How To Get Caught Up On Bills And Survive The Financial Stress Of Unemployment

How to Get Caught Up on Bills and Survive the Financial Stress of Unemployment

A huge study conducted by the Centers for Disease Control and Prevention between 2006 and 2008 found that about 10 percent of Americans feel depressed at any given moment. And one of the main reasons for the depression, according to the study, is unemployment.

Unemployment can take a big toll on a person. It can leave them feeling hopeless with regards to the future. It can also lead to them abusing drugs and alcohol and affect their health. And of course, it can throw their finances all out of whack.

Knowing how to get caught up on bills when you don’t have regular income coming in can alleviate some of the stress associated with unemployment. It can also give you back some of the hope that you’ve lost in recent months.

Here is how to get caught up on bills and survive the financial stress that so often accompanies unemployment.

Create A Budget For Yourself

Everyone should have a budget in place to keep their monthly spending under control. Whether you have a job or not, budgeting your money will help it to go a lot further than it would otherwise.

But those who are unemployed should be especially mindful about budgeting their money. They should take a look at how much money they have and decide how they’re going to spend it in the days and weeks to come.

When you take this approach, the bills that you owe won’t come as a huge surprise. You’ll see them coming up and know that you have to pay them. This will help you avoid having to scramble to figure out how to get caught up on bills later.

Cut Out Unnecessary Expenses

Do you go out to eat a lot? If so, you’re likely spending way more than you think about food.

The average American spends more than $3,000 every year at restaurants. That works out to about $250 every month.

Imagine what you could be doing with that extra $250 to alleviate your financial troubles. You could get caught up on lots of bills by eating in all the time from now on.

There are other unnecessary expenses that you can eliminate from your life, too. You can:

  • Cancel your cable bill
  • Say goodbye to Netflix
  • Get rid of any insurance policies that you don’t need
  • Quit the gym
  • Stop smoking cigarettes and drinking alcohol

You could potentially save upwards of $1,000 every month if you play your cards right.

Take On Temporary And Part-Time Jobs

If you’re unemployed and can’t pay bills, finding a full-time job is likely your top concern. But while you’re in the process of trying to do that, see if there are any temporary or part-time jobs in your area.

If you own a car, there are lots of ride-sharing services that are always looking for drivers. During the spring and summer seasons, there are also seasonal jobs that open up. There are even some good ways to make money online.

Get creative and find something you can do to bring in a little money while you look for something permanent. It’s how to get caught up on bills while you’re in between full-time positions.

Rely On Friends And Family For Support

Borrowing money from friends and family members is just about always a bad idea. But if you’re really in a bind and don’t know where else to turn to pay your rent or your light bill, see if those closest to you might be able to help.

Most people have been out of work at some point in their lives and know what it’s like to struggle. They can help you keep it together in your time of need without holding it over your head later.

Just make sure you come up with a plan to pay back any money you borrow from friends and family. You might also want to offer to perform a service, like landscaping or babysitting, for your friends and family members in the meantime as a thank you.

Use Loans To Your Advantage

You might not think that anyone would be willing to lend you money when you don’t have a job. But this couldn’t be further from the truth.

There are loans for unemployed people that you can take out to catch up on bills when you don’t have a job. They can help your finances stay afloat when you’re looking for work.

Much like with loans taken from friends and family, though, you do want to have a plan in place for paying these loans back. It’ll help you avoid finding yourself in an even worse financial predicament than the one you’re in now.

Continue Searching For A New Job

The unemployment rate is currently sitting under 4 percent. But depending on which state you live in, that rate could be significantly higher or lower than the national rate.

Alaska, for example, has an unemployment rate up over 6 percent right now. Iowa, on the other hand, has an unemployment rate that’s inching down towards the 2 percent mark.

Regardless of what the unemployment rate is in your specific state, don’t let it discourage you. You can find a job if you’re willing to continue plugging away at it.

It takes most people several months to locate and secure a new job after losing their old one. Keep on searching until you find one that allows you to get back to normal living.

Learn How To Get Caught Up On Bills And Stop Stressing Out

When you understand how to get caught up on bills when you’re unemployed, it can make unemployment slightly easier. You won’t feel so stressed out all the time when you’re not behind on your bills.

You’ll have the strength and energy you need to find a new job when your bills are current. You’ll also avoid having your credit score take a nosedive, which could hurt your chances of securing a job if an employer runs a credit check on you.

Would you like to learn about some other solutions for eliminating debt? Read our blog to see what some of your options might be.

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