He had a dream job, he was doing well and there was some stability in his life, until one day the most feared news came: They were “letting go”, and although he didn’t want to, he had to accept that “freedom” imposed. 

Keep finances afloat when you’ve lost your job

Keep finances afloat when you

When unemployment hits us, thousands of things come to our head, mainly everything related to how we will pay our debts or face the family budget. And many times it is that despair that leads us to accept any job, even if it is not something we like or pay us much less than the previous job.

If this is happening to you, calm down, do not lose your temper, the truth is that it is possible to reduce expenses and survive while finding a suitable job instead of accepting the first option presented. Here are some tips you can apply:

1. Evaluate outstanding debts: 

debt

Make a list of the things you still have to pay, how much is the monthly fee, how much time you have left to pay and what are the debts that have a “guarantee”, for example, the car credit or the mortgage.

In the case of the mortgage, the ideal is to talk to your bank or another institution and ask for a mortgage portfolio purchase. So you can get lower fees that will be easier to pay and avoid arrears and a possible embargo. Before choosing an alternative, compare all purchase options , so you will know which entity offers the most comfortable fee and other benefits.

2. Cut out the cards: 

credit score

If you have more than one card it is better to unsubscribe the ones you use less. It is best to avoid the use of plastics as much as possible because you do not want to pay interest and spend unnecessary money. Compare your cards and check which one generates more expenses and less benefits, and eliminate it.

3. Identify savings opportunities: 

3. Identify savings opportunities: 

Check your budget and eliminate those things that are too much. Replace products with cheaper brands; eliminate some “comforts” such as eating out or paying someone to do the cleaning, instead of spending on that, cook and take advantage of the time available to do the house cleaning. Similarly, in case of transportation to nearby places, walk or use a bicycle, you will save and feel better with healthy habits.

4. Be creative with your social life: 

4. Be creative with your social life: 

If you do not want to stop seeing your friends but continue your pace of life implies a greater expense, think and propose new and cheap alternatives, such as cooking at home instead of eating out, watching movies online instead of going to the movies, go cycling, exercise together, among other things.

Keeping everything afloat while finding a new job is a matter of effort, responsibility, creativity and above all patience!

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