11/28/2017
Article Wrote by Jackie Edwards
Able and available: How to get more out of less when you become unemployed.
Knowing how to manage your money is an essential skill whether you have enough to get by on or very little. It becomes even more important if you should find yourself out of work.You will need to learn how to survive on a restricted income as well how to know what you're entitled to in terms of assistance and benefits. You will also want to plan for how to get back into a paid situation
Act swiftly
It may be tempting to wallow in self pity once you realise that you are without a job, but you will need to act swiftly if you are to get the help you need
Work out how much money you have available. This will include any outstanding pay, savings or even money owed to you. Don't forget any coins that you may have kept around the house in jars, in your waller or even in unexpected places like pockets or down the sofa. These become invaluable when you are on a tight budget and can actually help you to keep track of what you spend as you tailor your spending to what you actually have in your wallet.
Work out what and who you need to pay. You will have regular bills and of course you will still need to eat, but because you won't have a regular income for a while you will need to immediately start rethinking what and how you you pay out. For example, can you change the dates of any regular payments you make? If you have Direct Debits, you could get charged by the bank as well as the organization you are paying if there is not enough money in your account. At this point it might seem overwhelming as you recognise the shortfall between income and outgoings, but the Government offers helpful and impartial advice to millions who are in a similar position.
Save and give
This may seem like strange advice at such a time, but research has shown that even the poorest people in the poorest countries of the world can save money. As mentioned earlier the little things really do add up and can mean the difference between being able to buy food for a few days or not. It can help to set up a food budget and plan meals for a week. When shopping in stores, buy towards the end of the day when food is often on reduced prices. Savvy shopping for things like cheaper cuts of meat to make meals that can be eked out over a few days, and cooked in a slow cooker mean that you can feed yourself and your family well on a tighter budget.
Giving, apart from making you feel better, can often stimulate others to give. If you give something to someone, they may remember and give you something that you really need at a later stage or might even do a swap or trade.
Whilst no one wants to be poor and most people want to be gainfully employed, such a time could be seen as an opportunity to reassess your life and its priorities.
It can be a useful time to declutter, your mind as well as your home and to take stock of the things which really count. If you decide to do this, there are ways you can make money too. Possessions you don't need can easily be sold on via onlin auction sites, or even through boot sales. It's surprising how much you can potentially make from selling unwanted items.
In times of domestic financial crisis, it can seem like everything is against you - but trying to stay positive and making some plans can go a long way to showing you that there is hope out there.
