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A Case Study on How to Survive Unemployment for a Year – Part 1

A Case Study on How to Survive Unemployment for a Year – Part 1

While the economy is recovering after suffering one of the most grueling crisis in its past few decades, there are a few people who still don’t see all the benefits they should. In fact, a lot of people nowadays still find themselves without a job out of a sudden, and while getting another one might not be impossible, it definitely can take a while.

Considering this, in this and in our next article, we will take a look at the in-depth case study of Claire, who had to face a long period of unemployment not too long ago.

Let’s start.

Case Study: Claire

Claire lost her job around the month of July 2011. Of course, when she found herself jobless, she would have never guessed that she would stay like that for an entire year. Still, as she saw her situation had no immediate solution, she decided to not only search for new jobs, but also for ways to keep her life as it was, even while she still had a few personal loans to repay.

Among the things she did, she tried to find ways to cut costs, to stay connected with her friends and acquaintances and in general, to try to remain afloat both emotionally and financially.

Thankfully, in 2012, Claire finally landed a new job at a local university that included a series of nice perks, including retirement benefits and even paid vacations, something that she didn’t had before. This job allowed her to repay her personal loans and regain control of her financial life.

And this is also why we choose her to ask a series of questions that will definitely come in handy for anyone with a personal loans and other debts and responsibilities who finds themselves in the same situation.

How did you manage to survive financially-wise?

Thankfully, I managed to have around three to four full months of emergency funds, which would end up help me tremendously. Of course, they wouldn’t last for an entire year, so when I noticed they started to dwindle, I considered taking on a few personal loans to manage. What I did then was to give priority to the bills that really needed to be paid, like health insurance, car insurance, my phone bill, my credit card loans and personal loans and my gym membership. naturally, I paid only the minimums when I could.

Another very important thing I did was to pay a $150 forbearance fee for my personal loans every three months so I could avoid paying $240 a month for example. Likewise, the moment my cable provided increased its fees, i immediately suspended the service. I wanted to put all my effort into repaying only my personal loans and other essential bills.

How about emotionally, Claire, how did you manage in that respect?

I think that was easily the hardest part of all. For example, last year I had quite a few weddings to attend, so you can imagine how hard it was to enjoy all those moments with my friends as I had to still worry about the next payment of my personal loans and other debts. That, without even considering the uncertainty I felt due to not having a job. I found it extremely surprising to realize how much we usually take for granted when we have a stable job. At times I really felt like the loneliest person ever.

I also found it extremely annoying and offensive when for some reason my friends complained about their jobs, which, as you can imagine, I would have gladly taken on just to be able to repay my personal loans and face all my recurring costs. I also volunteered at an animal shelter for a few days per month, which indeed helped me tremendously socially-wise.

That’s it for now. Come back tomorrow for the second (and last) part of this interview. See you there!