Whether you just graduated, returned from a sabbatical or you have been laid off, finding a job can be a hassle, particularly in this economy. You thus need to come up with creative ways to manage your money while being unemployed. Here are 4 Tips to stay financially fit without a job:
1. Apply for Employment Insurance (EI)
Employment Insurance (EI) provides temporary financial assistance to unemployed people who have lost their job. Every worker contributes to EI while working, and is thus entitled to it under certain conditions. So the first thing you should do if you have been laid off or your contract ended is to apply for EI to secure some residual source of income. The length of time during which you will receive EI benefits depends on how long you have worked and is generally capped at a year.
2. Keep a solid budget.
In-depth budgeting may seem like a waste of time while you’re unemployed, but it is crucial in order to keep track of your expenses. Make sure that you know exactly where your money is going each month, how much money you have in your bank account(s) and how long it will last you at your current spending rate.
3. Live frugally and limit your expenses
Avoid superfluous expenses. For example, limiting your TV, phone and cable plans to basic features, taking public transit, avoiding unnecessary shopping or moving into a cheaper apartment are all options that can help you save several hundreds of dollars each month. Also, target free services like public libraries, visit the Craigslist ‘free’ section and visit online forums for frugal or cost-conscious individuals.
4. Twelve ways to Make money with no job
Find creative ways to make money by selling your skills to your social network. By providing quality work at a reasonable price, people will be willing to pay for your services. Here are some examples of things you can do:
- Private tutoring
- Handyman services
- Hold a garage sale
- Hair styling
- Freelance writing
- Ghost shopping
- House cleaning
- Participating to clinical studies
- Graphic design (e.g. business cards, websites, flyers)
- Photography or Video editing (e.g. weddings, conferences, cocktails)
- Event planning or hosting (e.g. weddings, conferences, cocktails)