Ways to Save Money when You’re Unemployed

When you lose a job, it is quite a blow to your morale. It is a disheartening condition and can dampen the spirits. Add to the fact that there will be no income flowing in; there is the need to your budget to save on money. The lifestyle you are used to would have to change. It is a challenge but there are ways to save your money.

1. Keep a checklist of your spending.

Keep your notebook, pen and calculator ready. Crunching the numbers may not be your cup of tea but you just got to do it. This way you will know what you are spending on and you will know what the unnecessary purchases are. The next time around you can avoid spending again for such items.

2. Know what you need.

Needs are different from wants. Factor in what your monthly bills are- electricity, mortgage, health care, gas, cable, Internet connection. You will how much you need to survive each month.

3. Decide what items you can give up.

Decide whether you still need that cable connection. Some TV shows are streamed on the Internet anyway. If there is a game on TV that night, try watching it on a friend’s television. It is even more fun that way. Of course, do not barge in uninvited or unannounced. Unplug from their sockets when appliances are not in use. Use compact fluorescent lights. It is eco-friendly and saves you on your power bill.

4. Use coupons when doing groceries.

If you plan it right, you can save more than fifty percent of your groceries. Find time to clip some coupons.

5. Cook your own food.

Dining out is expensive. You will spend for gas in driving to the restaurant. You need to tip the valet, the waiter, the coat check person and the maitre d’.  Plus, the food is expensive. Your restaurant bill can feed you for a week or two. Even having food delivered is expensive. They require the minimum amount to order before they deliver. If you are eating alone, the leftovers can go to waste. Cooking for yourself is even healthier because you know what ingredients you are using thus making you fully aware of your food intake.

6. When shopping for clothes, don’t.

Unless it is for a job interview, you really do not need new clothes. You are unemployed. New clothes should not even be on you mind.

7. If you have hobbies that are expensive, try the cheaper alternatives.

Instead of buying books, you can borrow from the local library. Even videos can be borrowed from the library. Instead of going to the gym, how about jogging at a park? Make your chores an exercise activity. Better yet, earn from it like mowing the neighbors’ lawn or walking their dog.

8. Find something to sell from your things.

You may have collections that are accumulating dust in your basement. EBay is one website that can cater to selling your collectibles.

Unemployment is tough but if you know how to live within in your means and get your priorities straight, you will be able handle the situation well. Do not forget to keep searching for jobs. You will find one that will suit you just keep your spirits up and do not lose hope.