Newly Unemployed? Stretch What You Have with These Tips
Unemployment often comes without reason or any warning. For these reasons, very few people are ever prepared for how to navigate the complex nature of being unemployed, back on the job market and somehow trying to maintain the bills and lifestyle they previously had. Hopefully you do have some money set aside that can get you through. Apply for unemployment if you qualify, and start looking for work. Hopefully it comes sooner rather than later, but in the mean time, use these tips to help you stretch any money you have left.
1) Buy Store Brands and Use Reward Cards – Most supermarkets offer some type of loyalty program. Their reward cards can allow you to save quite a bit of money on groceries. Also, don’t be afraid of store brands. Many times they taste very similar if not exactly the same to name brand products, but they are typically several dollars cheaper.
2) Defer Payments that you Can – When it comes to student loans, you can defer them in times of great financial distress. If you have a student loan, call the company and work with them to try to move it to deferment. With your credit cards, some companies do offer payment protection plans that allow you to put payments on hold when you have a job loss. If you have this plan, be sure to contact all the credit card companies and ask them to place payments on hold until you get back on your feet.
3) Be Selective about Jobs, but Not Too Selective – Many times people who are out of a job will jump on any opportunity to get back in the workforce, taking the first job that comes their way. Remember that some jobs really aren’t worth it. If you spend more on gas for your car or money on bus fare to get there than you make, do not take the job just to take it. It will only make you less marketable to other jobs since you now have restrictions on when you can work.
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