6 Ways to Save Money If You Lose Your Job

by Own the Dollar

man looking for jobDuring the course of my professional career, there have been several occasions where I’ve experienced an unexpected job loss. Fortunately, this has not happened too often, but it’s a tough blow to handle no matter your stage in life. It’s always a great idea to save money, but if you’ve recently lost your job, the circumstances are different. Every dollar counts, and you will need to shift your money-saving efforts into high gear.

Here are six ways to save – and earn – extra money if you have lost your job.

1. Sell Everything You Can
Dig through your closets, drawers, and other storage spaces for items that you no longer use and sell them on the Internet – try sites such as Amazon, eBay, or Craigslist. Depending upon how desperate you are for money, you may even want to consider parting with some items that you enjoy, but consider dispensable: your smart phone, flat-screen TV, and possibly even an extra desktop or laptop computer.

2. Look for Unusual or Overlooked Cash Sources
If you’re in need of money, you’ll have to be creative. Check your credit cards for reward balances, and cash them in for statement credits. If you’ve got a positive balance on your PayPal account, transfer this money to your checking account. You can also look for tools you haven’t used in awhile, old jewelry, savings bonds, and anything else you can find that will generate cash.

3. Suspend Saving for the Future
Although it’s rarely advisable, suspending savings for the future may be necessary. If you just lost your job, saving for retirement or placing money in your children’s college education could have to take a temporary place in the back seat. Pay your bills on time, maintain a solid credit score, and be sure to start investing for the future again as soon as you find work.

4. Take Whatever Work Comes Your Way
Now is the time to park your ego and take any position that will generate revenue. Remember, taking a job that is out of your line of expertise or earns less money than you are accustomed to is just temporary until you can get back on your feet. Some income is better than none – far too many times I’ve witnessed individuals who were just too proud to take jobs that could have at least brought in a modest income.

5. Slash Your Bills
There are numerous ways to save on your monthly bills. Keep the air conditioning or heat low, and start clipping coupons. Cancel your cable or satellite TV subscriptions, and review your cell phone and other monthly bills to see if you can save a few bucks by trimming services.

6. Consider Moving Back Home
Though this may be a last-ditch option, it should always be on your radar. You may not like the idea, but the transition won’t be that difficult when you realize the amount of money that you can save while staying with your famliy. When you’re ready to move on, you won’t have to break any contracts or pay any cancellation fees.

Final Thoughts

If you lose your job, you should immediately start your search for a new line of employment. Don’t just post your resume online – be creative! Clean up your resume by eliminating all grammatical errors,  and make sure it’s clear and easy to read. Visit the company that you want to work for, and ask to speak to the hiring manager – while you may not get through to the right person, you will most certainly make an impression. And furthermore, send your resume and portfolio in via postal mail – not many job seekers continue to use this method, so it can be a great way to quickly get your information in front of a hiring manager.

While a job loss can be stressful, by no means should you view it as the end of the world. Keep your head up, remain positive, and before long, you’ll find yourself back to work.

What do you suggest to save money during periods of unemployment?

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Deacon May 31, 2012 at 2:44 pm

Totally agree with slashing your bills as much as you can if you lose your job. I didn’t lose my job but I did slash my monthly expenses drastically when we were getting out of debt. It is amazing how little you need to live on if the circumstances require you to live on less.

juan June 28, 2012 at 6:23 am

good stuff

Harshit Singhala December 10, 2012 at 10:22 am

I fully agree with the tips that you’ve given to people to survive the times when they don’t have an active source of income. Though such times can indeed be stressful for most people, one should always try to find the best solution and try to save as much as they can until they have their job back.

Jim February 27, 2013 at 2:03 am

Losing job increases financial stress, it is a time to take tactical decision for financially and mentally sound. Primary source of income is gone, so it is inevitable to cut unnecessary spending and have to rework with the budget.

Paulette Noonan March 11, 2013 at 9:05 am

Amidst such a situation the first and foremost action that needs to be taken has to be budgeting and nothing else. Nothing other than a simple excel spreadsheet, online budget planner or app can help track your bills and limit spending habits. Now that things are tight, you have to cut back your daily as well monthly expenses. While this may seem drastic for a while, but for the time being it’s necessary to get accustomed to it which is going to help you in the long run.

Jon April 24, 2013 at 7:23 pm

Losing a job is a really tough thing to overcome. You have to be very patient and more importantly .. wise !! Reduce your expenses, spend your money only on necessary things. What’s even more important in my opinion is to accept any other job that comes your way. It’s ok if you have an engeneering degree and you work as a waitor. After all it’s only temporary. If you act wisely you can get through that though situation easily.

Nathan November 12, 2015 at 12:36 am

I lost my job a year ago and it was really tough as I have my family to support and I didn’t even inform my wife about it until a month after I lose my job. hard times but a friend of mine introduce me in trading online and I was very skeptical at first because there are many scams online and you just don’t know who to trust but seeing how he have earn from doing it I jump in the water. I started trading online and put half of my savings. It was damn luck that I it paid off and thanks to top-binary-options.com they managed my account for me. I am earning around $5-8k monthly and Now not only I was able to support my family I also pursue the thing that I wanted most.. painting.

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