Unemployment is tough, and while it wears on self-esteem and independence, seasons of going without a job are perhaps mostchallenging on your finances. Having no regular income you can count on means bills accumulate, debt grows, and you’re eft stressed out and struggling to make it from month to month. While there’s no guarantee that you can weather seasons of unemployment without feeling any strain, there are ways you can prepare so these seasons, if and when they come, will be less devastating to your budget and your live overall.
First, you should make it a goal to have a minimum of 3-6 months savings for routine expenses. That means you need to take your routine bills (mortgage/rent, utilities, average food and gas usage, etc.) and add them up to come to a generalized monthly total. By having 3 months (or more) of savings to cover those expenses mean you can stress a little less if your employment hits a lull, knowing that you can make ends meet and give yourself a few weeks of time to find a new job before your major bills are due, and will still have a way to provide for basic needs.
Additionally, you should try to put off any major purchases until your work situation is rectified. If you had saved up for a new television, a new computer, or anything unnecessary, and then lose your job, consider throwing those additional savings into your routine expenses account, or at the very least, hang onto them until you are back into the working world and then purchase your new item. Putting off major buying until you have consistent income is the wiser choice and being responsible wth your money while you’re dealing with unemployment.
Finally, consider getting a credit card for emergencies now, before you have an employment crisis. If you get a card while your financial situation is good (and your credit score is likely higher), you are going to get lower interest rates, and more benefits with your chosen credit card provider. Place the card in a safe place and use it only for emergencies and/or expenses required for daily life (i.e. food, diapers, etc.) in the scenario that you lose your job and have no money coming in. A card will at least give you a way to provide for yourself and/or your family until you can come up with a plan.
If you are currently unemployed, we know you want to be back into the work force as soon as possible, especially if financial burdens are weighing you down. PHR Staffing Solutions can help you find a position since we serve the greater Polk County area with employment services for both those hoping to find a job, and employers trying to fill positions within their business. We have been trusted for years to find only the very best applicants for jobs of all types. Give us a call or apply for one of our current openings here on our site!