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Budgeting Lesson 6 - How to survive unemployment

Posted on: 04th Oct, 2006 02:23 am

We work to fulfill our family requirements. Facing unemployment can be devastating both personally and financially. It's not that you are facing unemployment due to personal failure. There are a number of hard working people who face unemployment at some point of time in there career. Below are few steps that will help you to survive in times of unemployment.


  • Try and understand the circumstances that made you unemployed, rather than cursing yourself. This will help you to decide upon your next step.
Other Budgeting Lessons
  • Have a look at your budget and determine your expenses. Try to figure out the savings and for how long it will last.

  • Try to be realistic, understand that a job search will take some time. While you are searching for a new job, consider a flexible part time job that leaves enough time for your interviews and gives you some income at the same time.

Surviving unemployment is all about being flexible, having the right attitude and smart planning. This can be very stressful at times but it will take you through new paths, especially in case of money management and job satisfaction

Hi,

I had faced that dreadful feeling of being unemployed in my life. Let me share my views on unemployment.

There are quite a few psychological effects and one should not let unemployment affect your personal attitude towards life in general.

You should also consider filing for the unemployment insurance claim as soon as you lose you job. It will at least help bridge the gap in your earnings until the time you get another job.

Thanks
McArthur
Posted on: 04th Oct, 2006 06:06 pm
Jerry has covered some very important points, just to add to it

Make sure that you cast a wide net in your job search. Don't limit your search to a local news paper. Try to visit some job fairs and talk to your friends who are in same field.

Zeal_Deal
Posted on: 04th Oct, 2006 08:07 pm
HI,

Remember, if you loose your job then it is not the end of the world. Start looking for a new job. Start contacting everyone in your network and see if they have any positions available. Also check regularly the local newspaper ads and online classified. You never know where your next opportunity is going to come. Don't sit back and wait. Take the initiative to get a job.

Thanks
Posted on: 04th Oct, 2006 09:29 pm
While you create a budget for unemployment, keep in mind that the average job hunt takes around 6 months. One more that you should think about is that the month you run out of the expenses, is too late for you to limit your spending power. Remember the two golden rules when you plan a budget.
  • Withdrawal of cash from your 401K Plan account is more troublesome that applying for credit cards.

  • One should only apply for credit cards until and unless there is financial emergency.
It's better to cut down your expenses as much as possible without losing your home. Also, do not aim for a job providing excellent income. Rather you should start applying for jobs for which you are overqualified.
Posted on: 05th Oct, 2006 03:45 am
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