Being let go from a job can prove damaging on a number of levels. Although job loss can have tremendously detrimental effects on mental health and emotional well-being, the absence of income is a more immediate concern for many people. In the wake of sudden job loss, many of us find ourselves scrambling to scrimp, save and conserve our financial resources as much as possible. The longer you anticipate being without a job, the more important proper budgeting becomes. So, if you’ve recently been hit by an unexpected loss of income, the following tips may come in handy.
Hone Your Cooking Skills
If you’ve grown accustomed to dining out and ordering takeout on a regular basis, it may be a good idea to rethink things until you find a consistent source of income. This approach to eating can leave a large hole in your finances, which can prove detrimental to conserving your limited resources. Instead, use this as an opportunity to hone your culinary skills and try your hand at some new recipes. Even if you have little to no experience in the kitchen, you should be able to find a bevy of tasty low-effort recipes on the web.
This isn’t to say you should never pop into your favorite restaurant or order in, but you should place strict limits on how often you allow yourself such indulgences. For example, limiting yourself to one outside meal per week can help conserve your food budget and provide you with something to look forward to.
Trim the Fat from Your Entertainment Budget
These days, there’s so much content to consume that it’s easy to lose track of. That being the case, it should come as no surprise that many of us have paid subscriptions to streaming services that we rarely use. When taking stock of the various services to which you subscribe, make a note of any services that you rarely – if ever – watch. If you purchased a subscription to a certain service for a specific series or movie, there’s no sense in continuing to subscribe after consuming said content. Fortunately, most streaming services enables users to subscribe and unsubscribe with ease. This also ensures that you’ll have an easy time re-upping your subscription should you ever feel the urge to do so.
Furthermore, anyone looking to save money is sure to appreciate the growing array of free streaming services that are floating around the web. Although many free services impose mandatory ad breaks, this is a small price to pay for countless hours of complimentary entertainment.
Avoid Making Major Purchases Whenever Possible
Making major purchases when you have no consistent source of income is always a risky venture. For example, if you purchase an enormously expensive item on credit, you’re liable to incur a ton of interest, which can take years to fully pay off. Additionally, making large purchases out-of-pocket can prove financially strenuous when you don’t have money coming in to replenish the funds you’ve just depleted. As such, you’d do well to put off any major purchases until after you’ve found steady employment.
Of course, this isn’t to say that all major purchases can be put off. For example, if an essential appliance unexpectedly breaks down, you may have no choice but to replace it, regardless of your current employment status. However, if doing so stands to put a strain on your already-limited resources, consider asking a close friend or family member for an interest-free loan.
Cash in Certain Investments
If you need some extra money to get by, consider cashing in certain investments. Depending on what kinds of investments you have, this may provide you with a nice cushion until you’re able to land another job. For example, precious metals – like a 100 oz silver bar – are liable to prove quite valuable.
Nothing stings quite like getting fired. Not only can loss of income generate copious economic anxiety, it also stands to shake your professional confidence to the core. As such, there’s little wonder as to why job loss is often associated with a variety of mental health problems. However, as difficult as job loss can be to accept and endure, doing so is entirely within your abilities. Furthermore, if losing a job has made you uncertain about your financial future, simply put the money-saving measures discussed above to good use.