There’s no doubt about it – job hunting can be a tough process. Not only do you have to contend with the stress of finding the right position, but you also have to make sure that your family is taken care of in the meantime. It can be tough to keep your head above water, but there are some things you can do to make it a little easier.
Reduce Your Expenses
To make the funds you have in savings last longer, start by spending less on things. That can include using less money when you buy groceries and other household essentials like laundry detergent and toilet paper. Look for discount retailers to help you save money on your purchasing needs.
A cable subscription may be one of the things you may want to eliminate. Subscribing to one of the streaming platforms, such as Netflix, is far more affordable. Consider terminating all but one of your subscriptions to streaming services if you have more than one (choose the most inexpensive one).
Additional options include having more control over the thermostat to reduce electricity and heat use. There are numerous methods to reduce bills and expenditures, and doing so is a beautiful approach to saving extra money when looking for work. You’ll probably be burning up a lot of petrol while searching (although it’ll be wiser to apply online whenever possible).
Do Side Hustles
The phrase “side hustle” is essentially used to describe having a second (or third) job or a non-traditional form of work. People often don’t make a livable salary from these professions, but they provide extra cash flow. A side job might help you if you need a little more money while in between jobs, even if it may not be possible to live off it.
You want to stick out while applying for these side jobs, so you have higher odds of making some additional cash. Some excellent side gigs to take up include:
- Freelance writing
- Offer car rides using online services like Uber and Lyft
- Tutor online
- Rent out the extra room you may have on your property
- Sell stuff you no longer use
- Play a musical instrument on a street corner if you’re talented
Do your homework on any laws or licenses related to the side hustle you’re contemplating. Additionally, you want to be sure that you know what to anticipate throughout tax season.
Consider Taking Out a Personal Loan
Another way to keep your family afloat while searching for your next job is by taking out personal loans with low-interest rates from a reputable lender like SoFi.
A personal loan can help to cover your immediate needs, such as:
- Purchasing food
- Paying for utilities
- Paying rent or a mortgage
- Purchasing prescription drugs
File for Unemployment
Federal and state laws require employers to contribute to unemployment funds, and when a person applies for unemployment benefits, they are essentially making a claim to these funds. You’ll be compensated for your claim if you qualify for the benefit.
Receiving unemployment benefits carries a bad reputation and is thought to be a sign of failure. But ultimately, receiving unemployment benefits should only be used as a last choice.
Keep in mind that it can take a few weeks before you get your first unemployment compensation payment. However, if you are genuinely facing financial death, receiving unemployment benefits is far preferable to being hungry while looking for work.
It is best to utilize every possible money-maximizing technique because the job search process might be a particularly trying experience. Not all the suggestions mentioned above may apply to your situation, so you should make a point to do thorough research and find tactics that fit you well.