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When you’re between jobs, making ends meet can be tough. It can feel like a balancing act between looking for a new job, paying ongoing living expenses, and keeping up with minimum debt payments. And this all needs to be done with a limited
The key to making it work is planning. You’ll need to create a temporary budget to get you through this tough time and carry you until you land back on your feet. This requires a good amount of thought and commitment on your part.
Still, you’ll find it pays off to track and control your spending so that you can live somewhat comfortably even when you’re not working.
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Create a Budget
Create a budget with your income and spending in mind. Under normal circumstances, the amount you earn should be more than the amount you spend. But with only an unemployment check – or possibly with no source of income at all – the process is a bit different.
Although your length of unemployment is often out of your hands, you should aim to find a job within the next three to six months. This means your emergency fund should be able to last you several months. So, your monthly
During this time, cut out unnecessary spending like going out to restaurants, going shopping, and spending money on weekend entertainment. Also, consider canceling magazine subscriptions and gym memberships to save a few extra dollars each month. You can reinstate these treats once you’re back to work.
You should also make only the minimum monthly payments on your credit card debts and other outstanding loans. You’ll be responsible for paying a bit more in interest, but it will cost you less now when you have more pressing money obligations and need to make every dollar count.
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Eliminate Unnecessary Spends
Do you really need that – Take an honest look at your “discretionary” spending (expenses that are “nice to have”, but not required) and see where you can cut back. Maybe one less premium channel subscription or maybe you can find a less expensive phone plan.
We are what we eat – Eating out (or ordering in) can also add up quickly. Think about planning your meals and cooking at home. This could save quite a bit of money.
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Get a Side Hustle
There are many ways to make money in your spare time while you are looking for a job. This will help you make ends meet (and that eases a lot of the stress). Some examples:
- Coach Training – Become a Certified
Coach and learn core coaching. - Survey Junkie – Sign-up to complete surveys and other tasks for cash rewards.
- Doordash – Start delivering today and make great money on your own schedule.
- Airbnb – earn money as an Airbnb host.
- Swagbucks – Put cash back in your wallet.
- Instacart Shoppers –
If You Can’t Afford Your Bills
If you find you don’t have large enough
Consider applying for
If this isn’t an option for you, look into
Debt settlement is best done with the aid of a
The best credit cards can help you earn rewards, build credit or manage debt. When you’re shopping for a card, consider the goals you’re trying to reach. Once you know what you’re looking for, you’re more likely to focus on the features that matter most to you.
The Bottom Line
The alternatives mentioned above provide many options for reducing or eliminating your
The dfree™ movement provides twelve easy, attainable steps to help you:
- Get started on your debt by admitting the problem, addressing the mess, and adjusting your attitude
- Get control by creating a spending plan, becoming accountable, and setting goals
- Get ahead by building wealth, planning your will and estate, and celebrating your success
