I’m Unemployed: 4 Money Tips To Get Through the Hard Times
The unemployment rate in the United States is 4% as of May 2024. That’s more than six million people right now living without a job. Though these times can feel hopeless, there are some tactics that can help you stay afloat financially.
Here is what some people have done while unemployed to make sure they can make ends meet.
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Don’t Pay for Anything Unnecessary
If you don’t have a lot of money coming in, Jacqueline Renouard, one of the founders of Nomadic Writers, said it’s best to cut out expenses that aren’t absolutely crucial. “Stop any actions that don’t equate to surviving, like drinking alcohol. It will save a lot of cash that you can later invest in something that returns cash.”
Renouard also said that, if you have subscriptions to any services, now is the time to cut them. “Take any subscriptions and cancel them quickly. None are necessary for survival: trust me!”
Karl Tippins is the editor-in-chief for AgeGroup, but before that, he was no stranger to unemployment. Tippins said there are three things you should focus on paying for, and eliminate the rest. “I only focused on monthly bills, rent, insurance and groceries. I managed to survive it without really worrying when I would get a new job; it’s all about discipline and knowing what to prioritize first.”
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Cook at Home
Going out for meals can severely cut into your budget, and that is something you simply cannot afford when you don’t have any money coming in. Learning to cook at home can be a game-changer during such times. By making your own meals, planning your shopping and considering alternative options, you can save a significant amount of money.
Build Multiple Income Streams
One way to make sure you always have money coming in is to have side hustles, so if you lose one job, you still can rely on another. Renouard said she had some tight times before she fully dove into content writing. One piece of advice she has is to make money anywhere you can: “Diversify your income so that next time your employer makes cuts, you won’t suffer as much!”
For example, if you have an extra room, Renouard recommended renting out on Airbnb. She also recommended selling items you create so you can make money off your passion.
Learn a New Skill
Periods of unemployment can be an ideal time to learn new skills and pivot your career. By taking advantage of free resources, you can acquire valuable knowledge without spending much money.
There are numerous free online resources that can help you gain new knowledge without breaking the bank. Public libraries are also invaluable, providing access to books, magazines and online courses.
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This article originally appeared on GOBankingRates.com: I’m Unemployed: 4 Money Tips To Get Through the Hard Times
