Sudden unemployment is frightening, and not everyone knows how to handle it. Being in a situation where no income is coming in, and savings are being rapidly drained, is sometimes overwhelming. It is important to remember that unemployment is only a temporary setback. With perseverance it is possible to quickly cure your unemployment problem. Failing to handle debt and household expenses during a period of unemployment make things worse, in some situations problems that arise while you out of work impact your ability to get a new job. When you are dealing with job loss, the most important thing is to learn how to manage during the transitional period.
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The first thing you should do when faced with unemployment is to set up a tight budget that allows no room for error. Most employers give workers a warning before letting them go. If you know you will only be receiving two more weeks of pay do what you can to cut down future monthly expenses. Pay off any small, outstanding, debts and cancel any plans you have made which involve spending money. Instead of going to a movie, put the extra money in your savings account. Also, talk to your family and warn them that you will be losing your job soon and may need help. Talking to family members about employment problems is sometimes embarrassing, but a family member might be able to help cure your unemployment problem or at least help you get through it.
Next, cut expenses in by eliminating or reducing certainly monthly bills. Doing this will help you stretch your savings while you try to cure your unemployment problem. Extras like cable television, DVD rental memberships, or book clubs should be canceled immediately. Necessary utilities such as phones should have service cut down to the bare minimum. When grocery shopping use coupons when possible, and stay away from brand names unless you have a coupon or there is a sale. Most importantly, talk to children or significant others about conserving electricity, gas, and other utilities to help reduce the monthly utility bills.
Last, discuss your situation with creditors. One of the biggest mistakes you can make when working to cure your unemployment problem is to ignore credit card and loan companies. If you do not have the money to make the minimum payment, most creditors will understand provided you tell them in advance and pay what you can. Ignoring a debt will not make it go away. Failing to communicate with creditors will cause them to send your account into collections. Having several delinquent accounts that are in collection will lower your credit score, and can make it hard to get a job that requires a background or credit check.
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