Trying to budget your monthly income after a job loss can be most challenging, if not impossible. You might be an employee who has recently been laid off and needs to immediately tighten your budget. The bills are still coming in, but all you have is unemployment checks and any available savings. Creating a solid budget for the next several months is of the utmost importance.
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Difficulty:
Moderately Challenging
Instructions
1
Get some budgeting help. Seek financial assistance from a financial advisor. Ask an accountant to sit down with you and create a working monthly budget. Record, in detail, how much money you have coming in and calculate the total amount of your monthly bills.
2
Eliminate unnecessary expenses when possible. Until you find a new job, seriously consider stopping payment for luxury items. Temporarily discontinue your cable television, cell phone, gym membership and magazine subscriptions. You can resume these services once you replace your income. Develop a budget after a job loss by only paying for basic necessities.
3
Utilize community services for free. Visit a local church or food bank to supplement your food budget, if needed. Research whether you qualify for free rides to work. Call your utility companies and find out if there are programs to reduce monthly payments for gas, electric and water bills.
4
Reduce mortgage or rent payments. Call your mortgage company or landlord and explain that you lost your job. Inquire as to whether you can refinance into a lower monthly payment. Use your savings to pay your housing bill. If not, consider moving into something you can afford.
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