When you learn that you are shortly to be made unemployed, it can take some time for this to actually sink in. The main thing to bear in mind is that you really need to stay positive, and that is no mean feat. You will also need to look at your lifestyle and try to alter this to counteract your reduction in income. Even if your feel that you will bounce back pretty soon, it is best to prepare yourself financially for the tough times ahead.
This article offers some advice on how to keep your head above water whilst looking for work.
Budget is Best
If you have the luxury of a little breathing space before you leave your employment, you can use this time wisely by looking at your outgoings. Create a budget sheet and mark down every single item that you buy and how much you spend on bills and essentials every month. This figure needs to be as accurate as possible in order to reflect your true position.
Once you have your true budget to hand, you will need to start reducing your outgoings considerably. There will be a number of essentials that you may have to retain, but there will certainly be things that are not really necessary. Stuff like gym membership or trips to the cinema can surely be moved to the backburner for now.
The average wage earner will spend about 20% of their income on food and drink, this is a conservative figure and many of us spend at least 10% more. You can easily slash this figure by swapping your brand names for budget line food items. A recent survey suggested that a weekly food shop can be cut by nearly 40% if we avoid the star items and look at the bottom of the aisle offerings. If you smoke or drink heavily, this needs to be addressed seriously if you really wish to make ends meet.
Scale Down Essentials And Shop Around
Take a look at your utility service provider and compare prices with other companies. You can easily do a price comparison on the internet and you may be able to cut a nice chunk off that energy bill. You can also look into your television, internet and landline bills, by combining all three you can save a surprising amount.
Many of us never bothered with these pesky savings plans when we were quids in, but they sure would be handy at times like these. If you do have a few pounds put away somewhere, well this is the rainy day that you were saving for! If you have nada in the savings account, just remember to start a plan after you get that next job.
Apply For Benefits
The first day that your unemployment begins, get yourself down to the Job Centre and apply for your benefits. You have paid your dues for a while and deserve to get something back, the longer that you take to register your new status, the longer it takes to get paid!
Get Back On The Horse!
No matter how great you are able to budget, you should not get too comfortable. Once you are back in employment you can still apply your new budget and you may be surprised at how much money you can save for that next rainy day!
For more info: Click on “Subscribe to Newsletter” and enter your email address at the tops of the page to receive notice of this weekly feature and other new articles. You may also email your Job Search related questions to [email protected] Mark Montoya has been working in personal branding for more than a decade for hundreds of online and offline companies, small businesses and individual service professionals. His focus has been toward improving the way jobseekers find employment on the Internet. He has synthesized his expertise by helping job seekers obtain their ideal choice of employment over the Internet on his sites MyOnlineCareerSpace.com and MyOnlineCareerCoach.com, and through his books 101 Tips Every Job Seeker Should Know and The Ultimate Online Job Search eBook. Learn more at MarkMontoya.com, on Twitter, on LinkedIn or StumbleUpon, or Google+.