Introduction
If you've recently lost your job, you're probably feeling a mixture of frustration, anger, perhaps even fear. I too know what it's like to lose a job - it's not fun! However, despite the very understandable emotions, the question of what to do when unemployed is a very important one. It's critical to take appropriate steps to strengthen your finances and focus your job search efforts where they will yield the best results.
What to Do When Unemployed
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The following are six essential tips for what to do when unemployed to stretch your remaining income, generate new income, and help you find a new job more quickly:
Watch expenses carefully. If your income has taken a hit, it's time to tighten the belt to stretch your remaining income as far as possible. If you're not already on a budget, get one put together and apply some strategic cuts to unnecessary expenses. Often what hurts you the most are not your biggest expenses, but the combined cost of many little unnecessary expenses. Like a thousand little cuts, the little things can cause you to gradually bleed to death financially. Eliminate debt. If you're unemployed, your income has probably taken a serious hit, so eliminating debt won't be as easy as it would be if you were still working. However, this is no ordinary recession, and it may take a very long time (potentially years) for the job market to recover. If you're making big payments on cars, appliances, furniture, etc., now might be the time to consider selling some stuff off so you can either reduce or eliminate debt. Being buried in debt when your income is uncertain at best is a sure ticket to stress and many restless nights. In my experience, it's not worth it to sacrifice peace of mind for the sake of stuff. If you have a big car payment, consider selling the car and downsizing to something cheaper that you can either finance with a significantly smaller loan or pay for with cash. If it's household goods such as furniture, appliances, etc., consider selling them on Craigslist. Network like crazy. Did you know that only 4% of job hunters get jobs through the online job sites like Monster, CareerBuilder, etc.? It's OK to post your resume on the job sites, just be aware of your chances of actually landing a job that way. The best way by far to get a job is through people you know, whether it's family, friends, or past colleagues. If somebody that knows you can vouch for you to a potential employer, you've become more than just a resume on which people can (and do) say anything. If you need to expand your network, consider volunteering at charities, attending mixers, doing pro bono (free) or super cheap consulting work for local business and organizations, or attending adult education classes. Sell stuff. If you have a bunch of extra unused stuff sitting around your house, now might be the time to offload it for cash on Craigslist. This is a great way to declutter your life and raise extra cash that you can use to help keep yourself afloat until you find your next job. Craigslist is a great site for selling stuff because it's like a giant online garage sale and very easy to use. Whether you're selling old musical instruments, collectibles, sporting equipment, books, etc., somebody out there is probably willing to pay you cash for it. Start a side business. As I said before, this is no ordinary recession, and it could take years before the job market recovers. If you've ever considered starting your own business, now might be the time to do it. It's possible that much of your would-be competition has laid off staff or gone under altogether, so you may find yourself with a relatively open field depending on what industry you're in. One great option you might is consider is starting a business online. It takes zero experience, just a little knowledge, little or no money, and can be done with just an internet connection from the comfort of your own home. There are literally millions of products out there that you can market to billions of people around the world and you don't even need a website or even a lot of internet knowledge to do it. If you would like to find out more, feel free to check out the link below. Keep a positive attitude. Of all the tips for what to do while unemployed, I think the most important of all is to keep a positive attitude. Being unemployed is a bummer, but don't let it bum you out! The last thing you want is to have a dejected, bummed out attitude hanging around you when you're networking or talking with prospective employers.
Conclusion
Hopefully these tips about what to do when unemployed are helpful! Again, watch your expenses carefully, eliminate or reduce debt, and sell extra unused stuff to stretch your dollars as far as you can. Post your resume on the job boards, but focus your efforts on networking, as that is how you are most likely to get your next job. And finally, keep a positive attitude! Yes, being unemployed is not fun, but it's important to keep a positive attitude that will look good on you when you're networking and interviewing. Best of luck to you in your job hunt!
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