Make Your Money Last Between Jobs

man losing money


The following is a guest post.

If you are not working, or currently between jobs, it is imperative to ensure that your money lasts until you are employed once more. Graduates, who do not have much money saved, may need to make a number of sacrifices while waiting for their next job.

Under these circumstances, it is very important to make sure that your money lasts during the period of unemployment and that you can maximize your chances of becoming employed.

Take stock of your current financial situation

Draw up a budget as a first priority. A well-designed budget will guide you when handling both your expenses and bills, such as rent or any payments you need to make on a motorbike or vehicle purchase.

Always include any and all of your sources of income, so as to ensure the budget is as complete as possible. Money earned from a casual job or income from family members must be included.

Open a savings account

Even if you are between jobs, it is important to put as much into a savings account or high yield savings account as possible. Having money saved will help if it takes longer than you thought to secure work.

It is important to compare current accounts to make sure your money is working for you. As there are many different types of savings accounts, compare current accounts and earn the best rate of interest available.

Unemployment benefits and eliminating expenses

If you have previously held down a job, you may be eligible to receive unemployment benefits. The amount will vary, dependent on the wage you were receiving, so it is best to check these important details with your unemployment office.

Eliminate all expenses that are not absolutely necessary. This is an important step to stretch your money as far as possible. The ideal situation is to cut down expenses until the amount of money you need to pay out is less than the money you currently have.

Purchase inexpensive foods and prepare meals at home, rather than ordering out or going to a restaurant. Always try to use coupons and cook with inexpensive ingredients, such as potatoes, pasta, beans and rice. Try to shop only once a week and take the shortest route to the mall.

FeedingAmerica distributes food for free to people who qualify. Make contact with your local food bank to see if you are eligible and to check on their distribution schedule.

Be conscious of lowering your utility bill, which you can do simply by only turning lights on when you need them and by taking short showers or by not filling the bath.

Arrange to have your student loan payments deferred for a period of time, or until you are employed once again.

Also pay your most essential bill first, in case you run out of money. Such bills as food, medical costs and mortgage or rent should always receive priority. Remember to also always compare current accounts before opting for one, as the banking costs can really make a big difference when your financial position is dire.

Set up and follow a “work day” routine, even when you are not employed. By doing so, you will stop yourself becoming depressed and you will keep disciplined for your next job.

Work for free

People who volunteer their services at a company are often first in line to be interviewed when permanent positions become available. Employers are quick to notice potential among those working in their organizations and if you are dedicated and conscientious, there is every reason to believe that you will eventually be offered full time work.

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