How to Budget Your Savings while Looking for a Job

It seems like everything nowadays is increasing in price because of the economic problems that the country and the world is facing.  Even worse than the rising prices is the fact that so many companies have been forced to restructure, make major layoffs, and even close down, causing unemployment rates to rise to new levels.  If you are currently unemployed and are looking for a way to get by in these hard times, check out this guide on how to budget your savings while looking for a job.

Step 1:  Keep your priorities straight.

The first step to successfully manage your savings in times of unemployment is to get your priorities straight .  Your main priority is to make the most efficient and effective use of your money.  The best way to do this is to cut back on any unnecessary expenses.  Keeping your priorities straight will help you maintain a high level of awareness as to your situation and how you can improve it.  Remember to always keep a certain amount of savings for any emergency expenses.

Step 2:  Use the system.

The next step is get as much help as you can from the system.  From food stamps and welfare to unemployment insurance and “$ stretcher budgets,” you can find a lot of help out there.   Remember that no matter how hard things might get, you aren’t in this alone.  Aside from getting *help from the system, remember to communicate your priorities, plans, and decisions with your family to make sure that everyone is on the same page and each person can provide moral, financial, and emotional support in any way needed.

Step 3:  Find a source of income as soon as possible.

It may seem like common sense to get a job or any source of income as soon as you can, but it can get hard to concentrate on this task when you are too worried about managing your savings.  Play an active role in finding another job by applying to various companies and following up on your applications as needed.  Keep a good balance between managing your savings and managing your employment status, and you’ll be out of trouble in no time.

These hard times call for personal budget cuts.  You can’t afford to just rely all on credit and hope that you can soon find a job to clear out all the piling amounts of loans and interest.  You need to cut back on some expenses and focus on what you need if you want to get by during the tough times and make a good start once you found a good source of income.

Photo Credit :  Spicy Bear

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Comments

  1. First of all, learn how to budget your expenses. Dispose of any “wants” portion of your money for now because the most important thing is for you to be able to save money while you are still looking for a job, expenditures for wants and luxury items can come later after you have found yourself a stable job. Know what’s important and set your priority straight, it also helps to keep notes of what you plan to do during the day so that you will not lose track and do things that are unnecessary or out of place. Remember that you are on a very tight budget and you must learn how to discipline yourself so that you won’t find yourself short on cash.

  2. potrish78 says:

    Make a list of your financial obligations every month e.g. bills, food etc. And then calculate how long your savings can cover your expenses while you are still looking for a job. Then set a goal to get a job within that period of time. Discipline yourself not to spend on something unnecessary like eating on a restaurant, buying new clothes etc. If you think that your funds could not cover you for a specific period of time that you need to be able to get a new job, then, organize a garage sale. You might have to sell many of your possessions at the moment and remember that once you get a stable job you can buy whatever you like; but for the mean time you have to sacrifice to make ends meet.

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