Living On Less
Posted on 19. Oct, 2009 by Matt Shelly in Job Search Tips
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By Todd Bavol, The Job Search Ninja.
CEO, Integrity Career Transitions
For many, in fact for more than 15 million individuals in the US today, living on less is not a matter of choice. While the lucky few (or the prudent few) who now find themselves unemployed may have been able to put aside something for a rainy day, in many more cases the loss of income has been devastating. Unemployment, however, is not the only reason why people might need to scale down their spending. A voluntary change of career might also require an adjustment to spending habits too, even if only temporarily.
Of course, one of the big problems with money is that most of us tend to live up to our earnings and when our income drops for any reason we are not prepared for the work that needs to go into adjusting to our new set of circumstances. I say work, because this kind of adjustment doesn’t just happen on its own. Unfortunately for many though, facing up to the reality of the situation can often be a difficult task and sometimes it can be allowed to get worse before it begins to get better. Here, therefore, are a few things which might be worth considering if you find yourself in a bit of a tight spot financially.
- Face up to the situation straight away. While it might be tempting to think that you can carry on as before and that things will sort themselves out quickly enough, unfortunately the job market isn’t showing too much improvement and it could take a while before matters get any better.
- Work out a budget and stick to it. Write down all of your income from whatever sources and your outgoings, and then keep an eye on where you could potentially make savings.
- Try going back to using good old-fashioned cash and hide the credit cards. Expenditure made using a credit card almost feels like ‘free money’ and it is so easy to spend more than you intended. There is nothing like the sight of watching the dollar bills disappear out of your pocketbook to reacquaint you with the value of money.
- Set aside money in different envelopes or jars for particular purposes and remember that when it’s gone, it’s gone.
- Get what you can for free or on the cheap. The Internet is a great source of free items (although you do need to be careful about online security) and magazines and newspapers often have discount coupons which can be used at certain stores.
- Question every dollar that you spend. Can you live without that item that you are about to buy or will it wait until your financial situation is a bit better?
- Look at what you have to sell. Most of us have cupboards full of unused items or unwanted gifts. Anything that you have lying around which has not been used for six months is probably something that you don’t really need, so consider selling it on eBay to make a few extra bucks if things get too tight to mention.
- And finally, forget about what other people think! One of the biggest mistakes that many people make when things get tough financially is to try and keep up appearances. If your situation has arisen because you now find yourself unemployed, there is absolutely no shame in this and you are certainly not alone. If you find that you need to cut back in order to change direction in your career, you are presumably doing this for good reason, whether to bring greater fulfillment and job satisfaction into your life or to make greater long-term gains, so again there is absolutely nothing to feel ashamed or embarrassed about. Stick to your guns and do whatever you need to do to make your situation right. What other people think should not be a consideration and if you do fall into the trap of trying to keep up with neighbors, friends or family, it is only likely to cause more embarrassment in the future when things get really out of hand.
For information about career products and services, visit www.integritycareertransitions.com. You can also follow The Job Search Ninja on twitter at, www.twitter.com/jobsearchninja, for great career advice.
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