Surviving on a Limited Budget while Unemployed

For some people, budgeting money is difficult to do.  However, when you are unemployed –budgeting is mandatory!  We have compiled a few tips on how to save money and survive on a limited budget!

First things first – you don’t have to give up everything that you love just because you are living more budget conscious.  Pick one or two “must haves” to incorporate in your budget; this will make you happier in the long run.  Depriving yourself of everything that you love will only make you feel worse.

Access your community resources – so many communities have activities and services for lower income individuals and families.  Contact your local Community Resources centre to learn about these services in your area.  Examples of these services may include: lower recreation pass costs, food banks, clothing, furniture, etc.  These services shouldn’t be looked at with a stereotypical eye; they are here to assist people in their time of need.  

Clip coupons – this seems timely, but with the internet it can be a snap.  Try doing a google search to find relevant coupons for your city, province/state or country.  

Be a smart shopper – many stores have different deals on different things.  Try going to various superstores and markets for the best deals. Farmers Markets typically have the most affordable and best produce.

Be Thrifty!  Shopping for clothing in thrift stores and consignment stores can save you tons of money on gently used, quality and typically brand-name clothing! Consider consigning some of your clothing.

Don’t forget the small stuff – when creating your budget include everything that you spend money on, straight down to that cup of coffee in the morning.  Once you have created this list, you can then start trimming it down by coming up with ideas of how to access free or lower cost-effective spending.  For example – try purchasing a travel mug and make your cup of coffee at home before you leave the house! 

Assess your communication and entertainment costs.  Possibly you will be able to reduce some of these costs until you are back on your feet.

Consider bartering or trading for necessary items. For example,  a neighbor is a hair stylist; you are a gardener. Possibly a haircut in return for some gardening/cutting grass etc.

Cut down on your banking expenses as much as possible. The fees included with debit withdrawals add up! Be extremely cautious about using credit cards - the interest rates are high and add up! Avoid credit if at all possible!

If you own a vehicle, re-examine your insurance costs to ensure that your insurance reflects your living situation. Paying insurance to drive your car to work may be substantially more than pleasure only. You may want to consider taking transit, walking more and/or cycling.

Because being unemployed is a stressful time financially, it is important to continue to be diligent with your job seach while at the same time keeping your expenses as minimal as possible. It is also important to take care of yourself emotionally and physically. Try to spend some of your time enjoying free events in your community/ neighborhood, walking, cycling and socializing.  Reading, writing, hobbies and crafts are other examples of healthy entertainment.

Keep reminding yourself that this is a temporary situation and that eventually you will see the light at the end of the tunnel!

                                                                                                                                    -Sunny + Sassy