Tips for surviving unemployment
Unemployment continues to plague many families across the country, as people try to come to terms with losing their jobs. Dealing with the loss of your job can be very difficult and can cause various emotions ranging from discouragement to frustration. You may have a difficult time keeping up with all of your financial responsibilities since you will be earning less money. There are, however, several things you can do to get you through this difficult time and keep your finances intact.
The first thing you want to do is to determine exactly how much money you have available. Factor in any redundancy pay you will receive from your employer, and any benefits you may be entitled to. Also, factor in any other sources of income you have coming in on a regular basis. You also want to consider any funds you currently have in your savings account, although you want to use this money only as a last resort. This will give you a clear picture of what funds you have available to help you cover your expenses until you are able to obtain another job.
Overall household expenses
Along with your income, you must also get a clear picture of what your current, and future, household expenses are. List all of the bills that you owe and see if there are any bills that you can set aside a pay a little later. This will give you a good idea of what you owe in comparison to the funds you have available.
Talk to lenders
It is important that you be proactive when it comes to your finances. You should not wait until you are late on your payments before you act. Contact your lenders as soon as you realize that you may not be able to make your required payments. Many lenders may be willing to work with you throughout this timeframe. For example, depending on your specific mortgage, it may be possible to only pay the interest portion of your loan until you are back to work full-time. You should also speak to your utility companies and ask about bill smoothing. This billing technique will spread your payments over the year, so they stay fairly consistent each month.
Ways to cut back
Take a look at your household budget and try to find ways you can cut back on some of your expenses until you are back to work. For example, may you can cut back how many days a week you go out to eat and cook at home instead. You may also need to postpone any travel plans you have until you are back to work. It is best if you make these cuts to your budget as soon as you are unemployed rather than waiting until you are in financial trouble.
One of the most important things is to try to remain positive while you are unemployed. Although things may become quite frustrating, it is vital that you try to remain positive and upbeat. This is especially true when you go to various job interviews because the employer wants to hire an employee that will be a positive asset to the business. Remember that you are not alone and that a lot of people across the country are dealing with unemployment.
These tips will help you survive until you are able to find another job. The most important things to remember is to take care of yourself, remain positive and be proactive. Do not let yourself get discouraged to the point where you are not taking care of things. This will only make matters worse and decrease your chances of maintaining your financial stability.