Dealing with debt is always hard, and more so when you are unemployed. As if it isn’t though enough to lose your job, you’re faced with a serious strain on your personal finances. With no real income to talk about, how are you going to pay for your food and your accommodation? Is there help to get or are you on your own?
If you have lost your job it is important that you immediately start looking at your own situation and deal with it as soon as possible. It is very hard to be unemployed and your self-esteem might take a hit, but it is necessary that you stay positive and optimistic. After having lost a job, you need to sign on to the benefits that you are entitled to, if any, so that there is some income rolling in.
Once you know what your income will be for the unforeseeable future, it is time to tackle your expenses. As your income have been reduced, it is important to decrease the expenditure too. This might be hard on the fixed expenses, such as rent or mortgage payments, health care, insurances and fees, so the first thing to look at is the variable costs. There are number of ways to reduce food expenses, heating costs, phone bills and other items.
For one you can start shopping in the discount stores, but non-brand items and watch out for deals and coupon offers. Secondly you can start reducing the electricity bill by making sure that you don’t have the lights turned on unnecessarily and perhaps set the heater 1 degree lower. If you use your phone a lot, get a plan that suits your needs.
If you are still struggling, then take another look at the fixed expenses. Perhaps you can change to a different health plan, see if you can get a better deal on your car insurance or re-negotiate your rent? Sometimes we take a sum for granted but when you start to haggle about prices, you often find that you can make a better deal.
Whilst trying to cut expenditure is a positive thing it might not always do the trick. It is then important to try and boost your income and there are various ways of doing so. If you have a lot of items that you hardly use, contemplate selling them in a garage sale or on eBay. Join a mystery shopping circle or write articles on Helium. Without a job you have the time to put your heart and soul into other projects.
If all this isn’t enough and you still find yourself in difficulties, go and talk to your bank. Explain your situation. Perhaps they can reduce your payments for a while as some level of payment is better than none. Disconnect your cable, use the cheapest version of the broadband packages available and stop buying anything that isn’t absolutely necessary.
It will be hard but you have to think of it as a temporary period and in hard times, keeping a roof over your head is the most important thing.