I think one of the scariest thing that can happen to anyone, including a millennial woman, is to lose their jobs. I say this because, as of the 2010s millennials are the largest group of people living on a paycheck to paycheck basis. They also lack the budgeting and saving skills needed to escape the cycle. But what if they did lose their jobs, how would they cope? In this post I’m gonna give you my tips for how to get your finances in check when you’re jobless.
How To Get Your Finances In Check When You’re Jobless
#1 UNDERSTAND WHERE YOUR MONEY GOES
Getting laid off at work means that there is no longer a steady paycheck coming into your household on a weekly or monthly basis.
This means that you’re now going to have to survive on what little you do have.
The first thing you’re gonna need to do is see where your money goes each month. You need to sit down and make a list of all purchases, big and small, bills and anything else that comes from your paycheck.
Once your understand where everything goes you’ll be able to move on to step 2.
#2 GET RID OF EXTRAS
Now that you understand exactly where your paycheck goes each month, you’ll be able to get rid of any “extras”.
Extras mean any unnecessary purchases you make each month. Do you always stop by Starbucks on your way home from work? It’s time to let that go. It’s time to get your finances in check.
Do you realize you like to Netflix and chill? It’s time for you to get rid of that subscription.
Until you have another job, anything seen as a luxury will need to go.
Food, shelter and water come first.
#3 CREATE (OR MODIFY) A BUDGET
A huge reason so many of us as millennial women don’t have any savings is because we either don’t know how to budget or the one we currently have isn’t working.
In my post “The Broke Girl’s Guide To Budgeting”, I run through the seven steps you need to create a successful budget.
I also talk about the one reason so many budgets fail and exactly how to handle it.
A successful budget is one that keeps you from over-extending yourself and falling into more debt.
This is why it’s so important to ensure that you follow steps one and two before moving on to this one.
#4 GET SUPPORT
Above it all, having the right kind of support will make the difference between you being able to manage your new financial status or barely being able to survive.
I suggest surrounding yourself with people who also have their finances in check.
It makes no sense to have friends who enjoy splurging on the latest pair of jeans because they will only influence you to do the same.
THIS ISN’T THE END
Life without a job doesn’t have to be difficult and it doesn’t have to be hard, it just takes sacrifice and the willingness to see the larger picture.
Once you learn to properly manage your finances you’ll be more able to navigate this period in your life until you find another job.
Hi there! I’m Dee, the founder of My Dee Dee’s Diary. I am a millennial woman who enjoys helping her millennial sisters embrace their awesomeness + become the freakin’ supernovas they were always meant to be by sharing advice, personal development tips, everything career, relationship + so much more.
On my blog you can expect to discover who you are and learn what it takes to be successful and happy, navigate relationships + dating, get help managing personal finances and solve money problems, get helpful life hacks to help you grow as a strong, millennial woman.
Sounds like alot but it’ll all make sense in the end. Catch you on the other side!
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