Ways to Save Money if you’re Unemployed

money management tips

There are a number of ways to save money especially if you are unemployed. To those who are experiencing the same thing, it is not the end of the world. It may take quite some time before you find another job and the best thing that you can do is to save your last resources and make the most of what you have in hand.

You’ll never know when unemployment is going to hit you and it may be because of various reasons; economic crisis, questionable number of sick days, poor performance, incompetence, or failure to demonstrate productivity. Finding a new career is not easy so there is a need to find ways to save money. Here’s what you can do:

Gather your resources

It may be in the form of savings, separation pay and other benefits that you will receive as soon as you leave.

  1. Search for a new career – It might take time before you land a full time job. Don’t lose hope; keep on submitting your resume.
  2. Part time job – It is not bad at all, it will save you from getting in debt. Getting a part time job is better than nothing.

Ways to save money

  1. Transportation – Make use of public transportation. Gas is a major expense. Public transportation is just a cheaper option, but drive when necessary.
  2. Avoid dining out – If you are used to Starbucks and getting take out, this is the time to pack snacks and lunches. Always bring water so you can avoid using the vending machine for bottled water.
  3. Make an attainable spending plan – Saving money is going to be tough. Prepare a spending plan that is attainable and stick to your plan.
  4. Cut unnecessary expenses – Subscribing to a magazine, paying for music downloads, spending on online games, these are just a few expenses that you can live without. Your priority is how to be able to pay for rent, water and electricity.

Spend less

Spending less is one of the most effective ways to save money. Try these tips:

  1. Shop with a list – If you are heading to the grocery store, make sure that you have a list of what you need. Without it, there’s a tendency to buy things that you don’t really need.
  2. Save water & electricity – Cut your water and electric bill. Don’t keep the water running when you’re not using it and turn off power switches when not in use.
  3. Use alternative brands – Signature items and big brand items are expensive, be brand flexible.
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