Newly Unemployed? 

Losing your job can be devastating–especially if you weren’t expecting it. Searching for another job can be time consuming in 2012 the average duration of unemployment was 40.2 weeks. So you need to put your finances in order immediately. If you are newly unemployed, the following tips will help you keep your head above water.

Newly Unemployed Tip #1 Reduce Expenses

If you find yourself suddenly unemployed, one of the first things you need to do is find ways to cut your expenses. There are some things that may be set in stone, such as your rent, but there are many other things that are negotiable. Start by making a list of your bills. Flag things that can be reduced–electric, water, gas, telephone, internet. Get your entire family in on the plan so that you can brainstorm money-saving ideas and put cost-cutting measures into action right away. Finally, reduce your other bills. Contact various insurance companies for better rates. Call your credit card companies to ask for a reduction in interest or payments. Refinance your loans (if you can do so cheaply) to get a lower rate and a lower monthly payment; If you can’t refinance, request an extension.

Newly Unemployed Tip #2 Eliminate Expenses

There are many things we enjoy when our lives are in good financial order. These things aren’t necessities and should be [Read more…] about 7 Tips for the Newly Unemployed