by Leslie Schwab

Created on: September 06, 2009

Being unemployed is a situation shared by millions of Americans in today's uncertain job market. This is particularly difficult for those whose incomes are needed to support other family members. Before even developing a plan, sit down with your family and explain the situation. Everyone is going to have to pitch in by cutting back on spending, and cooperating together as a family until the economic situation improves. Once all family members are on-board, it is time to formulate the economic survival plan.

The first step is to carefully examine expenses. Extravagances, such as the morning cup of coffee at a coffee or donut shop need to be eliminated, along with other beverage and snack purchases that can be substituted for with less expensive home made products. Entertainment expenses must also be addressed. Use your credit cards as little as possible, because large interest rates are tacked onto credit card balances. Spending eight dollars on a movie ticket can be replaced by renting movie videos.

Shopping for groceries is another issue to deal with. Get into the habit of utilizing coupons. Purchase fewer expensive store brand products whenever possible. Restrict automobile usage for necessary trips, only. If you smoke, take the opportunity of being unemployed to make a concerted effort to quit. Aside from the known health risks, smoking is an expensive habit. At six or seven dollars a pack; a pack-a-day smoking habit cost over fifty dollars a week.

The largest monthly expense is for rent, or mortgage payments. For renters, it may be possible to downsize to a smaller, less expensive apartment in the same rental complex. You could take the opportunity to go through your possessions to see if any that aren't being used can be sold for cash. It is more difficult, however, for those who own homes; particularly in today's tough real estate market. Those who owe more on their mortgages than their properties are worth are in the toughest predicament. Make every effort to contact your lender to see if lower payments can be negotiated. If possible, try to avoid a foreclosure, because of the damage it will do to your credit.

Finally, being unemployed doesn't mean one can't earn money. Baby-sitting, tutoring, and being a companion to one who is elderly or incapacitated are only three of a number of ways to make a little extra money. You may need to consider learning new job skills that would make it easier to attain a new job. They best way to deal with being unemployed, is to increase one's odds in gaining new employment.

Making ends meet if you're unemployed can be accomplished with good planning and family cooperation. Any cost-saving measures that can be implemented when you're out of work, should be continued when you rejoin the workforce. Money that can be saved is always a positive outcome.

Learn more about this author, Leslie Schwab.
Click here to send this author comments or questions.