Saving Money – 10 Ways to Save When You’ve Lost Your Job

guy walking up stairs in the dark
When it comes to saving money, few things motivate better than losing your job. Whether you’re fired, laid off or quit, what do you do after the “Oh, crap” moment? Before the last paycheck arrives take a look at your life and try these 10 tips for building your savings savvy.

Saving Money – 10 Ways

  1. Basic survival. What do you need to get by, and will that amount make you happy until you find other employment? Consider everything. From food for you and your pets to transportation, medicine, clothes and gifts. Write out a budget and track your spending with a free app like or Billguard. J$ over at Budgets are Sexy has a whole list of apps and tools that have worked for him. Check them out!
  2. Pay down your debt. Pay off credit cards and keep them at zero balance every month if possible. Stash cash, dividing into envelopes marked for a particular purpose.
  3. Ask for a trial/guest membership to a professional organization in an area that interests you. This is a cost-effective way to learn a new profession and explore new options.
  4. Work your hobbies. If you can’t find a new full-time job or have not decided what to do, try making money from your leisure activities. If you paint, sew, or love working with children, there’s freelance work for all sorts of interests.
  5. Stick to a schedule. When you are not working a regular job, it’s easy to let the “I’ll-do-it-later” syndrome start. Budget your time every day the way you budget your money. When you save time, you have more of it to spend making money.
  6. Consider nothing beneath you. We all know someone who is unhappy at their current job. But yet they say “I won’t get out of bed for a job offer of less than XX an hour.” You cannot save when you are too proud to earn.
  7. Change changes things. The “I Pick Up Pennies” blog has a simple philosophy: no amount of savings is too small. Did you know that Americans throw away $62 million in change each year? WHAT?! Get a jar, piggy bank, box or bucket. Toss your small change in it every day, take it to a coin counter and cash out.
  8. Slim down your lifestyle. It’s not how much you own, but how well you own it, use it and in the end, what you do with it. Before you replace, consider reuse, repair and recycle first. If you must replace, do your research on prices before you buy. If you can borrow or trade for it, do that before you buy it.
  9. Stockpile vs. hoarding. Stockpiling means keeping a good supply of things on hand you can and will use at some reasonable time. Hoarding is buying out of compulsion and wastes time, space and money. Look for sales, stack coupons and store your goods with the expiration dates visible.
  10. And for now, it’s the law. Get medical coverage or prepare to pay the $600.00 fine. Coverage on the ACA exchange isn’t cheap, but it’s usually more affordable than getting sick and paying out of your own pocket.