SERIES: I Lost My Job – Now What? – Part Two

Welcome to the latest series on JosephSangl.com – I Lost My Job – Now What?

In a time of increasing unemployment and job loss, I thought it might be helpful to write this series.  It is my hope that it is a help to those who have experienced a job loss.

Part Two – Understand And Fill The Gap 

I have met a lot of people who are so overwhelmed with making their financial ends meet that they have given up hope.  They have despaired of making it work at all.

This is not the case!  It CAN work.  It CAN be dealt with!  It is NOT hopeless!   However, you must understand the gap and fill it.

What is the gap?  The gap is how the amount of additional money needed to make the budget balance.  While the US Government might print more money to "fix" the situation, we cannot do that (although it does come with free room and board if you do print your own money).

Prepare a written spending plan using the priorities discussed in Part One.  This will allow you to understand the gap.

How do you fill the gap?  Well, using our equation, INCOME – OUTGO = EXACTLY ZERO, there are two ways – reduce OUTGO or increase INCOME.

Reduce OUTGO

  • Eliminate unnecessary expenses (cable, internet, home phone, cell phone)
  • Requote homeowners (or renter's) and auto insurance
  • Modify entertainment to no-cost and low-cost options (movies from library, hiking, swimming at the lake, fishing, Hulu.com)
  • Eliminate health club membership (run outside)
  • Sell the car and purchase a paid-for beater
  • Groceries: Buy off-brands, use coupon services, prepare more food at home
  • Car pool
  • Work from home

Increase INCOME

  • Apply for jobs like crazy – monster.com, hotjobs.com, careerbuilder.com
  • Get a job – any job will do for the short term – contract/temporary positions, deliver pizza, clean houses, fast food, work for a family member, commercial cleaning, deliver newspapers, polish shoes, wait tables
  • Sell stuff – yard sale, Ebay, Craigslist.org

What other ways would you or have you increased INCOME or decreased OUTGO?

Read recent posts 

3 Responses to “SERIES: I Lost My Job – Now What? – Part Two”

  1. poor boomer January 13, 2009 at 1:46 am #

    Alas, there is little I can do to reduce outgo.

    Not having a car or a license is a HUGE obstacle to increasing income.

    All sorts of jobs and gigs I can do but can’t get without a car or license.

  2. Marie January 13, 2009 at 7:37 am #

    Hi Poor Boomer!
    What about babysitting in your home?
    Can you sew? Take in sewing or repairs.
    Internet has some work at home jobs. Some are legitimate.
    If you have a spare room, rent it out.
    Who knows, maybe your renter will have wheels!
    I guess I’m thinking ahead because my job may be one to go because of the economy.
    Good Luck!
    Marie

  3. Travis January 16, 2009 at 5:58 pm #

    Marie….

    Well said, I like the way you are creating options!!

Leave a Reply:

Gravatar Image