In May of 2015 the unemployment rate for the united states was 5.5% and is now down to 4.9%*. While this decrease in unemployment is promising, there are still many people who don’t have jobs. So what is the first rule for people who are unemployed? Stop spending.
Whether you are recently graduated from college and looking for employment or have recently been let go, unemployment is a difficult place to be.
We’ve broken down the process into 5 steps to help you get back on your feet:
1.Stop Spending. It only makes sense. You can’t spend money if money isn’t coming in. Depending on how much you have saved, you will have to be frugal. This means not being wasteful. Only spend on the things that are essential. For help on knowing if you should buy something when money is tight, read out blog post ‘Should You Buy It?’
2. Take a look at your finances and assess your situation. How much do you have saved? What bills do you have to pay immediately? This month? In the upcoming months? Re-assess your budget so you can get by with what you have.
3. A few dollars here and there can add up! If you can’t find a steady job right off the bat, start working odd jobs. Every dollar counts. While this might hold you over for some time, don’t rely on these odd jobs. You have to think ahead, and that means getting hired for a full time position.
4. Constantly looking for job opportunities. New job openings are consistently being posted online so don’t give up if you don’t seem to find anything on the first day of looking. Work on your resume and interviewing skills while you are in between jobs. For help on creating a killer resume, read our blog post here!
5. Save for unexpected events like unemployment, incase it is to happen again. When you do have a job that is constant, make sure you are saving for the future! If you have been in a tight financial spot before, work hard to give yourself a cushion.
If you don’t have a job, stop sending your money and start looking! If you are employed, begin building up a savings that could make the difference if you are to become unemployed.