in the event of unemployment it is not difficult to make adjustments.

Living within your means would allow you to set aside savings for a RAINY DAY.

Rainy Days.

If you do not have job security, you may want to make 'being unemployed,' that rainy day.

Set aside a savings account to cover these expenses should you become unemployed.

-Travelling expenses

-Rent & loan payments

-Grocery

When you are unemployed:

• Cut back on spending

• Look for grocery savings, use coupons and sales.

• Cancel subscriptions

• Cook your own meals, cancel dinning out.

• Don't use your credit card

Start searching for another job straight away. Take a part time job or lower paid job, but don't plan take time off.

Here are some helpful suggestions from an article in Yahoo Finance.

-Cut costs

-Contact your creditor and arrange to reduce or delay payments.

-Reduce monthly expenses by doing-it-yourself instead

-Use some but not all of retirement savings

-Sell unwanted stuff

You can read more here.

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