Losing your job is stressful enough without the financial pressure of paying your bills. You might be facing the loss of one household income, which can strain your family’s budget.
But, just because you’ve lost your job does not mean that you have to struggle to get back on your feet. Here’s a helpful list of ways that you can live on a comfortable budget if you’ve recently lost your job.
Save where you can
To ease the burden of unemployment, you’ve got to get savvy about your money. The best place to start is saving on things you already spend your income on. Look out for grocery savings and coupons. Hold off on buying new clothes unless it’s absolutely necessary.
Make use of a price comparison site moneyexpert.com to get the best deals on essentials like gas, electricity, loans, credit cards and insurance on your car and home. Let Money Expert help you save on your utilities, as they have for millions of others, just like you, for over 17 years.
Look to benefits
There are many private and public agencies in the UK that offer benefits to those who’ve lost their jobs. The new-style Jobseekers Allowance (JSA) is the main benefit you can claim if you’ve recently lost your job. Do as much research as you can on the subject and make use of as many resources available to you.
There is also Universal Credit, which is paid directly into your bank and can be used to cover your monthly living costs. Eligibility for Universal Credit claim includes being over 18, unemployed, combined savings between you and your partner is less than or equal to £16000.
Review your budget
It’s important for you to review your household budget as soon as possible. Your income is no longer there and so, you will have to make the appropriate adjustments to suit your current circumstances. Although your situation is temporary, it’s always good to keep your budget up-to-date as changes happen.
If you haven’t done it before, now is the best time to draw up a household budget. With the loss of your income, covering bills and other household expenses is strained. Remember to take into consideration all of your expenses, even seemingly small amounts, because it all adds up in the end.
Money is one of the most difficult things to talk about, especially when it comes to your spouse. But, being out-of-work is a special circumstance and requires adjustments and compromise from both sides. You mightn’t feel confident to bring it up if you’re the one without the job.
Whatever the case, it’s important to stay frank about your financial situation, especially if you’ve lost your job. You’re already under immense amounts of stress and there’s no reason to add to it. Have an open and honest conversation about your financial position with your spouse and children so they know what to expect when things get tough.
Make a plan
Your situation is temporary unless you don’t do anything about it. Come up with a solid plan going forward. After all, you’re in the drivers’ seat. What are you going to do until you’ve found a new job? Are there any other ways for you to get an income without robbing a bank?
Make use of as many resources around you to help with your plan. Update your CV, ask around for any opportunities in your network, really put yourself out there. Use your social media channels to let those around you know that you’re job hunting. You’ll need to get creative too. If you’ve got an extra bedroom, hire it out to help pay the bills.