No matter what my economic situation, I live a fairly simple life. I'm not cheap, rather just practical. Ultimately, I try not to be wasteful and save for a rainy day. But sometimes when it rains, it pours. Unemployment feels like a monsoon.
Even when I am working, my basic rule is: if I don't really need it, I won't spend my money on it. Similarly, if I know I won't take care of something the way it should be taken care of--I don't get it.
That's why I don't have DVR or and IPhone. I watch enough TV as it is, I can afford to miss some. And I know I would use the IPhone technology until the battery ran out and then would forget to charge it or I would leave it somewhere and it would get stolen. Who needs that? So I make due with basic cable and a $20 Blackberry (with no Internet service) that I bought used from someone at work.
But now I have to live on a quarter of what I was making in the real world. My savings are being spent on staying up-to- date on my mortgage. I can probably do it for another six months, then I am going to be in big financial trouble.
In the meantime, I'm on the job hunt and am cutting costs where ever I can.
Here are my Top 10 Ways to Save Money While Unemployed:
1) See what programs your utility providers have in place for people in your position.
I called the cable company, told them I was unemployed and needed to cut costs. They asked, "Would taking money off my bill help me keep my services?"(ahhh yeah it would help.)...The credit card company told me that they had a hardship program, and that when I was ready, the customer service rep said, "You just need to tell us you need "hardship assistance" and they would stop charging me interest for 3 months if I continued to make minimum payments.
Every customer service I spoke to was incredibly understanding and compassionate. Some could help, some couldn't, but it doesn't hurt to ask. Just call and say, "I lost my job...can you help me get my costs down?"
2) Determine what services you can do without.
I spend about $200 a month on TV, Internet, Netflix, land line phone and cell phone and texting services. I know I could live without one or two of them. Did you know TimeWarner lets you shut cable/phone/Internet service for a month and only pay a minimal fee to keep your account active? I was thinking of trying this for a while. Maybe I could live on my cell phone, Netflix and free wifi. As long as it doesn't hurt the job search, it might be worth considering.
3) Find ways to cut back on the services you are using.
I had a personal trainer at the gym. When I lost my job...he was the first service to go. Maybe its your cleaning lady or the gym membership. There's got to be some "luxuries" you can do without.
4) Start selling off the stuff you are not using.
I have crap in my closets that I could stand to clear out. I know I could get a few bucks for them at a garage sale. Take the time to go through your stuff and ask your friends if they have anything they want to get rid of. Pick a weekend and sell your stuff. I bet that puts a few hundred in you pocket. And best of all, you clean out the clutter.
5)Stop eating out.
I know that this is a recurring theme in my blog, but really, that's how you save money. You can buy a sandwich for $5-7 in the deli, or you can make your own for about a week for around the same cost.
6)Only go grocery shopping with a list. And stick to it.
The old me would go to the grocery store 3-4 times a week to pick up the things I needed. Sometimes I would see something on the shelf, like tuna, buy a pack and come home to find that I have plenty in the cabinets. Now I make a list for the week, (which means planning for the week) and I try my best not to deviate. If you don't think of it when you are sitting in the house, you probably don't need it.
7)Make it your goal to clear out your cabinets.
I've got cans of soup, tuna cans, and frozen meals, meats and vegetables. There is more than enough to make acceptable meals. Make it your goal to clear out what you have there, before you start restocking and spending at the grocery store. There is a reason why the food is there. You bought it...now eat it.
8)Keep your car parked as much as possible.
I've been trying to cut my car usage down as much as possible. A walk or bike ride keeps my body moving, keeps me out of the house, and best of all saves gas money. I have more time to spare now. It doesn't hurt me to stretch a 30 minute trip to the supermarket to a full hour. Gas prices have been going down, so this doesn't save as much as it used to, but every penny counts.
9)Be creative in cutting some of your entertainment expenses.
My friend (also unemployed) and I like to go to the movies and/or go out to dinner. I can't afford either of these activities anymore. We've come up with a few alternatives, such as watching DVDs or on demand movies at one of our houses; picking one night a week to having a home-cooked dinner at each other's house; or bagginng our lunch and spending the afternoon at the park. Getting a little creative can be entertaining in itself.
10)Continuously monitor your spending. Don't let it get away from you.
I HATE counting my pennies. It is not who I am and what I am about. I work to enjoy life and my goal for work is to never have to worry about money. But unemployment makes this impossible. For now, watching your cash flow is your new part-time job. You get to quit, when you land a real job. Keep looking for ways to make your dollars last even longer.
So those are my tips for saving money. Love to hear yours!
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