5 Unique Ways to Deal with Money When You’re Unemployed

jessica rodz

Nov 30, 2021 / 143 Views

Well, believe it or not, the rate of unemployed persons in the UK has taken a dramatic rise.

According to the Office for National Statistics (ONS), the unemployment rate in the UK is 4.8%, based on the data collected on September 2021.

This means you have got one in every 20 persons to be unemployed!

You can understand the circumstance.

While the COVID-19 outbreak significantly contributed to the loss of jobs, it has also been found that there are many other additional reasons for which a person on the working condition has either lost a job or still didn’t get to be appointed.

Now, starting an entrepreneurial journey might not be included here, as that depends entirely on how you are conducting the operations in your brand.

However, the word ‘unemployed’ can cover a wide array of people, from teenagers to young adults to middle-aged people to the elderly, who are in need of money.

But don’t lose hope.

According to BBC, the employment rate will go high from the beginning of 2022, and we have just got a month left for 2021.

So, it is time to prepare.

Before that, looking at your expenses and finding some healthy measures to control them will also be a worthy approach.

Why wait then? Let us know about these ways with this blog.

Some Strategic Ways to Deal with Money When You’re Unemployed

Remember, dealing with money doesn’t mean saving it but borrowing an amount too, like the loans for the unemployed in the UK, depending on circumstances and the action the situation calls for.

It is about the best management tactics you need to keep with yourself in case you fall victim to such a huge issue called unemployment.

Here are those tactics are written below:

Look for assistance programs
Consider freelancing or working with temporary agencies
Take a loan and learn something professionally
Use credit card rewards
Evaluate your expenses using a budgeting app

Let us not waste time and know about these points in detail.

Look for Assistance Programs

Being unemployed means not being able to pay for certain services that we all need at a basic level.

And that is food and shelter along with medical treatment.

While you’re unemployed, you might need to look for services that come at comparatively low costs or for free.

You can follow these steps to make sure you obtain them:

There are federal bodies under the government that supplies you with a temporary permit to purchase food for you and your family. Try registering in it to find if you are eligible.
You might also get organisations that offer you temporary assistance (and that mean all sorts of basic assistance). Try finding them out online.
You would get free health checkups and medicine in case you already made a smart decision about health insurance plans. In other cases, you can still find out free or discounted medical services and camps for health checkups organised by the government.
You may also get in touch with professional non-profit enterprises that can help you with your diverse requirements. Try contacting the local Churches as well in order to get assistance.

Consider Freelancing or Working with Temporary Agencies

You might as well look for work along with free assistance.

If you are not getting a full-time offer, start working part-time or freelance instead.

You can choose to use your skills in any field. You can be a digital marketer, a content writer, a graphic designer, a developer, an accountant or a programmer as per your degrees and work experiences.

You can find such online work from websites like Fiverr or Upwork or FlexJobs.

On the other hand, you might find some temporary agencies. These agencies work on a contractual basis and can perhaps offer you a job for a few months or a year.

Take a Loan and Learn Something Professional

So, you might be lacking some professional skills, for which the problem of unemployment is affecting you more.

Well, don’t let that be so.

Take an online course and do it particularly with the help of a loan for the unemployed in the UK because you really don’t want to involve your savings account for this.

And why is that?

Using money from your savings account will only deduct your savings amount. If you face an emergency, you may not get the backup from your savings if you invested a large amount to fund your online course.

Instead, use a personal loan for the unemployed and learn something professional like digital marketing, data analytics, data science, and many more similar courses. These courses are technical education meant for brisk placements.

You may also get a job while you learn.

Taking a loan will keep your savings secured. You can now get a decent job and pay back the amount with an interest rate in a monthly payment plan that is suitable for you.

Use Credit Card Rewards

While owning your credit card, do not rush and consider different options.

There are credit cards that come with cash back rewards or offers.

Although cashback was something people chuckled off a few years ago, they now look at it as a NECESSITY.

And being patient in owning the right kind of credit card is essential.

For the unemployed, a cashback credit card means a lot!

So, check your credit card for cashback offers or rewards and don’t be late to collect them.

Evaluate Your Expenses Using a Budgeting App

While these apps are meant for budgeting for almost anyone, an unemployed might need it more than ever because of the super smooth organization these apps come with.

While being unemployed, it is difficult to keep track of money.

It is also complex in keeping up with expenses and calculating the leftover or extra money after significantly controlling your lifestyle habits and expenses.

Use Goodbudget or Mint to solve your budgeting issues.

They come with an interactive interface and options that the human mind may not always think of.

With these apps, you might as well find out the analysis of your expenses and new ways or probabilities to further advance efficient money management while being unemployed.