If You're Out Of A Job, How Exactly Should You Go About Cutting Expenses?
- 4 years ago
The US Labor Department says forty-four million people have filed for unemployment in the past 12 weeks.
If you're in the same boat, then clearly it's time to cut some expenses. But which ones, and how drastic should those cuts be?
According to Business Insider, financial planner Anna N'Jie-Konte says cutting all expenses all at once during unemployment can be overwhelming.
Instead, opt for cutting expenses in stages. Cut some right away. If unemployment goes beyond that, then cut more.
At the same time, look at your belongings and your skillset. What can you use to freelance, by investing nothing except sweat?
With a W-2 job, people don't want to give up that security and safety. But once you've already lost that, what will you have to lose, if it's not a capital-intensive investment? Anna N'Jie-Konte, Financial Planner Dare to Dream Financial Planning
If you're in the same boat, then clearly it's time to cut some expenses. But which ones, and how drastic should those cuts be?
According to Business Insider, financial planner Anna N'Jie-Konte says cutting all expenses all at once during unemployment can be overwhelming.
Instead, opt for cutting expenses in stages. Cut some right away. If unemployment goes beyond that, then cut more.
At the same time, look at your belongings and your skillset. What can you use to freelance, by investing nothing except sweat?
With a W-2 job, people don't want to give up that security and safety. But once you've already lost that, what will you have to lose, if it's not a capital-intensive investment? Anna N'Jie-Konte, Financial Planner Dare to Dream Financial Planning