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Career Advice

Financial Advice When In-Between Jobs

Being in-between jobs, either being made redundant or going for that dream job you always wanted, means that money can become tight. Without the regular income that working provides, savings can quickly deplete if you’re not careful. It becomes more than a need for budgeting when there is a minimal income, and more of a change of lifestyle.

Job Seekers Allowance

First things first, let the Job Centre know you’re out of your job and are actively seeking a new one. No one wants to be unemployed, but unfortunately it can happen to a lot of us. They will provide you with some form of income that you can live off until you get another job.

There is a stigma around being a job seeker and claiming allowance due to those who try to cheat the system. If you need the money, you need it. Be honest with the amount of jobs you are applying to, and you’ll get a job in no time as well as getting money to support yourself.

Cut Out the Luxuries

When money is tight, you need to cut down on the finer things in life. This counts for food, travel, and everyday items. If you’re staying at home, you can spend time making cheap lunches, such as jacket potatoes or soup in bulk. Buying pre-made food on the go will rack up your weekly expenses. Walking or cycling places also reduces the cost of fuel. Although it may not always be avoidable, consider public transport instead of the upkeep of a car in the long run.

Even take-aways are expensive. Consider the £10 you spend on a pizza or a good portion of fish and chips. That amount of money could buy food for two or three days of meals, instead of just one evening.

We understand that there are certain products that you need to have a certain brand for, and everyone is different. Decide with yourself what products are more important to you and rank them in the order that you can give them up if needs be.

Payday Loans

You may be in a situation where you find yourself unemployed for only a month or two, due to changing you job or having a seasonal break in your business. This may mean that you are ineligible for Jab Seekers Allowance. If you don’t have a lot of savings to fall back on, consider a payday loan. Payday loans are short term cash loans that are to paid bad in a few months. Financial shortcomings can affect you for only a month or so, and these loans are great for those situations. It’s only best to get one if you know when your next payday is going to be, as these do carry interest charges.

Stocking Up

When you are given a warning of a few weeks or months of an upcoming redundancy, you can prepare for the following hard times. It’s best to stock up on food, toiletries, and miscellaneous household items that will keep through the months. Buying in bulk normally means that you get a discount

Planning ahead is your best bet. As soon as you know you’re going to be unemployed, have some contingency plans put in place to stop you becoming unable to support yourself whilst unemployed. There are government services that will offer you financial advice, as well as your bank and friends and family.

This is a guest post for TheEmployable


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