How to Save Money While Unemployed: Another 6 Budgeting Tips
At some point in your life, it’s likely you may find yourself unemployed, after all, it’s not uncommon and can happen for a variety of reasons. While you are looking for a new job life still goes on and bills still must be paid but it does make sense to cut back on non-necessities, especially when you don’t know when your next paycheque is coming in.
Here are 6 actionable ways on how to save money while unemployed:
- Create a Budget plan
The first step towards budgeting yourself is creating a budget plan that meets your needs and preferences. You can do it online or use an old-fashioned notebook.
Whichever method you choose, make sure that it is convenient for you to use that method every day.
- Look for special offers at the supermarket.
Look for the special offers at the supermarket, and if you have a freezer buy multiple items and freeze them. Lots of food retailers also start to reduce their stock at the end of the day so try going shopping a little later than usual to get some great bargains.
- Cut back on going out
There’s nothing better than going out for a meal or drinks with friends but that will still be there when you are back at work. Explain to your friends and family that you will be hitting pause on going out for a while to save money, they will understand, and it will make it that much more exciting when you finally start to meet up again.
- Contact creditors to see if you can reduce payments
If you have arrangements with creditors contact them to explain the situation and ask for a temporary reduction in payments until you are back at work. Most will be willing to arrange a lower payment and it will make things less stressful for you. Some creditors may be able to switch you over to an unemployment loan
- Freeze leftover meals
If you often make too much food at mealtimes try freezing it or keeping it for tomorrow’s lunch instead of throwing it away or continuing eating just because it’s in front of you.
- Try cooking in bulk
It’s often cheaper to cook and buy in bulk so next time you are cooking, make 3-4 times as much as dish up individual portions in Tupperware containers to freeze. You can then take one out of the freezer each morning to defrost for that day’s dinner.
It can be stressful and hard when you find yourself without a job, but making sure you know how to save money while unemployed and do all you can to keep your finances in order will help you to worry less and keep things going until you find another job.