Top 5 Invoicing Tips

For someone running your own business, one of the most important things you need to create is an invoice. Its how you get paid.  Creating an invoice is not a big deal, but if you've never done it before, it can be overwhelming. 

Here are a few tips:

1)  Find a template you like.  Microsoft Word offers a invoices as a template you can modify for your use.   Every invoice should include the following information:

• Your business name, address, phone, fax and email.
• Date of invoice and date payment is due.
• Name and address of the person and company you are billing
• A unique invoice number.  I like to use a three letter code to represent the business and a date.  (ex. LWZ-20110906)
• A description of the work your are charging for and the amount.
• Any warranty for the work you did should also be outlined within the description.

2) Keep record of all the work you have done and time spent, especially if you are billing by the hour.  This will be important in the cases when someone questions you on the total hours you are billing for.   I recommend http://www.paymo.biz/.  This tool  is free.  It allows you track your time and has tools to help you create your invoice.

3) Invoice immediately after the work is done.  Do not hesitate. If there is any issue with the work you did, it needs to be addressed immediately, not after your client has time to reflect on what they should have asked you to do.

4) Keep records of invoices and which ones are still unpaid.  You have to stay on top of this to make sure you get the money you are due.

5) Keep a spreadsheet of all your invoices.  This will be useful when you prepare your taxes or review your strategy for the following year.


Top five quotes about Invoicing:

You don't get paid for the hour. You get paid for the value you bring to the hour.   --Jim Rohn

I get satisfaction of three kinds. One is creating something, one is being paid for it and one is the feeling that I haven't just been sitting on my ass all afternoon. --William F. Buckley, Jr.

What more can you ask for - getting paid for doing what you love. --Tiger Woods

 

Deliver more than you are getting paid to do. The victory of success will be half won when you learn the secret of putting out more than is expected in all that you do. Make yourself so valuable in your work that eventually you will become indispensable. --Mandino, Og

Every day I get up and look through the Forbes list of the richest people in America. If I'm not there, I go to work. ~Robert Orben

Being your own Boss is TOUGH!

Working at "Elastic" has a lot of perks.  For one, I have a steady paycheck, and for that I am always thankful.  Secondly, even though I am still a temp, they try their best to treat me like an employee of company, and that the most I can ask for.  And it is a really nice company with a great mission, and that makes me feel good.

But at the end of the day, I am my own boss and I have a business to run. By that I mean I have to pay my own taxes, get my own insurance, stay on top of keeping records and receipts. I know for a fact, I'm not good at this.




My strong suit is marketing, coming up with great ideas and helping businesses make money, not administrative tasks.   Prior to being being my own boss, the only bill I was worried about staying on top of was my mortgage.


Last week, I almost lost my medical insurance, due to the fact that I didn't pay my bill.  Its not that I didn't have the money. It was that I MISSED the bill. 

Last year, I actually lost my Cobra benefits for a similar reason.  Due to the lapse of insurance (which I was unaware of), I had to do a lot of legwork to prove that I had no pre-exisiting conditions. And then, I had to wait another 30 days for the new insurance to kick in.

Had I lost medical insurance this time, it would have been 9 months before I could apply with them again.  So not only would I be without insurance, I would have to research another carrier.  I seriously don't have time for this.   Who does?

But as my own boss, I have to keep my "business" running.   I have to come up with a plan to stay organized.   I MUST make myself better at administrative duties.  I cannot afford to make a mistake.

Here are some of the things I put in place to help the process:
1) Taxes - My accountant made me a nice schedule of paying quarterly taxes.  I have updated my calendar with these dates and have a folder on my desk, which I check on a regular basis.

2) Medical Insurance - I now have this bill set as as an automatic withdrawal from my account.  I don't like to do this with my bills, I like to control the payments, but I already messed up 2x with insurance. I don't want it to happen again.

3)  Invoices and Receipts - Most of my expenses are recorded on my Credit Card bill.  I only have one credit card, to keep things simple.  I have a  box that I store all my receipts, and when it comes to taxes at the end of the year, I use that box to inform my accountant of my deductions.  My invoices are stored on my computer and sent via email, and I also record them in a spreadsheet.

 Barb's Top 5 Quotes about Getting Organized:

• "Don't find fault, find a remedy." - Henry Ford
• "Organization is not an option, it is a fundamental survival skill and distinct competitive advantage" - Pam Woods
• "Organizing is what you do before you do something, so that when you do it, it is not all mixed up. " -A. A. Milne
• “Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.” - Roman Catholic Saint Francis of Assisi
• “Life is too complicated not to be orderly.”- Martha Stewart

EARTHQUAKE in NYC!!!

So yesterday NYC experienced its first substantial earthquake in a very long time.  According to reports after the Japan quakes, we were long overdue.

When this earthquake hit,  I was on the ground floor in the "Elastic" Bookstore with my friend and her toddler daughter who came to visit.
Like many people at ground level, we didn't feel a thing.

I didn't realize something had happened until I saw EVERYONE leaving the "Elastic" offices and filling out to the street.

What shook me up was ACTUALLY the aftermath, (not the actual quake).  I stood outside with a lot of nervous people on the street looking up at the buildings and had (minor) flashbacks of 9/11. There was the the fear of the unknown, and questions of what was coming next.

Then someone asked the question of whether it was smarter to be standing in the street or in the building? (We were all outside looking up at the building).  Nobody seemed to know.

Then in the middle of this, I had a new fear: is this going to shake the economy too?  Seriously... that was my next thought, which always comes back to the question "Will I be unemployed (again)?"  

Thankfully, at the end of the day, it was a small quake...there were no aftershocks, and no damage in the city.  We ALL went back to work, and life went on as if nothing happened. 

People were even joking about it, posting silly photos on facebook of the "damage" (lawn chairs knocked over, water bottle on the floor).

All the worry and anxiety was for nothing. 

I believe every experience has a lesson learned.  Here is mine from yesterday:

What to do during an Earthquake:
If you are inside drop to the floor, take cover under a sturdy desk or table, and hold on to it firmly. If you’re in an office building, stay away from windows and outside walls and do not use the elevator.


If outside, stay out in the open and away from buildings (you could be hurt by falling bricks and glass.


What do to about Worry...Don't. Don't worry about things (like natural disasters and aftermath) that you can't control.   Just do your best to be prepared, be smart with your money and keep on truckin'.  No matter what happens, you will figure it out.


Barb's Top 5 Quotes About Worry:

Do not be afraid of tomorrow; for God is already there. ~Author Unknown


We are more disturbed by a calamity which threatens us than by one which has befallen us. ~John Lancaster Spalding

Rule number one is, don't sweat the small stuff. Rule number two is, it's all small stuff. ~Robert Eliot

You can't wring your hands and roll up your sleeves at the same time. ~Pat Schroeder


Wanna fly, you got to give up the shit that weights you down. ~Toni Morrison

This is why I have a REAL Financial Advisor.

Yesterday I was watching TV and saw Ivanka Trump. She said something about real estate mortgage rates being at an all time low, and that this was a great time to refinance. I promptly called my bank and asked for some rates.

After 30 mins on the phone with the broker, It ALL sounded great.  I could consolidate my bills, my payments would be lower and I could own my home in 20 years.  I was ready to sign and get my lower interest rate like Ivanka suggested.

I shopped around a little, but as I remembered from my original mortgage experience, every bank has different offers, and its never apples to apples. ( I think I finally I settled on my original mortgage because in addition to it being a good rate, the broker went to church with my Mom.)  But based on what I could tell, this refi rate sounded good.

Just before I started moving the on the refi, I called my personal Ivanka,  my financial advisor, Rae.   I never make a move without her.

She said it sounded good, but she gave me a bunch of questions to ask the broker. They were questions I wouldn't even know to ask. I called the broker back, got the answers, and called Rae.  Then Rae crunched the numbers and explained that the closing costs were so high and that my current rate was pretty good. At the end of the day, it wouldn't really be worth it.   (Who knew?)

I have discussions like this at least 4 times a year with Rae. She always helps me realize if I am on the right track, or if I have considered all the possible sources of money available to me, and most importantly, keeps me from making some costly mistakes. Most of the advice she provides me are on decisions that will never put money in her pocket (at least not in the near future!).  I might not always take her advice, but I always understand the situation better after talking with her.

Rae's helped me buy a condo (when I thought it was impossible), got me through 2 periods of unemployment (unharmed),  and she took my 401K that was basically only the money that I had put inside in it for 11years and made it GROW. She's even helped my friends get engaged, and buy the homes of their dreams.

Anyway...the moral of the story really is, don't believe everything you see on TV, and if you don't understand the fine print or the nitty gritty, find someone who does. 

QUOTE OF THE DAY:
“Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you're generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don't make.” --Donald Trump

Sorry, TWC. You Lose...

So here's a story for you...


I recently switched from Time Warner Cable (TWC) to Verizon.

I had been a TWC customer for over 6 years and was very happy with the service.  In fact, when I had been laid off back in 2009, I called TWC and explained my situation, and how I couldn't afford the current bill and would have to cut my services to the bare minimum.  They offered me the triple play for $99.  I took it.  I was very thankful for this concession.

Then after a year, the price jumped up to $149 a month.  I called them back, and explained my situation (I'm still unemployed) and this time they said they could only give me these services for $129.  I paid that for a few months, but every time I turned on the TV, I saw an advertisement for $99 triple play from TWC. 

I called back and asked for the $99 rate that they are constantly advertising. They said there was nothing they can do.  I asked once again to lower to $99, they said they could not. 

Then I researched Verizon, and learned that they too offer a $99 triple play package.  I signed up for Verizon and I promptly cancelled TWC.

I now get the same services (a few different channels) from Verizon for $99. 

I also get daily letters and letters from TWC offering me to come back for $99 a month!  Apparently, according to the small print,  after 1 month I am eligible for this great price.   They really could have saved a bit of money on postage and a customer, if they would have worked with me. 

So TWC, you lose... (for now).

Verizon...take note...I'm not a big service switcher, but a girls gotta do, what a girls gotta do to save money!

Sometimes I amaze myself

A few months ago I dropped my laptop and cracked the screen.  Anyone that knows me, knows my laptop has become my life.  Its how I am able to "work at Panera," and get out of the house. 

I spoke to my techie friends, who told me, "Forget about it...at work, we trash laptops with broken screens."  "Well, that's it," I thought, "your laptop days are over."    I went a couple days working on the fractured screen, slowly accepting defeat, and then I did a little more research. 

I found a fantasic site, called Notebookreview.com  that features all the instructions you need to replace your laptop screen.  Then I found a site called Laptopz.com that sells screens, and for $125, I fixed my laptop. BY MYSELF.

Last week, my laptop started giving me a new problem.  The DC power jack started flaking out on me.  Sometimes the DC power was recognized, and sometimes, the computer would automatically switch to battery power.  I asked my techie friends again for advice.  "Forget about it...you need to buy another computer."  Well, I was ANGRY.  How could Dell create such a fragile part?  Here the computer is running fine, the screen looks great, and I am about to be done in by a loose power jack.  But researching the issue, I found hundreds of other people describing the same problem...and advice that matched that of my techie friends.  (Dell Computers, seriously...you stink and I am on to you and your evil ways.) 

But even with the bad news, I wasn't ready to give up.  I was encouraged by the success of my previous repair, and found another great website, insidemylaptop.com, that had clear instructions on how to take my Dell Inspiron B130 apart, and make make repairs to the DC Power Jack.   I got a perfect list of tools needed, and instructions and pictures on how to dissemble the computer.  I bought the items I needed at Radio Shack, and got to work.  To make a long story short, I fixed the problem, and gave my laptop an extended life.

Long story, with the full truth,  I couldn't unsoder the power jack from the motherboard, but I was able to clean the contacts on the jack.  I also lost the functionality of the touchpad in the process, but I still consider this repair a win.   I can now power up the computer AND I was able to replace functionality of the touchpad with a USB mouse.  This repair cost $40.

Why is this a big deal and how does this apply to my story of unemployment?  First of all, I have to stop and celebrate a "win," which in this case is fixing my laptop.  I am impressed with what I was able to do with help of great instructions from the websites mentioned above.   Second of all, I saved myself big money, which is now a current theme in my life. I estimate these two repairs would have cost me another $200-300 to bring to a professional.   But most importantly,  this is something I NEVER would have bothered with had I been employed.  I would have never learned that I was capable of making this type of repair... I would have moved on with a new computer.   To me, this is a big deal.

I'm always looking for a sunny side to my unemployment experience.  This week, I think I found another one.  (There's always a sunny side...sometimes you have to look a little harder to find them. )

"Time is Money..."

No doubt...the sooner you land a job, the better off you will be financially.  I don't think I need to be reminded of this...EVER.  I'm in the race to get to my next job.   I'm keeping myself busy searching, following up on leads, contacting old friends...

So when I got a call from Bonnie, who I thought was a headhunter, I followed up right away.  She asked me to send my resume and promised to call me to discuss at 12:00 on Friday.   I moved my plans around to make sure I was available for the call. 

On Friday, Bonnie called filled with compliments on my experience,  skills and education.  She asked me about my biggest frustration concerning my job hunt.  I said it was the amount of time it was taking me.  She told me that she and her team would have me working again in 4 weeks.  Her team included a resume writer, a team of letter writers and career coaches.  Bonnie's team has access to all the jobs that are not posted anywhere else.  They would do EVERYTHING for me.... send me leads, and even write my cover and thank you letters.  All I have to do is show up for the interview, and call them afterwards to tell them what happened.

After 30 minutes, Bonnie says, "How does all this sound to you?"   I had already shut down.  I knew where this was going.   But I already wasted this much time (MONEY) on the call, so I said, "Well, it sounds great, Bonnie, but I assume there is a cost involved."  Bonnie says, "Well yes, it is a service.  It costs $1,900. "    And then without skipping a beat she asks, "What credit card do you want to put this on?"

Are you kidding me??? ARE YOU KIDDING ME? 

I asked her to email me the information and I would have to think about it.   The email comes with the following message:

Barbara

Time is money……I understand that you do have obligations but you are lucky enough to make your ends meet, now is the time to figure out how long will you luck hold out for. This window on average is 4-6 weeks ...Keep in mind, at your income level you are losing $4,000 every month you haven’t found the right position.


Thanks for the advice, Bonnie.  Do you have any words of wisdom about throwing money out the window?  Well,  I'm going to keep working on my own and I'll keep my $1900.  How do you like that?

This kind of business really pisses me off.  I hate when people prey on your insecurities.  Basically, they are saying, "You don't have a job, you can't do it on your own, and you need us to get back on your feet...so give us all your money and sit back and watch us work. "    I don't think so.

This is a tough time people, but we'll get through this.   Just remember to keep your head up.  Don't let these yo-yo's waste your time, take your money or get you down.  

In honor of my experience, I decided to pull a bunch of quotes about money.   I hope they inspire you to keep working to your next job. 

Top 10 Quotes on Money
(AKA - There's more to life...)

1)“What we really want to do is what we are really meant to do. When we do what we are meant to do, money comes to us, doors open for us, we feel useful, and the work we do feels like play to us.” -- Julia Cameron

2) “Financial sense is knowing that certain men will promise to do certain things, and fail”  -- Egar Watson Howe

3) “If a man has money, it is usually a sign, too, that he knows how to take care of it; don't imagine his money is easy to get simply because he has plenty of it.” --Edgar Watson Howe

4) “The best things in life are free.”

5)  “Put not your trust in money, but put your money in trust” --Oliver Wendell Holmes

6) “Money buys everything but good sense” - Yiddish Proverb

7)  “Money is the most important thing in the world. It represents health, strength, honor, generosity and beauty as conspicuously as the want of it represents illness, weakness, disgrace, meanness and ugliness.” - George Bernard Shaw

8)  “With money you can buy a house, but not a home...With money you can buy a clock, but not time...With money you can buy a book, but not knowledge...With money you can buy blood, but not life
...With money you can buy sex, but not love...So what can you buy with money???”

9) “No horse can go as fast as the money you put on it” --Earl Wilson

10) “Rich people have money, poor people have faith.” Helen Lagerberg

Reality Check - Health Insurance

I'm a pretty healthy person, and hardly ever go to the doctor. But this weekend I got stung by a bee and was taken to the hospital by ambulance with an allergic reaction. The whole time I was going through this, I was thinking about the added expenses I was going to have to deal with AND feeling a little better about the fact that I have insurance.

I can't tell you how many people I talk to that opt to go without insurance simply because they can't afford it. That is so scary to me. You never know what blows life can deal you. I'm hoping that a) I get a good job with great benefits well before my supplemented COBRA runs out, and b) I never have to use them.

I've been so thankful for the 65% my old company has been contributing to my COBRA payments. They will be making these payments for the next few months and then I am on my own. The cost will go from $100 a month to close to $500. That's more than one unemployment check, and I still have a mortgage and other bills to pay.

This little reality check puts the health insurance debate front and center in my mind.  This is the time I need coverage the most or I could be wiped out financially. I pray that Obama and his administration do right by all Americans and that he gets the support he needs to be successful.

As many posted on Facebook:
No one should die because they cannot afford health care. No one should go broke because they get sick. No one should be denied medical care by their own insurer. No one should stay in a job because they are afraid to lose their insurance.


And here is my motivational quote of the day:

Our greatest glory is not in never falling but in rising every time we fall. --Confucius

I'm not going to let you kick ME in the Teeth...bucko!

I am so sick of these sites that allow you to upload your resume, only to find out you have to pay to apply to any of the jobs that they have listed. I'm specifically speaking of TheLadders.com, but I am sure there are others out there doing the same nonsense.

First they sent me an invitation to load my resume, then they APPROVED my resume. Today I was searching the site, and found some interesting listings, when I went to apply, I was blocked and asked to upgrade now to premium membership so I can submit my resume for this listing. SERIOUSLY???? You are wasting my time.

I realize, its not a crazy amount of money...$15 a month. But, I am unemployed. I am living on a fixed income. I do not have the extra cash to gamble on a chance that your website MIGHT get me an interview. In fact, I am seriously wondering if any of the sites will get me in the door.

Here's my list of places (to date) that try to kick you when you are down.

1) Resume Writing Services - $300 for a revised resume.
First of all, I think with the exception of a few careers, if you need someone to write your resume for you so you can get a job, you have a problem. Its like buying a term paper. Secondly, I don't like the way these services market to you. They tear you down, when you are at your lowest. And 3rd...I just think that is way too much to charge for this kind of service.

2) Unemployment Benefits - TAXABLE income.
I'm living on a FIXED INCOME that the government FIXED for me. Now I have to PAY back the government on the pittance that they gave me to survive. I'm taking the full amount now, but I know I'll feel it come tax day. While everyone is enjoying a nice fat return, I'll be happy if I don't end up owing the gov.

3) Online Banking. No direct deposit - Free Checking is GONE.
Yeah...I'm unemployed. I get a direct deposit of zero. So this is when you are going to decide to charge me? Thanks a lot.

Well that's my top 3, I am sure there are more. What's your pet peeve for unemployment?

Cobra - Its bite kills you instantly (or financially).

Today I have to start paying for COBRA...And like the snake, its bite hurts. I would consider just flying solo with no insurance like many people do, but with my luck, that would come and bite me even harder. So I'll pay, and hope I never need it.

I'm lucky. I had 3 months of benefits paid by my old company. And now, thanks to the government, and The American Recovery and Reinvestment Act of 2009 (ARRA), they have to pay 65% for the next six months (for a total of 9 months). That means instead of paying over $400 a month, I only pay about $150 for my medical and dental. I look at this as an incredible gift from the unemployment gods.

I am planning on ending this blog well before we get to the 9 month mark. At that point, my expenses will jump well beyond my savings. Talk about stress, which really does a number to your health!

Here's an inspirational quote from Ben Franklin:
While we may not be able to control all that happens to us, we can control what happens inside us.


Take care of yourselves, people...We will get through this together!

Cost-Cutting Strategies for Staying Social While Unemployed

In this current economy, I think it is safe to say that my unemployment checks might be my only steady income for a while. I sincerely hope I am wrong about this, but I have to be realistic. I'm sending out resumes like mad and the calls are few and far in between.

I've got savings in the bank, but I know it won't last forever. I am planning for leaner, meaner days ahead. Its time to make some changes, and the one place I can make cuts is on my entertainment budget.

As I have mentioned previously, I am typically a saver not a spender, but when it comes to going out and being social that's my weakness. Recently, I took my 10 year old cousin to Great Adventure. We had a great time. He thanked me profusely for the trip, and at one point said, "I can't believe how much money you wasted on on me." I told him, "It wasn't wasted, we had a good time...this is what I worked for." and he looked at me and said, "But you are not working." And I said, " I know I am not working (now)...but this is what I worked for."

I didn't see this day at Great Adventure as wasting money at all(Granted, it was also early on in my unemployment). Yes, it was expensive, but I brought my Coke Can with the B1G1Free coupon, we ate our packed lunch in the parking lot, and I didn't spend any extra money on pictures, or trinkets in the park. And most important of all, I had this special time with my cousin. That, to me, was priceless.

In my working days, that's exactly how I would view every moment out with friends and family. Sometimes I would look at a $60-$100 credit card receipt from the night out and say, "Wow, that was expensive." But I would chalk it up to the fact that I had a good time with my friends, and plus, I am frugal with my money else where, so I can afford this luxury.

Today I am unemployed. I realize if I want to stay social with my friends, some things will have to change. I never want to be the person who asks to split a bill so I can pay for exactly what I ate, or have my friends pay for me out of pity. So, I am going to have to cut where I can and I'm going to have to get a little creative.

Getting creative requires a little planning ahead. I think it also requires that your friends are flexible, but most likely, they know you are in crappy situation, and will appreciate your finding ways to maintain the quality time with them.

Here are my 10 Strategies for Staying Social when Unemployed.
(AKA - Ways to cut your entertainment expenses and still have fun.)

1) A friend wants to go out for drinks after work...
- Suggest a bar that has good happy hour deals; and/or
- Order one drink, and switch to water.


2) A friend wants to go out to the movies...
- Suggest a weekend matinee; and/or
- Get coupons for discounted tickets; and/or
- Bring your snacks to the theater. or
- Suggest a movie night at your house.


3) A friend wants to do a Spa Day for massages and facials...
- Go to the spa but only get one treatment; or
- Go to the spa, but only get a manicure; or
- Suggest a manicure and/or pedicure in a local salon; and only get one treatment.

4) A friend wants to meet up for lunch...
- Suggest an inexpensive place that has decent lunch specials. or
- Suggest you grab lunches ahead of time, and meet up at the park. or
- Ask if you could meet up for coffee instead.

5) A friend wants to meet up for dinner...
- Suggest an inexpensive place; or
- Suggest they come over your place for drinks and BBQ and tell them to bring their favorite dessert; or
- Ask if you could meet up for coffee/dessert instead.

6)A friend wants to go out to a club...
- Try to get in before the cover charge; and/or
- Offer to drive so you can't drink (too much). and/or
- Order the drink specials; and/or
- Drink water.

7) A friend wants to go away on vacation...(this is a tough one)
- Suggest a less expensive destination and/or shorter stay; and/or
- Suggest inviting other people along to help defray costs; or
- Suggest a day trip instead.

8) A friend wants to go to a casino...
- Go with a small amount of money and limit your spending to that amount; and/or
- Watch your friend gambling. Be his/her lucky charm; and/or
- Gamble a little at a time, and then go for walks around the casino.

9) A friend invites you to his/her beach house for the weekend...
- Suggest going for just the day instead of staying over. and/or
- Drink at the house before going out to the clubs;

10) A friend wants to go shopping...
- Make a pact with yourself that you don't buy anything you don't need, no matter what the price; and/or
- Be your friend's "personal shopper," and help them find what they are looking for. and/or
- Look at the trip as an opportunity for exercises...the more stores you walk in and out of, the more calories you burn.


Well, those our my strategies for having fun with friends on a very tight budget. What are your ideas?

Top 10 Ways to Save Money When Unemployed

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!