How to save money when you lose your job

Anybody who has gone through a job shortage or unemployment period has experienced uncertainty and anxiety when facing a lack of constant income that is needed to cover any expenses. Not having enough money to survive is something that can keep you awake. However, there are little actions that might come a long way while searching for another job opportunity.

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BUDGETING

When it comes to personal finance management, the need can be stressful enough to have a monthly budget. If you didn’t have one before, this is the right time to analyze how are you going to live with your savings until your job situation improves, describing possible scenarios in terms of time and conditions that you think might happen.

ADJUSTING EXPENSES

Even if you are unemployed and without an income, it is better to revise how the money is spent to see if there is a window to adjust while the situation goes back to normal. You should adapt your spending while you get a new job. This won’t be the time for indulgence and you might have to cancel your gym membership and replace your exercise routine with alternatives such as running in the nearest park.

LEARNING TO PRESERVE FOOD

Having the possibility to provide for your family with basic needs, such as food, is one of the biggest concerns that a person can have when being unemployed. Not going to the supermarket is not an option, but the investment must be efficient. Learn how to preserve the food for a longer period and that might expire soon enough. Think about how you can keep it longer using the freezer or using it before any other product.

SELLING WHAT YOU HAVE AND YOU NO LONGER USE

Nowadays you can make money through apps such as Facebook MarketPlace. You can make additional money while you search for a new job by going through your stuff and see if there is anything there that you no longer use so you can sell it. It is more likely that you have to sell it for a cheaper price than the actual cost you paid for but it can mean a little extra money that can help you paying your bills and avoiding spending your savings allocated in your bank account.

APPLYING FOR GOVERNMENT SUPPORT

The Covid-19 pandemic left 22 million people in the US without their jobs, according to Forbes magazine. In emergencies like this one, the Government might provide some kind of financial relief for those people who are in critical condition. There are several options to apply for and the information is available on the Government’s official website: https://www.usa.gov/unemployment

These are small actions that you can do but they have to be complemented with other actions to face the job search. Update your CV, prepare it for sending it and take it to as many places as you can and you even might have to be aware that, for a while, you might have to work within a sector outside of your expertise field.

While your job situation goes back to normal, adjusting your lifestyle to the new circumstance that you are going through, will help you to face the financial situation with a little less stress.

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