Not going to lie, this shopping cart looks pretty fly. But that doesn't mean that you want to live in it.
If the recession has taught us anything it's that job security doesn't exist as it once did. The average American
will hold 7-8 jobs by the time they're 30. At some point in your career, you will probably have to weather a stretch of unemployment while living off a small unemployment check and your savings.
But this shouldn't scare you. I mean, it certainly seems scary to think about being severed from your lifeline, the money that provides you with the things you need to survive and enjoy life.
But if you know how to cut costs and prepare for another job while you have one, t
he thought of leaving your job can be liberating. With a back-up plan in place, you own your life and career, and your employer can't hold you to a job that's not right for you because of "money."
Here's how transition into a new life without the stress that unemployment usually brings.
Have another job on the tip of your tongue. If I asked you what job you would apply to if you lost your job today, you should be able respond with at least one idea.
Want to know what mine is? Working at
the bookshop down the road from KODA. I hang out there at lunch almost every day, and am tight with the managers and the staff. That would be my first stop if I needed to look for a new job.
After job seekers land a job, they tend to toss their resume in a musty folder in their computer and kiss the job search goodbye.
That's healthy. For a little while. But after you get settled in your new job,
you should occasionally peruse the internet for other opportunities, just in case.
Keep networking, or better yet, keep working on a side project. This way, if you do ever leave your job, you will have something to put on your resume while you look for another opportunity.
Figure out how to cut your greatest monthly expense in half. Most people's greatest monthly expense is rent, but there are also secondary expenses—going out to eat, yoga, a shopping habit.
Figure out what your top three monthly expenses are, and then figure out how you could half them.
It's easy to half your rent—get a roommate. One of my friends sublets her apartment every summer in New York City, when rents shoot through the roof, and she's able to bring in extra cash while living somewhere cheaper.
My second biggest expense is yoga classes and my gym membership. If I lost my job, I could work at my studio in exchange for free classes, and I could also put my gym membership on hold for six months.
When
I moved out of my apartment in New York City, I sold my furniture and brought my clothes to consignment shops for extra cash.
Figure out how you can live minimally.
On that note, cut your expenses now. It's no secret that many of us live just at our or means or way beyond it
.
Big time
football players do it.
Actors do it.
Joe-Schmoe does it.
Figure out how you can shave down your greatest costs while you have a job. Put that money into savings.
Maybe you don't really want a roommate to cut down on your rent,
but you can bring in some extra cash by selling old furniture and clothes you don't need any more. You'll be surprised how good it feels to rid your life of clutter, too.
Maybe you are a restaurant person. Invite your friends to cook at home with you every now and then instead of going out.
Learning how to make concessions now will help you deal with a moment when it's absolutely necessary to make them, and it's always good to have savings in the bank.
Take on activities that don't require money. After I graduated from college, I moved out to the beach
in Queens, and it was the best financial move I could have ever made.
Most of my activities centered around the beach. I had a stash of surfboards on my porch, and most weekends my friends and I surfed and lounged on the boardwalk. Everyone had barbeques in their backyard. I rarely spent money at bars and restaurants because I lived and breathed my community.
Creating a lifestyle that doesn't hinge on spending tons of money is freeing, and grounding.
It reminds you what is really important—relationships. You don't need expensive dinners and fancy martinis to cultivate meaningful relationships; you just need people who care about you. And sometimes, stripping away the material things, like bars and beers and shopping outings makes you realize who your friends really are.
Free Stuff. I spent the least amount of money when I lived in New York City. There are a ton of free concerts and events, especially in the summer, and took full advantage of them. Every city has community events, so check them out.
Anything else? If you have any tips on how to cut costs while you're unemployed, or prepare for the uncertain future of leaving your job, let me know in the comments below.
Photo by Señor Codo
