Ways to Prevent the Wrestle with Money Crisis during Unemployment
The feel during unemployment is absolutely like an ant that is standing in front of a huge mountain. It seems the ant cannot climb it. For you, that mountain is of expenses, which was not in much notice when you were employed. Now, even the small daily expenses for instance – buying water bottle while travelling is not possible as that small amount is big for you. The daily expenses to travel even from public transport feel heavy. Previously, you were travelling to go to the office now your journey is destined for job interviews.
The rest of the things in the name of expenses represent a huge lot of household expenses and miscellaneous. You need to start working on the problem soon otherwise once the finances go off the track they act very stubbornly. This can create a mess in every aspect of life.
- It is time to calculate all your money
Savings, help from friends and family, extra earnings, whatever possible money you have should be calculated. In the coming days, that money is going to play a very big role. Keep that amount with care in your locker or somewhere that is perfect in safety concern.
2. Make a plan to spend the money
Now you cannot just pay for anything in the name of expenses, you need to prioritise. Obviously, priority bills come first, for instance – council tax, TV license, gas and electricity bills, mortgage, rent and any other loan. Distribute the money for these things and see where you need to add more funds.
2. Now arrange funds to feed the scarcities
Once you are clear about the expenses, it is time to arrange money. Work on whatever possible sources you have. Why not try the things mentioned below, some or all of them may come in use.
The ways below are such that YOU CAN and in fact, YOU SHOULD try to fill the financial gap after the job loss.
- Consider part-time job – The abundance of leisure time can affect your productivity and can increase the stress. Why not do a part-time job and earn some money. To make sure that you give the job interviews hassle-free, go for jobs with night shifts.
- Get loan – This may sound weird but it is a useful choice. Have you heard about guaranteed loans for unemployed? These are the loans with the assured approval but you need to back your loan application with a guarantor. If the lender gives you a choice and you too have the arrangements to provide collateral then you can always do that. Guarantor or collateral, whatever you provide, it can help you get a decrease in the rate of interest.
- How about freelancing? – If your concern is earning with flexible working hours then freelancing is always a worth to consider the option. Content writer, virtual assistant, social media manager and many more things are there to do. Get yourself registered on websites that provide freelance work.
- How about a yard sale for your old stuff? – The clutter of old things in your house can come to act now when you are in desperate need of funds. Sell them off on decent price and at the end, you can get the financial support for some more days.
- Oh yes, haven’t you applied for government benefits yet, do it now – The moment you enter in the days of unemployment, apply for the government financial benefits. They are like last minute saviours and maybe the amount is not huge but doesn’t forget something is always better than nothing.
- Take back your money from friends and family – Today you are in a crisis and there was a time when your friend or family member took financial help from you. If you have some money to take back then this is absolutely the right time.
- If you have a job offer letter then payday loans are possible – Obviously, unemployment is not a permanent situation and sooner or later you get a job. If you have cleared an interview and the company has issued an offer letter then you can also apply for payday loans for unemployed.
Perhaps it is a myth that unemployment is always a stressful situation. With little management of finances, you can have a smooth escape from the tough times of ‘no job’ days.