You recently lost your job and now find yourself left with many bills and only one income to support them. While you are actively trying to find new employment even a few weeks or a month without work can hurt your finances. Thankfully, there are a number of ways to cut back on just about everything so that you can stay afloat and minimize the financial fallout.
Applying for a Loan
In order to avoid falling behind, you can apply for a small loan from a personal loan company. Just borrow the amount that you need to keep you on even kneel so that the monthly repayment will remain affordable. Or, if you have a family member that is in the position to offer a loan, you can ask them to borrow money. This way you won’t have any interest added.
Reduce Your Household Overhead
A big part of any household budget is the utilities and cable bills. Thankfully, you can reduce all of them. Turn off lights when leaving a room, take shorter showers and run appliances such as your dishwasher later at night. You should also lower the setting on your hot water heater and raise or lower your HVAC system at night and wash your clothes in warm or cold water, instead of hot. As far as the cable bill goes it’s really a luxury item. So if it currently runs more than a hundred each month change the plan to just the basic service until you return to work.
Spend Less at the Supermarket
Many people go food shopping without a list in hand. When you do this you are more apt to pick up unnecessary items and spend more. Get in the habit of making a complete list of everything you need for the entire week. Also, if you have several grocery stores within a 2-3 mile radius, use this to your advantage by gathering their flyers to see who has the items you need for the best prices. Additionally, many online websites have printable coupons; check them as well to save even more.
Understand Wants versus Needs
There’s a big difference between needing something and wanting something. For instance, you need a roof over your head, but you don’t need a new gaming system. Learning to place the needs ahead of the wants in your budget will help you to pay your bills on time and save up for the extras. During tight financial times showing restraint with unnecessary purchases will help you survive. This doesn’t mean you can’t buy the extras. It simply means that you will need to save up for them instead of using money already reserved for your bills.
Eliminating Other Expenses
When you had two incomes you spent money on purchases that now will use up your extra cash. Things like buying lunch or ordering out a few times a week can really add up quickly. Instead, brown bag it for a bit and refrain from ordering out. You can create new dishes at home for a lot less and keep variety so meals don’t become routine.
There are many minor home and auto repairs that you can do instead of having someone else do it for you and enjoy the savings. Oil changes and replacing windshield wipers are relatively easy. In the home, mowing your lawn and replacing things like a light fixture or the toilet flush valve, are also things most homeowners can do for just the cost of the supplies.
Life can sometimes present unexpected challenges to your finances. The good news is that you can make cutbacks in areas that will not reduce your quality of life and adopt a frugal lifestyle.