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A Case Study on How to Survive Unemployment for a Year – Part 2

A Case Study on How to Survive Unemployment for a Year – Part 2

After the country suffered its economic crisis a few years ago, a lot of people found themselves without a job or other source of income. This is why in our last entry we started looking at the case of Claire, who lost her job in 2011 and got a new one an entire year after that.

In our past entry we started asking her a series of questions to learn more about her situation during that year that she spent jobless and how she did to take care of her personal loans and other essential expenses. Let’s keep looking at how she responded the last questions we asked her and see if anyone in her situation can learn even more about how she did to take care of her personal loans and her life in general.

What specific strategies helped you get by financially-wise?

Well, besides living at home to avoid renting, I decided to save at least 10 percent out of every unemployment insurance check. At the beginning it didn’t make much of difference, but down the line, when I started to realize my personal loans payments were stacking up and I couldn’t find a job, those extra funds every month helped a lot. Additionally, I had invested in a few savings bonds in the past, so I also cashed those as well.

Did you ever started to lose hope about finding another job?

To be honest, I did give up hope of finding a job that was relevant to my career path. Sometimes I would go into interviews with my personal loans not paid and thinking about that. Still, I managed to make it into the second and third rounds only to learn later on that the company went in another direction and choose someone else. At one point I felt so disheartened that I even started working retail during Christmas and other holidays.

What would you advice to others dealing with that kind of situation?

Well, that’s a bit more difficult than it seems, since everyone’s situation can be just different, but even so the best advice for those people will be to just keep going on, because sooner or later things turn around and start improving. Even if you have a lot of personal loans that you need to repay, just focus on negotiating new terms with banks and lenders until things get better.

Also, don’t forget to save at least 10 percent of whatever income you get, be it your unemployment check or anything else. This will allow you to have a life and go out with friends to keep your social life intact. Also, make sure to take some time to do things that you usually can’t do. In my case, it was volunteering at an animal shelter and visiting distant relatives, but as long as it is something that makes you feel good, feel free to do it.

How do you look back to your year of unemployment?

Looking back, I realize that going through all that though stuff last year was more than worth it because it plowed me to get my current job, which not only is perfect for me, but also because it allowed me to repay my personal loans and many other debts. My current employer treats everyone well and my coworkers really work as a team, respecting each other’s opinions.

More than anything, my jobless period allowed me to have a more balanced life, while also letting me appreciate my current job a lot more than ever before, since it allowed me to get my life back and to repay my personal loans without problems.

There you go. If you ever find yourself in this situation, then we hope you find this case study useful. We know you will!