The loss of a job is one of the most difficult situations that anyone can be exposed to, and this change can generate a sense of anxiety and uncertainty about the future and how to support yourself or your family, with the loss of monthly income in exchange for continuing expenses, and the financial situation may worsen if the person remains without work for months He did not find a new job and started running out of drugs.
In this report, the Spanish site "saber mas ser mas" provides some recommendations for learning how to reduce expenses, get income, and better manage your money.
A budget to stay
It is imperative that you always make a list of all your expenses in order to maintain your budget, and to know the things that you are spending your money on, especially the things on which you are spending more than you should.
In this case, the issue of determining the expenses is essential because you need more than ever to find effective alternatives at low cost, and the sooner you take this step, the better your financial position.
When it comes to setting a budget while you are unemployed, you should only think of saving necessities such as food or rent, as opposed to forgoing luxuries such as joining the gym and looking for low-cost alternatives, not using the car or public transport much, and commuting instead. By bike, and if you're renting a home, consider less expensive options like sharing the apartment with someone else.
Avoid debt
You should avoid increasing your obligations because living on loans while you are unemployed and you do not know when you will find a new job is not a good idea, and debts can accumulate and become difficult for you to pay them later, to find yourself in trouble.
If you are already in debt, you may request an extension of the payment term, but remember that you should only use the money in your possession to meet your essential needs.
Determining expenses is essential because you need more than ever to find cost effective alternatives (Shutterstock)
Searching for a better job
You should search for a better job than the previous one and not delay this matter, because searching for a job requires a lot of time and discipline, and do not forget that searching for a job is not limited to sending your CV to companies only, but you can also practice some traditional commercial activities until you find The opportunity you are looking for, such as buying and selling goods or your things that you no longer need, or experience independent work, or consulting or even starting your own business if you have enough money for that.
You can also take advantage of the free time you have in studying or practicing activities that will help you develop your skills, and this will serve as a complement to your CV.
Unemployment insurance
Until a new job is obtained and passed this stage, unemployment insurance can be useful, and this mechanism ensures that the person who has lost his job has access to health care and retirement plan payments for a period, among other benefits, but this assistance will only last for a short period. You may be less than the time it takes to find a new job.
Asset sale
If the situation becomes complicated, time passes, needs increase, debts and problems accumulate, then liquidating some of your assets may be among the options presented to overcome the crisis because you need liquidity, and if you decide to resort to this option, try to spend in moderation.