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More about Getting By Without a Job
My apologies to my readers. I had full intentions of following up my review on Philip Brewer’s article, Things to Do if You Lose Your Job, more promptly but here I am playing catch up instead. So today before discussing Part 4, Get Free Stuff and I will take a few minutes to look at Parts 2 and 3, Boosting Your Income, and Cutting Your Expenses.
In his second article, Boosting Your Income, Brewer points the reader to a multitude of possible revenue sources that we often overlook. Sure, we really want a full time job in our chosen field of expertise but in the mean time, could we make a few dollars here and there painting a neighbors house, walking their dog or shopping for shut-ins? Do we have hidden treasure stashed around the house? BBC’s Cash in the Attic series illustrates this principle week after week as participants unload Uncle Milton’s comic book collection to pay for the kitchen remodel.
I find it interesting to see renting space in your home on Brewer’s list. In working on our family’s genealogy, I noticed that census data from the Depression years inevitably had large groups of non-related persons residing at the same address. Many of the adults were identified as ‘borders.’ In general, household sizes were larger too, often several generations of the same family shared a dwelling. Hard times makes this option often a necessity.
It may be time to adjust our perception of how big of house we need to how many people will our house actually accommodate? Brewer does caution readers to be aware of the legal ramifications involved if they entertain thoughts renting out spare rooms or taking in borders. I find it sad that such a caution is necessary but we do in live a sue happy culture so it is good advise. Unfortunately, some less scrupulous folks consider frivolous law suits a viable option as another source of income, one which Brewer doesn’t recommend and neither do I. Those that do are out there though, so do be careful who you take into your home.
Part 3 of the series Brewer tackles what I would called the BIG ticket items: downsizing your home and automobile. Lets face it, they are our biggest expenses and ones where we can continue to poor thousands of dollars in an effort to maintain our image or ’standard of living.’ Image may be one luxury we can’t afford if we are out of a job. Stay tuned for Part 4…
Filed under: cheaper living
Review of Getting by Without a Job Part 1 by Philip Brewer
It has been over twenty years since I have been in a position of not having a job, so if I was going to share my personal experiences on this subject, it would not be worth taking your time to read it. Friends and family, all around me, are facing this challenge though, so I think it important to include a post on this subject. Philip Brewer, a former software engineer, has written an exceptional article on the subject which you can read for yourself on the Wisebread forum.
In this first of a four part series, Brewer outlines a strategy for taking control of the situation at the very beginning. His no nonsense approach tackles the hard question of modifying our spending habits and budget planning before the money runs out. You often hear that you should look for that one nugget of value in anything you read. For me, that nugget in this article is “spending needs to be taken off automatic.”
This key phase triggers a second look at how much money goes out of my account each day that I up till now have paid no attention to. I am a great fan of automatic payments. I don’t like to be bothered with bill paying so if I can set a payment up to be made directly to the utility company or department store, I’ll do it. By doing this, I think I have saved a bundle in late fees and interest charges.
A closer look, also reveals numerous monthly payments going out for items that might not be essential and could be eliminated to reduce the budget. Do I need to continue that book club or online membership? When was the last time I logged in or read one of those books?
The second topic Brewer covers exceptionally well is setting out a financial plan. Do you know how much you need to meet your current living expenses? Even more important, if you cut those expenses to the real necessities, how much will you need to just get by? Pick a spot somewhere in between that you can deal with and project your needs into the future. Can you survive for six months without a job? I don’t know many people who could.
Brewer’s article recommends staging the job hunt. He suggests putting together a PLAN which studies prospects and time frames and takes a serious look at when it might be necessary to lower your sights and start applying for jobs in other fields or pay levels. It’s a hard lesson but well presented.
Third in Brewer’s list is the need to analyze your assets. What do you have that you can sell to increase your available cash when necessary? He notes that you need to be realistic about how quickly you can get cash from the assets. Stocks may have a quick (if less than satisfactory) return but selling a boat or car may take months.
Brewer’s last point and most critical is don’t wait until the money runs out to look for solutions. Analyze where you are now, make a plan for stretching what you have as far as possible, stick to it. With plan in place, you can start your job hunt with a little more ease of mind.
Filed under: job search
CLT Recommends!
Xin Lu on Wisebread
- Book Review: Where the Jobs Are Now February 25, 2010 Xin Lu
- Financial Timing: How Scheduling Important Events Benefits You Financially February 18, 2010 Xin Lu
Money Matters
