Motivation and commitment might be the coin needed for finding a new job while out of work, but in order to make the money stretch while a person is unemployed, accountability and discipline are needed too.
On Jan. 31, SBPA held a training session on budgeting finances while searching for a job.
Hosted by Sadhna Singh, training chair with the SBPA, the session covered various tips and strategies to make money stretch while looking for a job, as well as preparing for the next jobless drought.
“You want to identify your outflows,” Singh said. “Not only your fixed expenses … rent, health insurance … but also your variable expenses like entertainment, hobbies and shopping.”
Singh said one strategy might be cutting down the number of credit cards to make it easier to keep tabs on spending as well as spotting suspicious activity that could put you further in financial trouble.
In addition, it might be time to cut back on paid services you might have used at work and entertainment, such as specific information outlets and utility programs for the occupation, less shopping with Amazon and its Prime service, as well as nixing streaming or cable channels.
Harold Salas, SBPA president, said calling services such as a cell phone provider and asking if there’s discounts or aid for unemployed is an option, adding he was able to find a deal reducing his cell phone bill as well as tying-in a discount offered for Netflix.
To get your finances in order, Singh showed a series of slides illustrating four primary items to focus on while also searching for the next job.
To help with budgeting – and getting a Microsoft Excel or Google Sheet template ready to keep track of everything – Singh added you can utilize NerdWallet’s Emergency Fund Calculator and use investment planning services such as Vanguard.
In addition, once you start making income again from a new job, you want to replenish the safety net and emergency fund for the next time life gives you an unemployed phase.
More SBPA in-person meetings?
In addition to the budgeting tips, Salas said at the meeting’s opening SBPA is considering two or more in-person meet-ups each month at the South Bay One-Stop Business & Career Center in Torrance.
Currently the group meets there once a month on the final Wednesday, with prospective new members introduced to SBPA and its services, as well as participating in workshops geared for unemployed professionals and occasional guest speakers.
Five new faces were present on Jan. 31, with expertise in fields such as banking, medical and funerary.
Salas expects the number of new members to increase as the year progresses, noting recent layoffs in the tech industry.
Article illustration created by DALL-E 3.
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