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When you have no work, you feel like pulling your hair. No matter you were sacked, laid off or the company went in losses, ultimately it is a big blow to your finances. Unemployment is a tough situation to put up with, especially when a job is the solely source for your income. As you lose your job, you instantly put you all efforts into finding new work. However, it is not as easy as it seems. It may take a long time. How about if you do not get a new job at once?

Outgoings are always higher than incomings and therefore it is mandatory that you carefully spend your money. Not all people have money set aside and if they have, it seems to be short of financing all needs during their idle time. If you have also the same case, you should put in a loan application. Direct lenders can help you avail unemployed loans at competitive interest rates and flexible repayment instalments. These loans can help you finance your needs when you are out of a job. Just because you can get these loans on easier terms and conditions does not mean that you will recklessly dissipate your money. Here are some ways that can help you manage your funds during unemployment.

Make a budget

When you are feeling the pinch, you should undoubtedly tighten your belts. The best way to do it is to prepare a budget. Make a list of all your expenses such as utility, food, rent, and the like. Then you have a look at expenses that seem to be unnecessary like eating out, movies, night outs and so forth. With the help of a budget, you will be able to cut back on unnecessary outlays. This will give you a deep insight into available funds that you will allocate to various categories of expenses. This will keep you from being spendthrift.

Find a part-time job

Being harsh with your spending can save you huge pounds. However, you can keep the graph up with part-time employment unless you get a full-time job. If you do not get a part-time job in your field of expertise, you should opt for other small jobs. Your ultimate goal is to survive so you do not hesitate to catch any work like driving, running errands etc.

Avoid credit card use

If you use credit cards on and off, your credit score will go down and you will face difficulty applying for a loan next time. Further, credit cards can be more expensive options than unemployed loans from direct lenders.

Put off your expenses that are not urgent

Always prioritise your payments to make sure that you are paying on time what is necessary. However, some expenses can be put off such as shopping of clothes and repair of an air conditioner. Do not block your money as long as you can adjust without them. You must understand that you cannot fulfil all of your needs when you are unemployed.

Wrapping up

You can get unemployed loans without any hassle, but you should be careful with your spending. The best way to cut down on your expenses is to eliminate non-essential expenses such as subscriptions, shopping spree etc. Do not use your credit card unless you get a new job and you pay off your unemployed loan.

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Hi, I am Sara James, an avid financial blogger and advisor, with one of the consistently growing finance companies based in the UK. I’m enjoying my profession and recently found hobby- of course it is nothing else but BLOGGING!