It's that time of year again - time for company "downsizing." With our economy on the verge of a recession, it's no surprise that I've already heard multiple reports of layoffs - including a close friend of mine. Other friends who are still gainfully employed fear they could be next.
I'm no stranger to layoffs, unfortunately, so I thought I'd share some tips on how I've managed to cut costs during periods of unemployment.
1. Take a Shopping Sabbatical
I completely cut myself off from purchasing clothes while out of work - well except for 2 tops that totaled $20. (So I cheated a little.) Have you ever calculated how much you spend on clothes each month? This tip can help you afford an extra month or two of housing expenses.
Just think about how much you have spent in the past 3 months on clothes, bags, shoes, jewelry, etc., and then determine how many months of rent/mortgage that would afford you. Makes it a little easier to control your shopping urges, right?
2. Make Your Mane Low Maintenance
Depending on what city you live in, women can easily pay up to $50 or $60 for a haircut, and double that for highlights or color, not counting the tip. If you get your haircut and color retouched every 6 weeks, that's $400 you're spending over 3 months that you could be putting towards food or other necessary expenses!
At the beginning of my unemployment period, I went to a less expensive salon recommended by a friend. At the time, my hair was really short, so I specifically asked the stylist that she give me a haircut that would grow out well so I could wait as long as possible before getting it cut again. At the time, I had been dying to color my hair again as my last color had completely faded, but knowing it was unnecessary, I refrained.
If you have a high-maintenance hair color, consider dying it closer to your natural shade until you're employed again so you don't have to spend wads of cash on color corrections or root touch-ups.
If you're really brave (or stupid) like me, you can also go to places like Craigslist to find salons seeking "hair models" - people willing to get their hair cut for free by stylists-in-training. I, personally, made the mistake of signing up for a "creative cut" - which in layman's I now describe as a hairstyle that is so progressive you will most likely only see it on a salon poster, in a European runway show or sported by a celebrity rockstar (most likely of the opposite sex). For months I've been walking around looking like Davey Havok of the band, AFI. Except for when my head was turned to the right - then I just looked like Sinead O'Connor.
3. Find Cheap Entertainment
To some, the obvious place to cut expenses during unemployment might be entertainment - but I disagree with that. If you don't maintain a healthy list of social activities when you're unemployed - especially if you're single - you could quickly fall into a slump or depression.
I think it's important to still go out with your friends; just be smart about it. If you can't pick the place, order the cheapest meals on the menu or the drinks on special. This could result in a savings of $100+ per month!
If you ever have to think twice about meeting up with your friends because you're low on cash, just go and stick to water, because you never know who you'll meet in public - it could be a hiring manager that helps you land your next gig!
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