If you’re unemployed, you’ll know just how difficult the time spent looking for a new job can be. Some people go from living comfortably to struggling get to by in a very short space of time – so taking care of your money is very important.
Here are a few ways you can reduce your outgoings and make your money stretch further while you’re looking for work.
Use ‘free’ transport
Even people who have a job often complain that their car costs a fortune to own. In fact, a car is easily one of the biggest drains on our finances. It’s not just the cost of gas – insurance and maintenance also add to the overall cost.
If you’re unemployed and looking to keep on top of things, it just doesn’t make a lot of sense to keep paying so much for a luxury like a car.
Yes, depending on where you live, a car is often a luxury – even though many people treat it like a necessity. And if you’re really struggling for money, you probably don’t need it.
For most purposes, getting around by bicycle or even by foot can get you where you need to go – and most importantly, it’s free. Even if you don’t own a bike yet, selling your car to buy a bike will still leave you with plenty of money left over. Plus, a bike or your walking shoes are much less likely to break down on the way to that important job interview!
Take advantage of coupons
There’s no shame in using coupons and vouchers to get money off food and other household items, especially when you’re struggling for money. Coupons could knock a lot more off the price of your weekly shopping trip than you may realise.
Coupons can often be found in newspapers and magazines, and even in the stores themselves (especially when it comes to things like groceries). The internet has also become an increasingly useful tool for getting money off your shopping, so be sure to search online for useful coupon codes.
Make a budget
Putting together a budget is quite simple: add up all your essential outgoings, and take that figure away from your total monthly income to work out how much you have available to spend on other, non-essential, things.
Money is likely to be tight while you’re unemployed, so you may need to make use of your savings or even sell some of your more expensive possessions to help you get by. This may be difficult to think about at first, but just remember that once you’re back in work you’ll be able to start saving and buying things you like again.
Claim your entitlements
While you’re unemployed, make sure you have access to all the help you’re entitled to. The Government provides unemployment insurance benefits for eligible US citizens who have become unemployed through no fault of their own.
This is a guest post from Melanie Taylor, an expert at financial solutions company www.ThinkMoney.com.
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