How to Stretch Your Savings When You’re Laid Off

moneyWhen the economy seems to resemble the motion of a roller coaster, you should consider that getting laid off has been and will continue to be a real possibility for many workers in the country. If this happens, or if it already has, you should immediately consider the ways that you are going to be able to make the best use of the savings you have to make ends meet in the troubling time.

The Calendar

You need to find a reliable calendar and start making a list of what bills are coming and when they are expected. Keeping accurate records of upcoming payments due can keep you from having to pay any more than necessary, and can also aid in determining what is actually essential to your life right now. You might find that keeping track of all of your bills that happen to be upcoming, you can determine the monthly requirements and start devising a plan to make money as necessary by doing odd jobs and more.

Slim It Down

There are places in your life that you can cut spending in the event that you should find yourself without consistent income for some time. Take some of the services that you might have turned on in your house, for example. If you have television service with extra channels and tiers that cost a little more money every month, you can eliminate these from your bill to save monthly on your monthly statement. It is easy enough to add these extras back on when you get back to steady employment.

Cut It Out

Costly habits might have to find their way out the door as well in the interest of really spending the money you have put back on important things. This would mean drinking, smoking, using smokeless tobacco, eating out, and other habits like these. If you were to eliminate your costly habits in this troubling financial time, you can free up extra funds to give you a little more time of paid bills.

Last Resort

You should dip into your savings when there are no other means of getting money. If you have an offer to do side jobs, temporary work or whatever the case might be, this is something that you should consider doing. Since most layoffs have undetermined rehire dates, you might not have enough savings alone to carry you through the entire layoff period. So if you have the means to feed into that amount, you should do that in the mind set that this could be a longer term than you expected.

These are a few ways to stretch your savings in the event that you find yourself laid off. While this can be a troubling time, both emotionally and financially, it does not have to be so difficult. With a few of these ideas employed, you should be better poised for the tougher road that lie ahead of you. While this is not a permanent solution by any means, it will offer a little bit of cushion in the hopes that the layoff itself is short lived.

Image credit: Pulga Haza