DELICIOUS
SU
REDDITThough less likely today than at any time since 1967, the average American worker should still be prepared to deal a stint of unemployment at some point in their career. Finding yourself jobless with no savings can be a very trying experience.
Long story short, it’s always a good idea to make hay while the sun shines.
However, if this message got to you a day too late, here are some ways to save money when unemployed.
Put Yourself on a Budget
Make a list of your hard costs like rent, food, utilities, car payment and insurance. Figure out how much they total each month and compare that to your unemployment benefits. If your check is more than those bills you’re in good shape. Not great shape, but good. Budget what’s left to make minimum payments on your credit accounts and put something away in case your unemployment benefit runs out before you find another job.
Negotiate Reduced Payments
Hopefully, things haven’t quite progressed to the point at which you’ll need to avail yourself of the services of a company like Freedom Debt Relief. However, you can be proactive and do what they do before things get out of hand. Talk to your landlord, bank, credit card issuers and anyone else to whom you’re indebted and let them know what’s going on. In many cases, you’ll find they’ll be amenable to working with you for a while—especially if you’ve been a model customer who has always paid on time and caused no problems.
Set Your Pride Aside
While you probably don’t want to walk around asking people for money, if your friends and family offer to gift you some cash to help tide you over, take it. Here though it’s important to understand the distinction between a gift and a loan. Both parties need to understand it’s a gift; one you’ll repay when you’re back in shape—no doubt—but a gift nonetheless. The last thing you want to do right now is make more debt, which brings us to the next item.
Bury Your Credit Cards
Get a mayonnaise jar, wash it out, put your credit cards in it, screw the lid on tight and bury the jar in the backyard. OK, that might be a bit on the extreme side, but you get the point—right? Avoid running up new debt, unless it is absolutely necessary. Do everything possible to live on the cash you have in hand.
Be Conservative with Utilities
Bump your thermostat up a few degrees in summer and down a few degrees in winter. You’re going to be staying home more, so your usage will increase. Offset it by being smarter about the way you use water and electricity. Those lingering showers might soothe your addled mind, but they’re going wreak havoc on your wallet. Find another place to contemplate your future—ideally one that has no associated expenses—like the public library.
Seek Free Entertainment
Free entertainment opportunities abound, when you know where to look. This is a great time to catch up on your reading; in between looking and applying for work. Getting back to the public library for a moment, most have extensive music and video collections you can check out and enjoy at no charge, as long as you return them by the due dates. Eating out should be put on hold in favor of cooking at home. Properly planned and executed, it’s healthier and far less costly.
Alternate Your Transportation
Unless you’re going to a job interview, or another place capable of generating revenue, leave your car parked. Take public transportation or ride a bicycle. Fuel and maintenance can be very costly. If you’re not going to get any profit from the expenditure don’t do it.
These are but a few of the ways to save money when unemployed. With a bit of thought and some judicious cutting back, you can make it until you find another job. When you do, keep doing these things so you can save more money this time.
