Home Lifestyle Finances 5 Simple Money Saving Tips For The Unemployed
5 Simple Money Saving Tips For The Unemployed

5 Simple Money Saving Tips For The Unemployed

4

The economy is recovering slowly – more and more jobs are being created with each passing month. Be this as it may, there are still millions of qualified individuals who are yet to secure steady jobs. In this particular stage of life, it is important to be cautious about how you spend the little bit of money you have. Otherwise, you could worsen an already dire financial situation.

Related: 6 Tips For Managing Your Finances During A Career Transition

The following are a few money saving tips to help you along the way:

1. Cut Down Bills

Everybody needs electricity and water – there’s no doubt about that. As an unemployed person, however, you will have to be very careful about how you use these important utilities. This might sound a little extreme, but it really isn’t. Most people actually use way more water and electricity than they need, every single day, for months on end.

First and foremost, avoid wasting tons of water and electricity on hot baths. Instead, go for showers because they are faster and require much smaller quantities of water. Next, fix all dripping water taps and pipes. Here is a fact that will make you understand just how important this particular undertaking is: a dripping tap can lose between five and thirty gallons of water per day. Do the math for one month and you will see why having a dripping tap is not just a minor problem.

When it comes to electricity, ensure that all appliances and lights are turned off when not in use. Be aware of home much energy a dryer consumes and consider hang-drying laundry. Also, minimize air conditioning usage, which can make electric bills skyrocket in the summer. In addition, go for energy efficient LED lighting and energy star labeled electronic goods.

2. Watch Your Travel Habits

Most people take this for granted, but travelling is one of the most costly undertakings in any household. So, if your career is not bringing you any money, then it might be a good idea to rethink your habits. For starters, you should forget about using your car because gas is not cheap. Instead, opt for public transportation or, better yet, buy a bicycle. You should also put on hold any vacation plans and anything that involves flying and checking into hotels. The bicycle idea is actually a very good one, especially if you live in an area where various amenities are close by.

3. Watch Your Fitness Spending

Millions of people across the country spend hundreds of dollars every month on fitness programs. If you do not have a stable salary, you should completely shun this kind of lifestyle. You don’t have to go to a gym, aerobics class, and so on in order to stay healthy and fit. There are many cheaper (and even free) alternatives. For example, jogging, and home-based workouts (push up, sit ups, jump squats, etc). You can also download free fitness videos from the Internet and use them to guide you through different workouts.

4. Spend Cash, Not Credit

If there ever was a time that you needed to stop spending money that is not yours, this is it. Forget about credit cards and loans. Instead, only spend money that you have. This way you will be able to feel the pinch of handing over cash and, as a result, it will be harder to overspend.

5. Cut Unnecessary Expenditure

Forget about that new laptop, plasma TV, car, pair of shoes, or gaming console you just saw. This is not the time to spend money on things that you can live without. If you can breathe, eat, and operate normally without it, then you definitely don’t need it.

About the author: Joshua Turner is a writer who creates informative articles in relation to business. In this article, he offers tips for individuals out of work including saving on electric bills, and aims to encourage further study with an OU Master’s Degree in Electrical Engineering.

Related Posts

How Spending Plays Into Your Financial Fitness Routine
The Not-So-Sneaky Way To Save Money (And Time!)
How To Battle Your Financial Nemesis

 

Photo Credit: Shutterstock


Chat with us below!


comments

Joshua Turner Joshua Turner is a writer who creates informative articles relating to business.