by Jerome Espinosa Baladad

Created on: December 22, 2009

When unemployed, you certainly can still have opportunities to save money, though the amounts may not be the same as when you were employed where you can always look forward to a regular income. Keep yourself from ever going in despair (though this is easily said than done, admittedly). Being under a state of unemployment, of course, has its own set of challenges that may still be unknown to you (especially if this has been the first time that this happened to you). Work on looking at the idea in your mind about the very act of “saving money” – it can be actually equivalent to “earning money.” Combine it with your own baby steps (as it takes discipline and focus to overcome your own self) to take action now (despite repeated failures), and your efforts will be rewarded in time. Other tips that may come handy include:

1)    Trade or barter your skills for services or products that you actually need and want. Write down now an inventory of what you can actually do well in exchange for these services or products. Start first within your network. For example, are you single and are you willing to do caregiving works, just like doing the works of a home health aide? If so, you may exchange your services for board and lodging with the elderly or the disabled. Check similar possibilities within your own field of interests and passions.

2)    (If you haven’t done so yet) It’s time now to draw a budget that will give details on the money that comes out of your pocket versus the money that you still have. You need to strictly list down all these items everyday. The information you can draw will help you design and evaluate a spending plan on you and your loved ones now that you are unemployed.

3)    Have you switched to some other leisure activities that will not make you spend any money at all every time you engage in one? Consider switching to activities that will not cause you to shell out money. Examples: reading books (you may just borrow from the library), watching movies on the internet (or even TV programs on the internet), engaging in physical exercises to tone your body and stay fit even when unemployed, among others.

4)    Have you done an inventory of items in your house which you can sell or dispose in exchange for some more cash? Extra cars, extra furniture and fixtures, jewelries, another house, kitchen equipment, among others. Do it now, or sooner. This

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