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When you are unemployed, money becomes an issue. Needing to deal with being unemployed and dealing with your finances is not an easy task. You may do one or any of the following
- Panic mode - you have no income and the bills certainly won't stop so you become extremely worried.
- Stop payments everywhere - you might start to feel a need to conserve every penny so you just quit paying anybody
- Fail to communicate with anyone about finances
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Going Ahead Day by Day
Dealing with daily issues is a primary target when unemployed. Finances will need to be looked at each day with regards to travel and expenses while looking for a job. Some tips that might help:
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- Plan all your routes so that you create the shortest trip each day
- Track your spending, even the smallest purchase should be accounted for
- Look for ways to conserve spending at home (ex. Use less electricity and heat)
- Get sleep at night
- Do no worry about the day after tomorrow.
- Take a lunch with you if planning to be out most of the day
- Eat breakfast at home so there is little temptation to stop for a snack.
Budgeting On Nothing
We've all heard about the importance of budgeting. While you are unemployed, money and budgeting are closely tied together. You should spend one of your days unemployed on finances early on. Your budget needs to account for spending for a set time period, either weeks or a month. Some things to consider for your budget:
- Gather up all bills and notices. Pick out one specific bill (ex. Electric bills), then total those up and average them out. Do this for each bill and this is the amount you need to have available each month.
- Figure the cost of food. Find as many ways as possible to use less pre-made or prepared food. Cooking at home while unemployed saves money.
- Take all the bills, costs (including food, housing and gas) and prioritize every one of them. Make sure to put housing and food before anything else. The credit cards and cable bill can wait, or be closed.
- Eliminate or minimize any non-essential items on the list. Read 'Needs vs. Wants While Unemployed' to find ideas on this.
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Get Onto Payment Plans
When you are unemployed you need to communicate this fact with the providers you use for daily living.
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- Utilities - get yourself onto a set payment amount to avoid seasonal flux, and also see if you qualify for low income assistance from them.
- Credit cards - many of the banks have a protection plan which allows for unemployment after so many days out of work. Try to work for lower payments or placing the account on hold.
When you are in a situation of being unemployed, money and finance become an important subject. Budgeting will help you stave off any major problems with day to day expenses.
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