When you are made redundant (or laid off they call it in the USA), it can be really scary. You don’t know how you will pay all of the bills; how you will afford to eat; how long you will be out of work for, and how to make money if you are on UK benefits because any personal income money you do make, is taken away from you as a deduction of benefits. It’s a chicken and egg situation, and many times you will feel stuck, frustrated, scared, lonely, worried and anxious about your future, and stressed out.
It’s important to take control of your situation right away. We are not taught how to manage money in school, but it is one of the most important life lessons you will ever make, and there is no better skill to learn than this. Despite our happiness not relying on money, when you are constantly stressed and worried about where your next pound is coming from in order to pay bills, keep a roof over your head, and food in your belly, it’s not that much fun. I can tell you this from personal experience.
So go grab a pen and paper and note down all of your current incomings and outgoings. If your outgoings are more than your incomings, you have to make managing your finances your full-time job in this moment, and for future years to come. You have to get serious about saving money.
Here are 11 ways you can save money if you have been made redundant and you are out of work:
- Cutting down your food bill as much as possible by focusing on buying just the essentials you need to eat. Such as breakfast cereals, meat, fish, potatoes, milk, bread, and cutting out many of your more luxurious treat foods, such as Ice cream, chocolate, wine, and pizzas.
- Eat out far less, such as once month, (or not at all), and choose somewhere you can buy a meal deal for £5 or less.
- Cook basic foods at home more and eat before you go out food shopping to avoid the temptation to buy tons more food and snacks.
- Buy the ‘value’ or ‘basics’ option of things in your local supermarket whenever possible. Most of the big brand names make these anyway and just substitute the supermarket’s own brand of lable on them, without the expensive price tag.
- Shop around for the best and cheapest prices on what you need to buy. Walk further if you have to, to get it cheaper. You will save pounds in your purse, and lose those excess pounds with all that extra exercise you are getting from walking to multiple places.
- Look out for genuine special offers that save you money, without encouraging you to buy multiple of the same item that you don’t actually need. Also look for bulk buys of the items you do need multiple of, to save you money in the long run.
- Say no to offers from family and friends of doing things that you know you cannot afford.
- If you have a monthly subscription to things like Sky, Netflix, a magazine, or video streaming service, strongly consider ditching it. If you have a gym membership you hardly use, get rid of it.
- Try to cut down on utility bills and switch suppliers if you need to.
- Keep cutting down on food, bills, and expenses.
- Revise and re-revise your incomings and outgoings on a regular basis to see what you are spending your money on, so you can keep making cutbacks until you are living within your means.
None of these mean anything if you don’t take action now, to save instantly. So put these 11 Ways how to save money when you are redundant and out of work, into action now. Yes, now! That means you, reading this! If you haven’t got that pen and paper out yet, nothing will happen, you do know that right???? Yes, it’s scary to find out how much money you actually spend and what you spend it on, but until you do this and stare your fear in the eye head on, you will never lose that fear, and you will always be at the mercy of money instead of being in control of it. You need to manage your money instead of ‘it’, managing you.
In my next blog post I will show you a Twelfth way you can save money and in effect gain money for free! Some people already do this I am sure, but others don’t bother and have never looked into it!
I would love to know what you think about these 11 ways you can save money if you have been made redundant and you are out of work. Please post in the comments below, and let me know what else you would like me to add.
Until next time, stay positive