Surviving Unemployment
Tips for Those Doing More with Less

As the recession winds down, unemployment continues to hang overhead, forcing many consumers to do more with less. Use the American Bankers Association Education Foundation advice for consumers -- especially the unemployed -- with limited resources  to stay in control of your finances.

·         Assess what you have. Review and update your budget. Consider all sources of income like unemployment benefits, severance payments, savings and checking accounts. Look at past debit and credit card statements to discover spending patterns. ABA Financial Calculators.

·         Get your benefits. Unemployment benefits can help you to stay afloat as you restructure your household budget and look for a new job.

·         Ask for help. If you are having a hard time paying your bills, contact your creditor to arrange a more manageable payment plan. Then contact the National Foundation for Credit Counseling to find a local credit counselor to help you develop a budget and a plan for paying down debt.  To reach NFCC, call (800) 388-2227 or visit www.nfcc.org. ABA Education Foundation's Help Contacts.

·         Talk about it. Inform your network about your employment situation. Friends, fellow club members, former co-workers and other associates can be a great place to turn to find a new job.

·         Eat in. Cut out fast food and dining out. It's cheaper to eat at home. You'll be surprised how much you will save by taking the time to prepare meals in your own kitchen.

·         Cut, cut, cut.  Cutting cable television, cellular phone and Internet service can save you hundreds of dollars each month. Use the library's Wi-Fi, your landline and a TV antenna until income returns.

·         Shop smart. Pay with cash or debit cards, not with credit cards. Shop around for deals, use coupons and purchase store brands.

·         Get creative. Look for free or inexpensive ways to entertain such as playing family games, choosing the library over bookstores, watching movies you already own or doing some local sightseeing.

·         Go green and save green. Cut utility costs by turning off and unplugging unused appliances, wash with full loads, set your thermostat to 68 degrees in winter and 78 degrees in summer and use fans.