How to Cope with Unemployment
Make a budget., Cut back on unnecessary expenses., Save on essentials., Ask about loan deferment programs., Get a roommate., Apply for unemployment.
Step-by-Step Guide
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Step 1: Make a budget.
Start by listing necessities: rent, groceries, insurance, and utilities.
Next, list expenses that are important but non-essential.
These might include cable TV, eating out, alcohol and cigarettes, and movies.
Add up the amount you spend on necessities and add it to the amount you spend on non-essentials.
This number represents your current monthly expenses.If you’re not sure how much you spend on certain items, look at your credit card or bank statements.
They will list out the items you have purchased in previous months. -
Step 2: Cut back on unnecessary expenses.
Starting with your non-essentials category, find areas where you can cut back on your spending.
For example, you might decide to forgo eating out during your unemployment, or you might decide to cancel your cable TV subscription.
Cut out as many expenses are you can manage.You should continue to budget a small amount of money for non-essentials.
The goal is to reduce your expenses, not necessarily eliminate them altogether. , To help stay within your budget, cut coupons, pack your lunch instead of eating out, and call your phone company to see if they offer a hardship discount.
Coupons can be found in weekly mailers or online.Don’t be afraid to ask for discounts.
Remember, your situation is neither unique nor shameful.
Most companies, like credit card companies or phone companies, will be happy to work with you if you ask.
You can improve your chances of getting a discount on your payment by pointing to your positive payment history with the company. , If you have credit card bills or student loans, call the loan companies and ask if you can reduce your monthly payments, or delay them entirely until you find employment.
Many credit card companies will give you thirty-to-ninety days of deferral where they will not charge you interest.
Student loan servicers are often even more accommodating and will allow you to defer any payment during the course of your unemployment.To find out if a company offers loan deferment, call the customer service number on your bill (or on the back of your credit card) and explain your situation to the representative. , If you have an extra room in your house, consider taking in a roommate.
This will reduce one of your largest expenses—rent.
You can find roommates by advertising on websites like Craigslist or by placing ads in your local paper.Meet with and interview potential roommates before you offer them the room.
Ask about their sources of income as well as their philosophy on cleaning and paying bills on time.
If you own your home, renting out an extra room in your house can decrease your mortgage payment. , If you were laid off from you job for no fault of your own, you may qualify for unemployment.
Unemployment will generally provide you with half of your previous salary for a set amount of time.If you were fired for cause or quit your job voluntarily, you may not qualify for unemployment. -
Step 3: Save on essentials.
-
Step 4: Ask about loan deferment programs.
-
Step 5: Get a roommate.
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Step 6: Apply for unemployment.
Detailed Guide
Start by listing necessities: rent, groceries, insurance, and utilities.
Next, list expenses that are important but non-essential.
These might include cable TV, eating out, alcohol and cigarettes, and movies.
Add up the amount you spend on necessities and add it to the amount you spend on non-essentials.
This number represents your current monthly expenses.If you’re not sure how much you spend on certain items, look at your credit card or bank statements.
They will list out the items you have purchased in previous months.
Starting with your non-essentials category, find areas where you can cut back on your spending.
For example, you might decide to forgo eating out during your unemployment, or you might decide to cancel your cable TV subscription.
Cut out as many expenses are you can manage.You should continue to budget a small amount of money for non-essentials.
The goal is to reduce your expenses, not necessarily eliminate them altogether. , To help stay within your budget, cut coupons, pack your lunch instead of eating out, and call your phone company to see if they offer a hardship discount.
Coupons can be found in weekly mailers or online.Don’t be afraid to ask for discounts.
Remember, your situation is neither unique nor shameful.
Most companies, like credit card companies or phone companies, will be happy to work with you if you ask.
You can improve your chances of getting a discount on your payment by pointing to your positive payment history with the company. , If you have credit card bills or student loans, call the loan companies and ask if you can reduce your monthly payments, or delay them entirely until you find employment.
Many credit card companies will give you thirty-to-ninety days of deferral where they will not charge you interest.
Student loan servicers are often even more accommodating and will allow you to defer any payment during the course of your unemployment.To find out if a company offers loan deferment, call the customer service number on your bill (or on the back of your credit card) and explain your situation to the representative. , If you have an extra room in your house, consider taking in a roommate.
This will reduce one of your largest expenses—rent.
You can find roommates by advertising on websites like Craigslist or by placing ads in your local paper.Meet with and interview potential roommates before you offer them the room.
Ask about their sources of income as well as their philosophy on cleaning and paying bills on time.
If you own your home, renting out an extra room in your house can decrease your mortgage payment. , If you were laid off from you job for no fault of your own, you may qualify for unemployment.
Unemployment will generally provide you with half of your previous salary for a set amount of time.If you were fired for cause or quit your job voluntarily, you may not qualify for unemployment.
About the Author
Judith Edwards
Creates helpful guides on pet care to inspire and educate readers.
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