5 Ways To Save Money When You've Been Laid Off

None of us welcomes the financial security that comes as a result of being laid off, especially if you're not sure when you're going to find work again. Here are five ways to help save your money while you're going through that transitional phase.

1) Figure Out A Budget

Working out your budget is the absolute first thing you must do. If you have savings, now is the time to work out how long you can live off those savings. Budgeting isn't fun, but you need to know how much you can spend each week, and how much your regular outgoings will cost you. Make sure you stick to the budget you set yourself!

2) Take A Look At Auto Insurance Quotes

Although you can save a bit of money by walking more instead of driving, it's likely you'll still need to keep the car insured and on the road so that you can drive to interviews. However, auto insurance is a massive expense – now's the time to do what you can to reduce that. You can find cheap car insurance quotes by getting online and using comparison services that let you compare different insurers after entering a few details. It's almost guaranteed that you'll be able to find a cheaper auto insurance policy than what you're currently paying.

3) Cut Out Anything That Isn't Absolutely Necessary

When you worked out that budget earlier, you probably noticed some outgoings that weren't completely necessary. For example, magazine subscriptions, an expensive cell phone contract and so on. Now's the time to be completely honest and ask yourself whether you really need these expenses, or whether you can cut down.

4) Search For COBRA Alternatives

COBRA health insurance coverage isn't necessarily your best option if you're out of work. In most cases it's very expensive to keep up, and will take a huge part of any unemployment benefits you may be receiving, (and it may not even be available to you from your company). Health insurance is crucial, however, especially if your employer used to cover your whole family, and going without it could be a massive financial gamble.

Instead, take a look into your own individual health insurance quotes, or affordable family health insurance if you need it. You can use only comparison websites to help compare what's on offer side by side. With a few minutes of research you could reduce your premium by several hundreds of dollars – it all helps when you're in-between jobs.

5) Think About New Ways To Earn Cash

This may not technically count as one of the ways to save money, but finding new ways to make it can really be invaluable in times of financial uncertainty. This could mean looking for traditional part time work, or it could mean less traditional methods such as freelance work or even gardening for a neighbor! There are usually ways to find extra money if you look.

Your auto insurance may be your biggest expense, but thankfully it's easy to cut it down by a few hundred dollars. And remember to check your health insurance quotes either – just a few minutes of research could save you hundreds each month.