How to Make Ends Meet When Unemployed

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By Althea DeBrule
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Economic downturns can lead to layoffs, which in turn can lead to rising unemployment and severe consumer financial distress. The result is an increase in the number of unemployed workers who don’t have enough money to make ends meet each month. To survive financially when unemployed requires that severe cost-cutting measures be taken. This usually means a radical change in lifestyle and the household budget. Where once you could live above your means with just a little bit of stretch; now you must find ways to significantly decrease spending. Here are seven cost-cutting tips to help you save hundreds of dollars each month and manage limited financial resources well.

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Difficulty: Moderately Easy

Instructions

Things You'll Need:

Household budget
Cost Cutting Plan

Step 1

Review your household budget to determine financial stability. Consider all sources of income (unemployment benefits, severance payments, savings and checking accounts). Look at past debit and credit card statements to discover spending patterns.
Step 2

Pay in cash or by debit card. Don’t carry or use any credit cards.
Step 3

Use coupons and sales when buying groceries. Shop once a week and purchase store brands instead of well-known food brands.
Step 4

Eliminate fast food budget and eating out. It’s a lot cheaper to eat at home. You’ll be surprised how much you will save by taking the time to prepare healthy meals that are both delicious and economical.
Step 5

Curb impulse shopping and buying by deliberately staying away from malls and shopping centers.
Step 6

Look for creative inexpensive or free entertainment such as family games, reading books from the library, watching old movies you may already own or spending time in a park or other recreation. Limit or eliminate movie rental, cable TV, or spending associated with hobbies
Step 7

Cut utility costs by turning off the lights and TV when not in use. Wait until you have full loads to use the dishwasher and clothes washer and dryer. Set the house thermostat to 68 degrees in winter and 78 degrees in summer. Where possible, use fans instead of air conditioners.

Tips & Warnings

Get other members of your household to partner with you on any cost-cutting measure you implement.

Resources

Comments

gdsbls said

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on 3/15/2009 Need some serious advice in times of unemployement. We were doing most of this prior to losing our job. Can't cut off the satellite due to contract.