When you’re in between jobs, you’ll need to be careful with your money. But it can be tough to know where to begin. Here are a few smart financial moves that won’t leave you feeling like you’re in the poor house.
What Smart Financial Moves Should You Make While In Between Jobs?
Make a Budget
Start by figuring out how much money you actually need. Make a list of all your expenses, from rent or mortgage payments to your weekly night out with friends. Add up the totals on a monthly and weekly basis. Then add up all of your available funds to get a realistic picture of your finances.
Trim Unnecessary Expenses
While you’re unemployed, it only makes sense to go back to basics. Pause or cancel all the subscriptions you rarely use. Look for interview outfits at the thrift store. Change your girls’ night or boys’ night out to a board game night at home. Look for free or low-cost events in your town instead of driving to the nearest big city for expensive concerts or theatrical shows.
Modify Your Student Loan Repayment Plan
If you have student loans, switch to an income-based repayment plan. This allows you to make lower (or even no) payments when you’re strapped for cash. Talk to your loan servicer about which plan is best for your individual circumstances.
Consider Temporary Positions
You may be in the market for a full-time job, but temp work is generally a lot easier to get. Look for positions that are in your general field, which can open up networking opportunities that could lead to full-time work. Another option is temp-to-hire. In this scenario, you’ll start on a temporary contract, but if you and the employer agree that it’s the right fit, you can transition to a permanent role at the end. This is especially useful if you’re changing industries, as it allows you to prove yourself on the job.
Being unemployed means altering your finances. But making just a few smart financial moves can help you keep your money under control without feeling like you’re sacrificing too much.
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