Money Trumpet Shares Budgeting Tips For Surviving While Unemployed

London, England -

London, UK based Money Trumpet has published a new article that offers several tips on budgeting when out of work. Given the present economic climate, these tips can prove invaluable to many who are either between jobs or who have chosen to prioritise their education for the time being. The full blog post can be found at the following link: moneytrumpet.co.uk/how-to-save-money-while-unemployed-top-6-budgeting-tips.

“At some point in your life, it’s likely you may find yourself unemployed,” the article says. “After all, it’s not uncommon and can happen for a variety of reasons. While you are looking for a new job, life still goes on and bills still must be paid, but it does make sense to cut back on non-necessities, especially when you don’t know when your next paycheque is coming in.”

The first tip the article offers is among the most crucial: people are advised to create a budget plan. This plan should account for all their needs — bills, rent, food and so on. They are the budget maker’s most important considerations since falling too far behind can have catastrophic consequences. However, Money Trumpet reminds their community not to forget to account for their preferences, which may be represented by their hobbies and other non-essential items. While these expenses should not outstrip their needs, the company says they are also important since they can play a vital role in the individual's emotional and mental well being.

Since a budget plan will likely need to be checked everyday (if not several times each day), the company recommends using a medium that is convenient to the individual’s circumstances. In some cases, this may mean a small notebook is enough to keep track of simple expenditures. Similarly, notes can be kept on an appropriate smartphone app. However, Money Trumpet suggests that they also consider using an online service if they have a lot to keep track of. Many budget apps are available for free on both iOS and Android, and they often come with filters that can make it easier for a user to quickly gain an overview of their expenses.

The next tip is to look for special offers wherever possible, but mostly at the supermarket. Since it is often more cost-effective to buy items in bulk, Money Trumpet says anyone who has a freezer can use it to purchase multiple items and store them for later. This will also help minimise how often grocery runs need to be made, potentially saving the user transportation costs to varying degrees (depending on how far they live from their closest supermarket). The article adds, “Lots of food retailers also start to reduce their stock at the end of the day so try going shopping a little later than usual to get some great bargains.”

Keeping a sharp eye out for sales might be tiresome, but it can make a big difference when someone is living on either a limited income or none at all. Money Trumpet points out that following certain chains on social media and so on (or even simply checking their signage during a commute) can help people stay on top of sales without having to put in too much effort.

Money Trumpet’s blog post then suggests that people reduce how often they go out. Eating or drinking at any establishment will most likely be more expensive than preparing a meal at home, so it is advisable to cut back whenever possible. However, the company acknowledges that this should not be taken to an extreme (unless absolutely necessary) since socialising can be crucial for people to keep their spirits up and maintain their mental health.

The company offers a few more tips that can be read in the full article, which is available on their website. As the article concludes, “It can be stressful and hard when you find yourself without a job, but making sure you know how to save money while unemployed and do all you can to keep your finances in order will help you to worry less and keep things going until you find another job.” As such, reading it may be extremely helpful for someone who finds themselves unemployed today.