Money Tips For The Unemployed

In this period of high unemployment, finding work can be a difficult task. Job-hunting is often time consuming and balancing bills alongside day-to-day responsibilities can leave many with little faith.Job hunting is  also a time-consuming job, but learning how to make money fast doesn’t pay a cent until you actually land a job. In the meantime, you still have to pay rent, utilities, health costs and somehow afford groceries. Unemployment benefits run out pretty fast, so there’s little cushion for many of us. Luckily, there is hope. Here are some easy money tips for the unemployed.

Financial Status

If you find yourself all of a sudden fired, and without any savings to back you up, evaluate all your current expenses and other financial concerns. How much are you paying for the rent? How much are you paying for your utilities? If you do have savings, how far can you stretch it to cover your unemployment period? If your financial resources are meagre, it’s time to seek help. There is no shame it admitting your need money – whether it is from parents or friends – but guarantee you pay them back. Owing someone money is not advised, but if you’re pressed to pay something, cut down on your other expenses and be quick to find a new job.

Cut Down On Unnecessary Spending

If you do have savings, cut down on unnecessary expenses. Unemployment is not that time for you to spend all your money going to parties, or making impulse purchases. If you’re out of work, it’s not apt to buy an expensive new phone and deplete your emergency financial resources. Be wiser if you’re without a job. Organize your finances so you can have a budget to fund your job-hunting.

Find a Part-Time Job

Instead of getting depressed or being stuck in a rut, look for a part-time employment opportunity while you’re looking for a full-time job. Countless freelance opportunities can be found online – from online English tutoring, to part time content or creative writing or simply creating your own blog. Remember the colleagues at work or your classmate from college? It’s high time you reacquaint with them again or network with your former workmates to see if they know of any job opportunity – part or full time. Having a freelance work at the side will give you a source of income – no matter how small – to go back to your savings account.

New Job Reminder

Once you find a new job, you will need the financial fortitude to ensure the transition is good. Have your savings been depleted? Focus on putting money back on your emergency funds. Pay all the people you owe money too. Continue cutting down on unnecessary expenses well up until you six months in your new job. Address other financial issues immediately by tracking down your new expenses, and organizing all your important financial documents – bills, bank transactions, receipts, credit reports – to make it easier for you to regroup and regain lost financial ground.

Think practically. Realize that you aren’t gonna rake in millions or even hundreds-of-thousands of dollars a day. By the same token, though, aim high. While some skills will always prove more invaluable and lucrative than others, there are always ton of (often unseen or unheard of) ways to make more money.