The recent economic downturn has affected many businesses and cost employees across the nation their jobs, and when you are one of those who has been let go, you need a plan of action in order to survive. Several practical tips can help you stay afloat financially during this stressful time.
Involve the family in your money-saving strategies, and while you might not want your children to see you struggle, they can understand the basics of contributing to the household. If you present this challenge as temporary, children won’t be afraid, and they can help come up with creative ways to save money and learn how to be part of the solution to the problem.
Buying and Spending Patterns
Change your buying patterns, this is a must. And while you may not want to go to the lengths of “Extreme Couponing” shoppers, combining coupons with sales does save money. Just be willing to switch to generic or less expensive products, and cook from scratch and avoid prepared meals, which can be costly.
Get an “In-Between” Job
Look for temporary work, while you may not bring home the usual amount of pay, a temporary job can open doors and job opportunities for you. You will stay engaged as a worker and involved with others, and a future employer will notice your ambition even when you are underemployed.
Resist the temptation to become self-employed unless you have a solid business plan in place. While starting your own business might seem like a great idea when you are unemployed, working for yourself offers a unique set of challenges. A new business needs time and money and can take months to reap financial rewards, and realistically, you need to focus your time, energy and finances on finding another job.
Don’t Let Pride Take Over
Consider taking an entry-level job though you may feel like you are taking a step backwards by looking for jobs teenagers typically take, such as retail, fast food or customer service work. However, an entry-level position can provide several advantages for you; employers notice your life skills and solid work ethic, which will give you great opportunities for advancement, as well as giving you the option that you can work evenings, which leaves your days free to continue your job search.
Look for other creative ways to earn money. Your unique skill set enables you to transition your strengths into a different career that employs your experience, such as if you can teach others or work as a consultant, or if you have a hobby you enjoy, you might be able to earn money by teaching or selling your products.