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PAYING THE RENT IF YOU LOSE YOUR JOB

There are several options you have to prepare for this event. While no one goes into a job thinking that they are going to lose it down the road, this can happen, especially in some industries. You can protect against this with certain types of insurances, such as income protection. Some insurance providers will actually continue to pay your income in the event of an illness or injury or even redundancy. However, if you quit or if you are fired, the insurance won't usually cover the payments.

You may look into starting an emergency savings fund for this situation. If you are without a job for a month then you will need to have the money to pay for the rent and other bills during this time while you look for another position. There is always the option of going on unemployment insurance if you are really stuck but, if you really look around, you should be able to find something within a few months at most.

Making Rent Without A Job

One of the bills that you will need to pay even if you lose your job is the rent. This is not something that can be cut out. Your landlord may be willing to give you a couple extra days or knock some off the total in return for landlord property yard work, but it will need to be paid, and in full. When you have lost your job then you may only be living on a bit of savings or even have to rely on your credit card for the time being. This means cutting back on anything that is not necessary.

So what is necessary and what is not? Not going to work 40 hours per week means you have an extra 40 hours to waste. And this is why it can be so easy to spend money while unemployed. Going out for lunch with friends, buying a coffee at the coffee shop to fill time, renting out DVD's or going for long drives - all of these things cost money.

The best way to avoid spending money is to treat finding a new job as a full time job. Sit down every day at your computer and job search. Perfect your resume, make phone calls and research different job prospects. This is the easiest way to find a new position as soon as possible, hopefully by the end of the month and before the rent is due.

Losing your job is never a good experience but it can be an eye opener. If you do lose your job and have zero money saved up, then this can show you that, when you do get an income coming in again, that you might want to cut back on your spending and start saving a little bit each month. That way, if something does happen down the road, you will not be in this same situation again.

Paying the rent if you lose your job can be tricky. You might need to borrow the money from a friend if you do not have an emergency savings fund in place. Or you might need to put the money on your credit card which is another thing that can be hard. However, this is something that everyone has to go through. Look into starting an emergency fund as soon as possible and look into different types of insurances, such as income protect, which can provide you with some of the funds to pay the rent even if you lose your job down the road.

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