by Maria Papadopoulou

Created on: December 21, 2009   Last Updated: December 22, 2009

In times of financial crisis where everyone struggles to make ends meet, loosing your job can definitely add to the  burden of debt. Trying to save money when you are unemployed may seem impossible, but it is not. If you make a conscious effort to change your financial habits you will see that there is actually a light at the end of the tunnel.

Tips for saving money when you are unemployed

1. Cut up your credit cards

While credit cards may  seem like a good temporary solution when you are unemployed as they allow you to  purchase some of the things you want and require only the minimum payment of you at the end of each month,cutting them up would actually be the more responsible thing to do under the circumstances. When carrying credit cards, it is very easy to get carried away and spend more than you can afford. Since you will not be earning steady money anymore, it is very possible that you will not be in a position to pay for the minimum payment every month. Why adding even more debt and stress to your life? With cash, you will at least know exactly what you can afford and how much you  have spent for every purchase.

2. Sell items

Gather all items that you no longer need like books, CDs, DVDs or clothes and try to sell them on reputable sites like Ebay or Graigslist.  To ensure the best possible results make sure that you have provided clear descriptions, reasonable prices and that all your items are in good condition. Furthermore, it is important to realize that you need to be patient about this, as competition is fierce.

3.Cheap can be smart

By developing new financial habits and incorporating them in every aspect of your daily routine you will manage to save money without sacrificing quality in the least. Limit your visits to the supermarket to once a month, when there is absolutely nothing left at home. Go prepared, having created a list with the absolutely necessary stuff ( the new coconut milk soap which is heavily advertised is not one of them) and stick to it no matter what. Try to carry with you only the amount of cash that you will approximately need  so that you will  not be  tempted to spend more. For products that you often use, pick the family size whenever that is available, as it is going to cost you less.Also, whenever that is possible, pick local products, as unlike  import products which cost a lot due to transportation costs, they actually come cheaper. Bulk buying for products you regularly

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