Being in between jobs can have you worrying about how you’re going to pay your bills. Fortunately, there are ways to stretch your dollar so that you can sustain yourself financially until you can find more work. These tips can help you preserve your finances while in between jobs.
File for Unemployment
It seems unemployment always lasts longer than you think so, the first step when you become unemployed is to always file for unemployment if you are eligible (even if you think you will only be unemployed for a short time). Remember there is processing time before your benefits start and if you wait too long you might miss out on some benefits. Also, be sure to keep up with your paperwork so you don’t miss some benefits during your unemployment. These days you will probably be able to file online so the process should be relatively quick and painless. However, if you have a special situation you may have to call or visit your local unemployment office. Be sure to check to see how much your state allows you to earn and still be eligible to receive unemployment. Then you can consider picking up some side gigs.
Cut Expenses to the Bone
Generally, unemployment benefits don’t equal your previous salary so your income might only be one half of what you were previously earning. So it is important to cut your expenses to the bone so you can afford to live. Now is the time to start living frugally. Here are some articles that might help:
- Frugal Finance: 5 Thrifty Tips to Lower Your Family’s Expenses
- Frugal Living 101
- 4 Areas in Your Budget to Cut Back on for Extra Spending Money
- How Young Families Can Move Past the Living Paycheck-to-Paycheck Phase
Sell Some Belongings
If you are still having trouble covering your now pared down expenses look for old things around your home that you no longer want or need, and try selling them to make some extra cash. Electronics, clothes, and jewelry often sell well on online auction and classifieds sites. Old fitness equipment and pet products can also be good sellers. Even if certain electronics or other items of yours are now considered to be obsolete, you might still be able to make money by selling them to recyclers.
Consider Freelancing
Freelancing will allow you to take various gigs to earn money until you get another permanent job. Writing, dog walking and house cleaning are among the most common freelancing gigs that can get you paid quickly. If you have a car, an SUV or another type of vehicle that’s in good driving condition, you can use it to offer rides to passengers and make money for your service. Another option is to try creating arts, crafts or other specialty products to sell online or at a crafts fair.
Receive Help from a Consultant
A personal financial services provider can help you manage your money better so that budgeting will be easier when you’re in between jobs. You can learn how to plan for paying day-to-day expenses as well as long-term costs more effectively to help you stay afloat financially until you find work. This financial expert can also provide assistance for managing any debts so that you don’t fall behind on payments.
Cash in on Other Income Sources
You might be able to tap into certain resources to get some much-needed cash while in between jobs. Stocks, bonds and savings accounts can provide money that you can use if you’re running low on cash. As a last resort, you can try cashing in on a 401(k) retirement plan if you’re willing to accept the penalty.
Saving and getting more of the money that you need to survive until you find work is possible with the right methods. Being out of work shouldn’t have to be financially detrimental, and knowing how to preserve your money can help you sustain yourself.
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