Even if you have a strong emergency fund, going without a job for any length of time is never an easy experience. If you were just getting by before, it can be difficult to know how to afford your living expenses now. However, there are a few ways you can survive this uncertain year ahead of you.
Cut Expenses and Increase Income
As you are searching for a job, consider taking on gig work or other types of independent contracting. This can help you pay for the basic expenses while you are in between jobs. Dog walking, babysitting, selling old items, and online tutoring don’t pay a lot, but they can help you get by. Cutting expenses is a big part of ensuring a lower income can work for you for the short term. If you have student loans from school, you might consider refinancing them. This can get you a better interest rate or more time to pay off the balance, either of which can decrease the amount you have to pay each month. A student loan refinance can be a great option when you’re in between jobs or having trouble paying for your expenses.
Taking Care of Your Basic Needs
It’s best to create a plan for covering the most basic needs first. This can include food, housing, transportation, and anything else you might need. Housing is typically one of your biggest expenses, so consider options other than your current situation. If you need to simultaneously explore ways to make money online that can supply you with quick and easy cash, you should. Perhaps you can have a roommate move in or rent out part of your home. If you are single, you might be able to stay with a friend or family member until you get back on your feet. Selling unwanted personal and household items is also a great example of how to support yourself during this transition.
Figure Out Health Insurance
It can be risky to go without healthcare insurance for any length of time. Even if you end up in the emergency room or hospital for a few days, you could be facing thousands of dollars in bills. If you are young enough, you might be able to stay on your parents’ insurance for a while. But if that is not an option for you, consider shopping around for a temporary policy. Even if you land a job right away, you might not be eligible for a policy until you have worked there for a certain amount of time.
Searching for a Job
As your savings start to decrease, you might find you need to be more flexible in what you are looking for in a job if you do not yet have one. While it might not be something in the field you want to end up in, it can be something to pay the bills. And you might be looking for a company that offers good benefits and a flexible work schedule, but a job with less-than-ideal hours still brings in more income than being unemployed. Make sure your resume shows a wide range of talents, and ensure you are proactive in applying for a range of positions.
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