Re-Igniting Your Finances: 4 Ways to Deal with a Job Loss

August 26, 2019 by Susan Paige

Let’s face it: the economy is far from stable in today’s world of ecommerce and worldwide government instability. These massive complications often affect both small and large businesses and your job position may have ended up a byproduct of the confusion or you may have found yourself without a job for another reason.

Regardless of the cause, if you are dealing with an unexpected job loss, you need to find a way to pay your bills until you can find a new one. Here are 4 ways you can reignite your finances to get you through this tough time.

4 Ways to Survive Financially Between Jobs

  1. Get rid of as much debt as possible. Millions of people use credit to pay for things that they can’t afford. If you’re strapped with high interest credit card debt and you don’t have a job to cover your monthly bills, don’t just stop paying them. Not only will this hurt your credit, but that interest will accrue anyway. Your monthly minimum payment can quickly spiral out of control and you’ll have to deal with it when you finally get back on your feet.

If you can find a way to refinance to a lower interest rate or pay off any of these debts, it will help you avoid those monthly bills. You can also call the credit card companies, banks, or student loans and see if you qualify for deferred payments.

  1. Sell your unused goods online. There are so many ways to unload your junk without having a garage sale (although that’s always a potential way to bring in a few bucks, too). With newer apps like Decluttr and tried and true eBay, you don’t need to leave your stuff laying around the house. Chances are, there’s someone looking for what you have if you find the right site to sell it.
  1. Consider selling your home. If your home doesn’t suit your current lifestyle anymore or is more than you can reasonably afford, you may decide you need to sell it. Selling your home can get you out of that high monthly payment, and you might even have enough equity in it to walk away with enough funds to get you through this tight time.
  1. Learn how to make cash for your grocery shopping. You have to eat, no matter what, and now there are ways to take the money you spend at the grocery store and get cash back. Apps like Ebates and Ibotta give you money towards purchases if you are buying targeted products anyway. Couponing is another way to save a lot of money. It’s becoming a science and there are classes to teach you the tricks of the trade offered online and in many communities.

Don’t Add More Stress Than You Already Have

Being without a job doesn’t mean that you won’t be able to earn an income at all. The same problems that may have resulted in your job loss – ecommerce and technology – can also help you to get through this time.

Check into refinancing, selling your home and clutter, and downloading some apps to give you money back on what you spend. You will get through this tough season of life one day at a time, and there are many ways to help you financially as you go.

Leave a Comment

Your email address will not be published. Required fields are marked *