One of the most stressful times is when you suffer from a job loss after getting fired or due to a layoff. It can be easy to have difficulty knowing what step to take next to obtain the funds that you need until finding employment in the future. To ensure that you can hustle when you’re broke to make ends meet, there are a few important steps to take when you need to survive.
Cutting down on your bills is one of the most important steps to take to getting through unemployment until you land a job again. Obtain coupons in your newspaper each Sunday from the inserts to save on brand-name products that you already use. You can save hundreds of dollars each month without feeling limited on what you can eat during the week.
Coupons can also be obtained online or by signing up for emails from companies that sell your favorite products. Pair them with discounts at stores to avoid paying full price on household items.
Obtain a Car Title Loan
Car title loans are an effective way of obtaining cash quickly when you need to pay your bills and are in desperate need of money. By providing your information and filling out a form, you can obtain access to liquid money instantly to ensure that you don’t lose your home and can make ends meet until you have a paycheck again. Title loans are influenced by the value of the car and require that you hand over the title until the final payment is made on the loan. This allows the car to work as collateral for the money that you borrow until it’s paid in full.
Make a Budget
One of the first steps that must be taken after you suffer from a job loss is to make a budget to ensure that you can stay afloat until you land another job. Calculate your household income and any money that you’ll receive from unemployment to determine how much you can live off without overdrafting your bank account or getting into debt. You can also factor in severance pay to determine how many months you can survive on the funds before running out of money. According to frugalrules.com, make a list of every expense that is considered a necessity to ensure that you can survive. This includes groceries, toiletries, auto insurance, utilities, and rent or mortgage payments. Money that you have leftover can be put towards savings to ensure that you can use it in an emergency until you have a steady income again.
Lower Your Bills
There are several ways to lower your bills each month to spend less money when you’re broke. Consider cutting the cord on your cable or lowering your phone plan to reduce your monthly expenses. You can also contact your electric company to ask about discounts, which are often available for low-income households. Other ways to lower your bills include haggling a better price for your wifi or landline service. Switching providers can also prove to be effective if you find lower rates that are available.
Look for Temporary Ways of Making Money
Do what you can to find ways of making money when you need to pay the bills each month. Consider hobbies that you have, which can pay off by offering your goods or services to the local community. Consider selling handmade crafts at a local farmer’s market or advertising your handyman services to homes in the area. You can also consider using your vehicle to transport people who need rides or even working as a food runner for homes or businesses that want to have meals delivered from local establishments.
Call Your Creditors
According to twocents.lifehacker.com, you can call your creditors to avoid missing your payments on debt that you’ve acquired. Calling your creditors and explaining your situation can allow you to freeze payments that are made on the accounts or even make smaller payments each month for a period of time. This can make it easier to avoid late fees and maintain your credit score until you can afford to pay more of the balances off. It’s important to communicate with the creditors before you miss a payment to ensure that they are lenient and are more willing to make an exception.
Those who are unemployed and are living off of limited funds may be eligible for assistance, making it important to do your homework and see what you qualify for. Look into applying for Medicaid to ensure that you can receive temporary medical services when they’re needed. Student loan assistance is also available to make your payments on time and stay current on what you owe. WIC is another program that can provide you with food each month to avoid going hungry or feeling limited with the groceries that are stocked in your kitchen.
Talk to Your Employer
Don’t be afraid to talk to your employer when you need help after you’ve been terminated. Consider requesting a later date of termination to get your finances in order and prepare for the transition. You can also ask for two weeks severance pay if the company hasn’t already provided you with the money, which can make it easier to pay your bills as you wait for your unemployment checks to kick in.