How to Make Ends Meet When You Lose Your Job

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Since the start of the 2020 pandemic, millions of people have learned what it is like to suddenly lose their jobs. With unprecedented layoffs and company closures, the unemployment rates across the world skyrocketed and are just now slowly starting to recover. 

If you have unexpectedly lost your job, you are probably feeling stressed and stunned. Once the shock passes, it is time to buckle down and figure out what you are going to do to keep your finances in order without a regular paycheck. 

While there are payday loans for unemployed workers in case of emergency, it will take a bit more planning to keep your head above water while you are unemployed. The good news is that it’s possible to make ends meet when you lose your job. Let’s take a closer look at a few ways to manage your money when you are unemployed.

Track Your Spending

When you have a regular income, you aren’t as likely to be conscious of where you are spending all of your money. To help you get a better picture of your finances, you should start by tracking your spending. Gather all of your bills and receipts for the last month and take a closer look at where your money is going. You may be surprised about how much of your disposable income is spent on non-essential expenses.

Cut Your Budget

When you suddenly become unemployed, it’s crucial that you prioritize your essential expenses, including housing, food, utilities, and healthcare. No matter what difficulties you are having financially, you need to keep a roof over your head. All other expenses are negotiable. Making a list of all the places where you spend money monthly can help you to clearly see where you can cut back. For example, it’s a good time to cut back on your expensive cable and phone packages, eating out, entertainment costs, and clothes shopping when you lose your job. 

Eat In

One of the places where we tend to spend more than necessary is eating out. From spending more than $5 per day on a simple morning coffee to daily lunch costs and take-out dinners, it’s surprising how much money you can save when you eat at home. Take this extra time that you have to renew your love of cooking and get in the kitchen and try out some new culinary creations to help you save money.

Home Entertainment

Going out to a movie or a play can be fun but expensive. When you are unemployed, you will need to find ways to stay entertained while spending very little money. Thanks to streaming services like Netflix and Hulu, you can now have affordable movie nights right at home. Cook your own popcorn, dim the lights, and have a home theater experience while you save money.

Side Gigs

As you update your resume and start pounding the pavement looking for a new position, it’s a good idea to stay open to various part-time opportunities. You may not be able to find anything permanent quickly, but there are hundreds of side gig jobs that you can take to make a bit of money. You can freelance out your talents to private clients, take on some retail shifts, use your car to make money through Uber or Lyft, or do random tasks for money on Fiverr or Craigslist. Every little bit of money counts when you are trying to manage your finances when you lose your job. 

If you have suddenly become unemployed, you may be feeling a bit panicky and stressed. Follow these tips to help you make ends meet until your next career opportunity.

About Author

LaDonna Dennis

LaDonna Dennis is the founder and creator of Mom Blog Society. She wears many hats. She is a Homemaker*Blogger*Crafter*Reader*Pinner*Friend*Animal Lover* Former writer of Frost Illustrated and, Cancer...SURVIVOR! LaDonna is happily married to the love of her life, the mother of 3 grown children and "Grams" to 3 grandchildren. She adores animals and has four furbabies: Makia ( a German Shepherd, whose mission in life is to be her attached to her hip) and Hachie, (an OCD Alaskan Malamute, and Akia (An Alaskan Malamute) who is just sweet as can be. And Sassy, a four-month-old German Shepherd who has quickly stolen her heart and become the most precious fur baby of all times. Aside from the humans in her life, LaDonna's fur babies are her world.

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Bolt Ligarus
Bolt Ligarus
7 months ago

I am not interested in such job that only allows to make ends meet. I found something better, but it was too far away from Mumbai. Plus I am not sure they hired Indians on a permanent contracts. So please tell me if that agency can find me a job in Kuwait?

Samir Faeed
Samir Faeed
7 months ago

I really think it is not a problem to find a job in Mumbai. But if you specifically want to move to Kuwait-city, you could go now and browse what is available. I still think that ofentimes it is those candidates who ruins everything with their bad resumes. So I hope you will polish it up before sending anywhere.

Adam
Adam
6 months ago

Now, in order to take your business to the next level and succeed, you need to create your own mobile application that will help you attract new people. By the way, thanks to this, IOS developers have become very in demand, so if you want to find a job in this direction, I recommend reading this article https://anywhere.epam.com/en/ios-developer-job-description . Here you will immediately find out what requirements employers have, and you can also get acquainted with the duties of employees.

Kenneth Wore
Kenneth Wore
4 months ago

To find a good job, you have to overcome a lot of difficulties. My main problem was that my resume was constantly dismissed because it was not rich enough. After many setbacks, I decided to hire a recommendation letter writer. I am really satisfied because my cover letter was perfect and I finally got my dream job.

Thomas Lambert
Thomas Lambert
3 months ago

You can always move on to something new and this is a real opportunity to learn a new business, for example, write a property manager resume, this is now very interesting and brings good income, if you work hard, I recommend trying or just writing your resume about what you can do.

Jonas
Jonas
3 months ago

You can do that by investing in cryptocurrency. For example, you can buy Bitcoin for less and sell it for double the price! My friend advised me https://tabtrader.com/articles/stop-order-types-of-stop-orders two months ago, he had similar problems. We had a lockdown, so he decided to make money at home. As a result, he has a stable income and enough money for entertainment. If you want to make good money, I suggest you try. It can help you too.

Brueve
Brueve
3 months ago

Hello my friends. I thank you for these recommendations and I ask you to tell me something else about cryptocurrency if you have some information.