Money Management While Unemployed

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  1. Bargain Hunt for free/low entertainment-go to matinees for movies, go to lunch instead of dinner, and borrow library books instead of purchasing from the bookstore at full cost.
  2. Cancel premium cable channels and only keep the basic package which should include a handful of local channels for news, sports, and weather reports.  You may be able to add the premium package later.
  3. Cook at home more. Spending money on breakfast and lunches add up and you never receive the best value since the diner/restaurant has to pass along expenses to you as the consumer. Likewise, practice a few recipes to add spice to your dishes and you will enjoy cooking more. 
  4. Cut coupons for groceries and switch coupons with family/friends since you may have coupons for them and they may have specific coupons for you. The Internet is great for finding bargains and there are websites which concentrate on coupons and some have small or no fees to become members.  
  5. Maximize your financial accounts by combining/eliminating multiple fees. For example, a couple may want to limit themselves to 3 checking accounts-Household, his, and hers.
  6. Minimize long distance telephone bills. Check with your long distance carrier and do a price comparison.
  7. Postpone any optional/cosmetic surgeries, home improvements, and vacations. You do not know how long your unemployment will last.
  8. Stop paying for group bar sessions or group activities. Some people refuse to review their financial situation and continue to spend money trying to keep up with the Jones. Your main concern must be for your family
  9. Purchase discounted clothes, furniture, and electronics and forego the latest designs/models,
  10. Reduce electricity/gas bills by closing doors for less used rooms and turning the heat down at night.  Use an extra blanket on your bed. Also, for the daytime, you can limit your time between a handful of rooms such as the bedroom, kitchen, and living room.
  11. Review the family budget. It may be hard but it is important to be honest about family wants and needs.
  12. Sell some quality items at a yard sell or on eBay. Some with people who have done this and they can give you the best ways to maximize your sales.
  13. Teach yourself at least one marketable skill based on your abilities and desires. For instance, if you enjoy designing invitations, you can take an advanced computer class and design brochures, business cards, and newsletters.  
  14. View your unemployment at an opportunity to review other employment options or take a few classes. It is important to take classes/courses in areas of growth such as computers and health.
  15. Watch out for employment trends and take training geared toward these areas. A prime example is computer work such as web designing.
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