Worried about how you’re going to hold up financially while you look for a new job after getting laid off? If you qualify for unemployment benefits it will certainly help.
Gen Y Finances: 2017 could be most successful year in your life!
But, for now you’ll need to really curb your spending and take a fresh look at your current financial picture to make ends meet.
Here are a few helpful tips to help you stay financially healthy until you can get back in the workforce.
1. Make meals with leftovers
Whatever you cook, cook enough to make leftovers such as big pots of soup or spaghetti. By using what little money you have on stocky, solid ingredients, you can feed an entire family for several weeks if you cook enough and then freeze the leftovers.
There are also plenty of ways to save money when food shopping.
2. Turn down the AC
It’s not pleasant to turn down the AC, especially in the middle of summer. But, one of the most costing saving ways to reduce your electrical bill is to turn off the air, open a window, and turn on a fan.
3. Free or low-cost entertainment
They say ‘the best things in life are free’, and they’re right. Chances are, while you’re out of work, entertainment for you and your family will rank pretty low regarding your monetary priorities, but it doesn’t have to. There are many things you can do for free or on the cheap and likely have more fun along the way. When was the last time you went on a family picnic, hiking at the park, or took the kids paddle boating? Cheap and free works for the entire family.
4. DIY repairs
Another great way to make your dollars stretch is to do any home repairs or other household chores yourself such as changing your own oil in the car, mow your own lawn, or learn how to do your own dry cleaning. Yes, it will take more of your time and energy, but keep in mind how much money you’ll be saving overall.
5. Shop local consignment stores
Who says you have to wear expensive designer clothes to look fabulous? Consider buying your clothes (for now anyway) at your local consignment stores. They’re great for finding deals of the century with high-end labels. Need a new outfit for that interview coming up? Get a great professional look for a fraction of the cost.
6. Use coupons
Are you one of these people who don’t have time to clip coupons out of the paper, organize them, and actually use them at the store? Well, you should be because people who consistently use coupons literally save thousands of dollars each year by doing so. Savvy shoppers use coupons both offline and online. They also tend to look for deals when finding a credit card. Never rely on this as your sole financial resource, but leaning on a credit card that offers Aeroplan rewards you can eventually use towards something else is a win-win situation.
Getting laid off is stressful, but learning how to make your dollars really stretch until you can find a new job can help alleviate some of that stress. Now’s the time to ask yourself “Do I need this item, or do I want this item?” Right now, the answer is clearly no if it’s not a matter of survival.