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Managing Unemployment Debt and Keeping Afloat Between Jobs

Dealing with debt can be difficult during good times, but when you've lost your job, it can be both scary and worrisome trying to figure out how you'll manage to pay for everything without a steady income. In today's global economic environment, finding another job that pays the same wages and benefits, as your old position, is increasingly difficult. In this new era, you're going to have to be tough and practical in order to survive. 

It's okay to allow yourself some time to be down about your current situation, because losing a steady income is jolting and emotionally hard to accept. However, don't get too caught up in self-pity, because that's definitely not going to solve any of your debt problems. Instead, it's better to be proactive and figure out a strategy to tackle your debt head on. 

Count Your Assets

Take a look at your checking and savings accounts and total the amount of money you have in the bank combined. Count up all the cash money you have at home and add up both amounts. This is the total amount of cash on hand that you have at your disposal. Do not include credit cards as an asset, because they belong in the debt category. Every time you use a credit card, you are taking on more debt.

Knowing how much cash you have right now is essential to making a survival budget.

Create a Survival Budget

You have got to change your spending habits right away. Now is the time to be realistic and accept that you can no longer afford to buy that expensive cup of coffee everyday. Make a list of all of those little extra things that you normally spend money on, but don't really need to live, and eliminate them from your life. You can purchase those luxuries again when you're back on your feet, but right now, you've got to conserve money for the essentials: food, housing, a phone and electricity.

Regarding your cell phone, you may find it a better option to switch to a pay-as-you-go phone instead of keeping your monthly plan. 

Contact Your Creditors

Instead of being fearful of your creditors, contact them and let them know about your unemployment status. Ask to work out a payment arrangement that relieves you from having to stick to a larger payment amount than your budget can handle. Most creditors will be glad to get some type of payment instead of nothing at all. Remember, you are not the only one in this boat by a long shot. Most likely, creditors have heard from many others facing the same financial challenges.

Bargains Are Your New Best Friend

When you do go shopping, look for special sales and bargains. If you don't already have one, sign up for a supermarket shopper's card that qualifies you to receive extra savings on special items. Two for the price of one deals are really nice when you can find them. Start using coupons as well. These extra savings can really add up at the checkout counter.

Create An Alternative Income

Hopefully, you can qualify for unemployment benefits, however, this isn't always guaranteed. So, figure out what types of odd jobs you can do for people that can bring in some quick cash. People 

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