Morning is the obvious consequence of the dark night. Similarly, if you are jobless today, tomorrow a new opportunity is sure to come. The only need is to make a survival plan that can help you stay financially stable by the time the next job comes in your fate. Certainly, it does not look like an easy task but also it is not an impossible thing. The success of life is not in victory or failure; it is in the zeal to fight with maximum capacity and dedication. Rest is on the situations; at least participate in the battle.
Here are few tips that can help you manage expenses without much stress during unemployment.
- Get registered for the unemployment benefits
This is the first and foremost thing to do. The Government formalities take time, it is better to get yourself registered as soon as possible. In case, you were not fired due to misconduct or incompetency at workplace, start working for the due benefits. Contact the unemployment office in the state, different states have different programs and policies and it is not advisable to make a generalised perception. Also, do not expect something in particular. Keep all the documents ready before applying, as this can be the most annoying part if you miss to include something important.
- Plan again the monthly budget and expenses
Suddenly when the regular income stops, money management becomes so difficult. The whole game is of habit, it is not easy to fit the budget in a limited amount that is much less than the previous one when you were employed. However, with the help of prioritisation, the available money can be used smartly. Cut the unnecessary expenses and keep focus on the basic needs in mind while distributing the funds for varied purposes.
- Stop using credit cards
Credit card may sound like a humble rescuer at the time of ‘no job’ days. However, they backfire if you let the due amount stay pending for long. Using a credit card is fine when in job, but when there is no income to bear even a single extra penny in the name of expenses, just avoid it. Many people today are stuck in the vicious circle of dues and interest rates. Bad thing is it keeps adding every month. Only the word ‘worst’ can be used to describe the situation of a person that has messed up on this aspect. For sure, you do not want to forward a baggage of pending obligations when things get back to normality.
- Do not let your credit rating degrade
This is not something that helps earn money but it certainly keeps the doors of financial opportunities open. Finance companies rely too much on the credit score of the applicant. Whether you take a credit card or apply for loan, they are sure to do a credit check. Poor credit score means fear of rejections. Try to pay all the necessary bills on time. If things get difficult, give preference to priority bills. In future in case if any need arises to apply for any UK financial product then this is going to help.
Also, the employers also check credit scores of the job applicants and reject those with poor credit rating. This means, a fall in credit rating can be bad for the future career opportunities too.
- Borrow funds
Not every time things work according to your plans. If in any case the stress on finances act aggressive and things become out of control then apply for loans for unemployed. They are available online without any collateral and guarantor obligation on instant approval decision and with timely fund disbursement.
- Pay the minimum required amount on obligations
It is necessary to stretch the available money to the maximum limit. If money mess starts acting monstrous, pay the minimum due amount and not the whole instalment. However, this is not something that counts as a good financial habit, but you are not the culprit. It is the situation that makes you do these things, when life comes back on track, you can revive the ruined finances. Stay very focused on what is important and what is not. Smarter you act, smoother is your path to stability. The best ever thing that counts as the best solution in financial crisis is to stay calculative.
- Sell things that are not needed anymore
Every home has a clutter of things that remains unattended due to its uselessness. However, that does not mean that they do not function well anymore. Bring them out, give a little repair, polish, and sell them off. A yard sale is the trend of today; use it for your benefit. There are many out there who need the stuff that you find useless in your home. They can get that thing on a low price but that low price is your BIG financial relief. In fact, this is something that one should do even if employed. After all, it has two big benefits. The home can get de-cluttered and a good amount can be earned. A Win Win situation. NOT BAD!
Follow the points above and pay attention on those that are most effective for you. May be all can work in some or other way to stand strong until the new job comes. All the Best.