5 Tips for Making Ends Meet When You’ve Lost Your Job
Everyone experiences career setbacks from time to time, and while it may seem like the end of the world right now, you will get through this! All you need is a good plan. Here are some financial tips to help you make ends meet and get back on your feet.
If money is tight, take a good look at your finances and make a solid plan for the immediate future. Organizing your finances will ensure you have the money you need to pay the bills and purchase essential items like groceries while your income stagnates. There are countless resources online that can help you get organized and make the most of the money sitting in your bank account. You can even switch to a bank account with no crazy fees like CapWay, which also offers an easy way to handle mobile banking.
Expand Your Skill Set
Losing your job is a great opportunity to consider pursuing something new, like a career that’s a little more stable and secure. Use this time to go back to school and learn something new! For example, if you want to become a certified public accountant (CPA), you could earn an online accounting degree. Of course, there are several other degrees that can open up new job opportunities in various industries, including business, I.T., education, and healthcare. You can get an online degree in anything from nursing to cloud computing!
Pick Up Part-Time Work
Whether you’re looking for another position in your industry or heading back to school to pursue something new, you still need money right now. Fortunately, there are many ways to earn money! Find a minimum wage job in your local community or join the gig economy via apps like Uber, Postmates, and Handy. You could even try freelancing or starting your own side business during your off time. Your new side venture might turn into your next full-time career! Just remember that launching a business does come with costs, and you will need to register your business to comply with state requirements.
Build a Better Budget
When you lose your job, it’s imperative that you adjust your budget accordingly. You no longer have access to a reliable income stream to pay your bills or cover your daily expenses, so you may have to make some budget cuts. Start by adding up your income—whether this means part-time paychecks or unemployment benefits from the government—and then compare this against all of your monthly expenses. If things don’t add up, it’s time to cut some of those unnecessary expenses. Make a point to also reach out to your insurance company to see if you can get a lower rate, your phone or internet provider for a more affordable plan, and even your credit card companies to see if you can have fees waived.
Cut Out Major Expenses
Minor budget cuts will make a difference over the long-term, but you may need to see results right away. Look at your biggest spending categories and find ways to reduce your major expenses. For example, you may need to move somewhere where the rent is cheaper. If you’re paying off a large car loan, sell the car and buy a much cheaper one—or embrace affordable public transportation! You may have to go without some of your comforts for a while, but the sacrifices you make will pay off in the end.
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