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Speed Hunting: Unemployment for the Single Guy
With the election of Barack Obama to president, there has been a surge of consumer confidence thinking that the financial crisis may be at last coming to an end. However, no matter how confident people become in the ability of the economy to rebound we are still facing a huge problem: unemployment. We are undergoing a painful peak in the unemployment trend, some estimates claimed that, at the end of October, there were 479,000 new unemployment claims per week. With the economy in a free fall, how can a young, single American with no second income to fall back on survive in the week economy?
There is nothing you can do to make unemployment painless, but by following a few simple steps, you too can survive joblessness.
1) Know the Unemployment Laws: Unemployment compensation laws differ on a state by state issue, so hit up the old google and search for “(XX) unemployment laws” and start learning all that you can. It’s also important to apply for unemployment insurance as soon as possible. In some cases, it can take up to two weeks for the benefits to kick in, so the sooner you apply the sooner you’ll be able to eat. It is important to note that your previous employer doesn’t have any explicit say as to whether or not you get your unemployment claim, they can, however, protest your claim which is considered by the state unemployment board. This is one of the many reasons why it’s important to leave on good terms. Even if you really screwed up and were fired with cause, if they liked you personally they’re less likely to block your unemployment claims.
2) Unemployment is NOT a vacation: It’s very tempting to take a week or two after you’re fired and just lounge around the house in your pajamas eating ice cream and playing video games. After all, you don’t have to go to work anymore and you’re about to start living off of your steady diet of cheap beer and government cheese. But remember, there is a reason why unemployment is so high right now, and you’re not the only one being laid off. Getting a new job is a serious problem of supply and demand. A lower supply of jobs equals a higher supply of unemployed labor all of which leads to a much much higher demand for the limited number of jobs out there. You’re not getting paid for it, but your new job involves trolling every possible relevant website available to find a new position.
3) Tightening the Ol’ Belt: It’s important for you not to live in denial and to face the sobering reality of the situation: this could last a very, very long time. That being said, it’s time to trim the fat and take a monk-like vow of poverty. It’s really tempting to spend all of your money on beer and women in order to dull the pain of an uncertain future, but you’re really going to need to save your money. No more going out to eat, no more brand names and no more trips to the bar and the nightclub. Instead, it’s time to act like you mom and start clipping coupons and subsisting on generic medicine, store brand vegetables and everyone’s favorite soup: Top Ramen.
4) Pride Goeth Before the Fall: Where are you living right now? If you’re unemployed, you’re lease is going to run out and you’re paying $1,500 a month for that midtown Manhattan studio, it might be time to consider a change. The simple idea of moving back in with your parents is heartbreaking, but perhaps you can put that off. Try saving some money by living with some friends in a cheaper neighborhood. It’s not the ideal solution to live with 3 other people in a 2 bedroom apartment (after all, meeting girls is a lot harder when you have to invite them back to your sweet bunk-bed) but it sure is a heck of a lot cheaper. If moving back in with your parents is a possibility though, it’s definitely something to consider. Maybe you won’t have the freedom you want, but free rent and someone to cook for you is a lot better than being evicted.
5) Money is money: no matter where it comes from. If you were a financial analyst there is a chance that you’re going to be unemployed for a while. Just because you can’t find a new job in your field doesn’t mean you have to go without any money. It may be time to suck it up and take a job somewhere in retail. Sure working for $12.50 an hour isn’t glamorous, but taking home $500 a week is a hell of a lot better than taking home nothing. After all, it can be the difference between eating, and not eating. Just remember, it’s only temporary, and no matter what you should never stop looking for full time employment.
There isn’t much use sugarcoating the issue, the economy is in a state of suck right now. With job loss rising as sharply as the Dow is falling you may be facing unemployment sooner than you think. But if you prepare yourself for the worst and behave correctly, you can survive the recession and get your career back on track. But for now, just be happy you don’t have a family to support.
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I can relate to a lot of what this blogger is discussing. I'm not unemployed yet, however I can easily see the potential of falling into this situation. Although I don't like the idea of moving in with mom again, its certainly could be an option as well as taking on a less than satisfactory job.
This is a great blog. I've been wandering around blogs for some time now, and I always enjoy blogs that are to the point, but not dry at the same time. This blog has a great sense of humor with relevant facts and (working!) links. Keep it up!
I'm living in a one-bedroom apartment with a roommate and paying $240 a month rent. All things considered, I've gotten my spending down to a bare-minimum $350 a month living expenses and those little extras. Not too shabby.
You have made some great points. I especially like the idea of "money is money no matter where it comes from." I have much empathy for some of my friends who have unfortunately become unemployed, but it gets stretched a bit thin when they refuse to consider a job they deem "beneath" them somehow. I sure hope that none of MY children would ever attempt to take your advice about moving back home to heart, though. Free rent and someone to cook for them, indeed! Adult children forced to move "back home" should be expected to carry a full equal share of the bills and be self sufficient.
It would of course be ideal for them to help out with the bills, but if they lost their job and had nothing, you wouldn't kick them out on the street... err... right?
Yes, the blog was informative and will be useful for single guys like me. Of course i still have my job, but who knows. The other comments on this blog prove that many others agree with the sentiment.
Words to live by in this article. With the economy the way it is and the unemployment rate appearing to be increasing with each month, now is the time to prepare for a possible job loss or to put into action an aggressive job search. Making certain to avoid any loss of income has become a high priority in these tough economic times.
Yeah I agree with all that has been written and have found these points discussed very helpful. I was thinking of quitting my job just for the heck of it, but after reading this article my mind has changed and I would give an extra thought before quitting.
Great blog. I think a lot of people have been humbled by these hard economic times.
Too true. Hope my old man reads this one!
I read on the news the other day that the unemployment rate is skyrocketing. The sad part is that I saw so many jobs on craigslist, but many people won't even consider some jobs because the pay is lower and the job is not as prestigious. Honestly, I think many people need to put aside their pride, like this article says, and just start working again. I hope many people read this article.
My one friend who got laid off a few months ago (he was an i-banker) needs to hear this. Immediately after losing his job, he decided to take a 3-week vacation to Europe, since - well - why not, right? I guess he assumed that he could easily line up another job when he returned.
Well, he's still unemployed, and while he's got some savings in the bank, I don't think he'll be able to find work anytime soon. Especially in this current economy, being laid off can't be used as an excuse to "paaart-ay"....
This is a good article with sound advice. It is important not to procrastinate once you have the safety net of unemployment checks. One thing that tends to be overlooked is how being gainfully employed can benefit your self-esteem.
this is a great article. unfortunately, for me it's a little late. while it really hits some great advice, sometimes it's even difficult to find retail jobs. at least in our market, where every major retailer has laid folks off, unemployment is dauntingly long. however, much of this advice is very necessary, and very timely.
You make some great points however I must comment on #3. First of all, there's nothing wrong with generic medicine, the extra you pay over Wal*Mart's $4 is pharmaceutical gravy. Second, store brand veggies rock - some companies even have their own organic brand that is cheap AND healthy! Finally, I have cut more coupons in my 40 years than my mother ever did. Saving money is cooler now than it was in the '60s.
P.S. Top Ramen is too salty...get the store brand soup! ;)
It's hard to get a job nowadays with the economny, so the tips in this blog are super helpful for someone like me. I hate how people think that just because they're unemployed, it means they can kick back, relax, and everything will take care of itself. What a load of crap. It's an opportunity to get off your butt and find a way to put yourself in a better situation. Unemployment can't do it all for you.
Great writing, funny and informative. Also this doesn't only apply to single guys, everyone could benefit from this (just replace some key words, like women with clothes). The most important point you made was number two. It's a lot harder to get back into working mode when you've been lazing around the house for a month.
Some people don't realize how hard it is to find a job these days. My parents, for one, give me crap about how I haven't found one yet. But I should probably cut back on #2.
The information in this blog is very appropriate. Some people freak out when they become unemployed. It takes discipline and perseverance to make it through periods of unemployment and to become situated to take advantage of future opportunities as they arise.
Great pointers and things to remember for this current hard time in our economy. One of my single friends just got laid off and he is at a loss. He only has enough money saved to last him until April, with unemployment. I will pass this info to him!
Last 2008, if you noticed, the unemployment rate continue rising until the end of year. This year, predictions said that unemployment rate will still continue to rise further. The rate of unemployment is accelerating faster than anyone can get a no fax payday loan. The national unemployment rate has just breached 7%, the highest level since the Great Depression. It gets worse by the day, sending more and more workers to the unemployment line and to no fax payday loans if they still can. Rhode Island and Michigan just climbed above 10%, the Detroit area being hit hard by the auto industry turn down. The economic stimulus package is still in the works in Congress, and hopefully it will get some no fax payday loans to our economy. Read more about unemployment and payday loans at the Money Blog.
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