Are you between jobs? Save the maximum by adopting these ideas

24 November 2020

Are you between jobs? Save the maximum by adopting these ideas

The biggest fear of any salary class person is job loss as salary is the one and only source through which you can pay all the bills and manage the day to day expenses. Job loss is a major concern throughout the world. If you are in a similar situation then your mind must be piled up with millions of possibilities and negative thoughts. It is quite important to deal with such a situation smartly. So here I am sharing

8 simple ways through which you can save money and manage the funds while looking for a job

  1. Search for sales and deals

    The simplest way to save maximum is to search for sales offered by grocery stores, or retailers and get the best deal in all those items which are essential. You can prepare a list of all the necessary items and purchase them during the sale. In the crisis situation, online shopping is the best to avoid unwanted expenses. Different payment wallets and banks too, provide cash back options you can take advantage of that also to save maximum.

  2. Use alternative modes of transportation

    We all know that gas and petroleum can be very costly if you only rely on your personal vehicle for transportation. Try not to drive unless it is too necessary. Public transportation is cheaper than driving your own car, and if you buy monthly passes then it would more cost-efficient. Use local trains and buses inserted of- taxis and cabs when you are not in too hurry to save some of your hard earned pennies.

  3. Talk to friends and Family

    Discussing your financial situation can be difficult, but talking to your close friends and family members may help you significantly. When you get opened up about your economic crisis then the chances of getting crucial advice and much needed financial assistance is high. You never know they might help you in getting a decent job through their contacts.

  4. Cut all non-essentials from your budget

    Everyone hates budgeting, but it's a must if you want to manage your money. In order to properly maintain your budget, first of all, you need to be honest about your spending. Just prepare a list of all your expenses and analyze it; you will find that there are many things in the list that you can avoid without much difficulty.

    Another simple way to save your money is to say goodbye to your domestic help and do the day to day chores on your own. It will also help you to stay busy and healthy.

  5. Avoid throwing parties

    Throwing parties in a restaurant or any food service outlet costs a high amount and you must cut such unnecessary expenses. In any case, if you can’t avoid the party, plan it at your place or any garden. Believe me; you can create the same ambience at your home, as you will get in any restaurant, in one-fourth expenditure.

    In addition to cutting things that are not part of your basic needs, there are many ways to save money. And one such way is, avoid going out for dinner in lavish restaurants. You may visit any street food stall to satisfy your appetite once or twice a week.

  6. Visit your parents

    Whenever you are in the financial crunch your parents would give you a good hearing and you can openly share your thoughts with them. And if you are single, stay with your parents without a second thought as long as you don’t get a new job. On one hand, it will reduce your expenditure on food and house rent, as well as, you would be able to spend quality time with your parents.

  7. Adopt freelancing or short-time tasks

    You can accept any freelancing task like-content writing, graphic designing, data entry, tale calling etc, and make some quick money for your daily needs. Apart from this, you can also start working on some short term tasks like teaching or workshops that will keep you busy, motivated and provide money as well. The important thing is to be realistic about how much you spend per month and make sure you cover all the categories. If you can somehow manage to earn 70-80% of your expenses through short term work then it would be good enough.

  8. Review your debt and prioritize what needs to be paid first

    One of the key rules is, not to start a new EMI or loan when you are unemployed. If you purchase a new phone, laptop or car on EMI then you have to borrow money from friends or family members and it will create unnecessary stress only. So it will be a better option to postpone your new phone for a few days. Always prioritize what needs to be paid first and then plan for future needs.

Hope these ideas will help you to manage your money in a better way. Job loss is not a big deal in the current economic downtrends and all of us must prepare ourselves for such unfortunate situations. If you follow a simple rule of saving at least 15% of your income always, then you will not feel too miserable in such crisis situations.