Employment Expertise: Planning for financial stability

Unemployment can be a period of financial instability, stress and anxiety.

In an ideal world, people would have money set aside for unexpected situations, like a layoff or illness. But that isn’t always the case.

According to CNBC, 40% of Americans would struggle to pay a $400 expense.

With so many in our communities trying to make do with limited resources, we’ve pulled together some tips from financial experts.

Track your expenses

It is important to be aware of monthly costs, especially while unemployed. Outline your expenses and bills, decide what is essential, and what could be eliminated.

Then, track your expenses using an Excel spreadsheet or a budgeting app. This provides a great visual perspective to see where your money is going and where to tighten up or cut out.

The 50/30/20 rule

How do you distinguish between what is essential and what isn’t? MoneyGeek.com recommends using the 50/30/20 rule to decide.