Your marriage seems to undergo an ordeal when you lose a job especially when the financial burden of your whole family is on you. You may feel like it is all over and you may stop seeing a future being together with your partner. It is not surprising that many couples end up with parted ways just because their financial problems overwhelm the bond and understanding that they have developed over the years.
For many families where both husband and wife earn, unemployment is not as painful as those where only one person is the breadwinner because another income source can tide over. Despite the fact that you and your partner have strong emotional bond and the job loss will not push your marriage on the verge of collapse, you need to understand your financial situation before you figure out ways to tackle it.
As you lose your job, the first thing that flashes across your mind is loans for unemployed with bad credit and no guarantor as they are conveniently available. Most of the time marriages ruin because of extraordinary demands for which couples rely on borrowings. People continue to take out loans and eventually, it adds up to a large amount that they end up with court summons and then divorce.
Before you make a move, you should make a sound financial strategy that does not go awry. Here is how you can bear up well during the unemployment and save your marriage:
Step1: File for unemployment benefits
As you lose your job, you should immediately apply for jobseeker allowances. However, you will have to meet the eligibility criteria. If you are under State Pension age and have been employed in the last two to three years, you are eligible for such benefits. The amount you will be entitled to depends on your age, income and savings.
Here is what the maximum amount you can get:
|Age||JSA weekly amount|
|Up to 24||Up to £57.90|
|25 or over||Up to £73.10|
|Couples (both aged over 18)||Up to £114.85|
Step 2: Consider your financial situation
Add in all income sources to know how much money is flowing in. Calculate total monthly expenses and see whether you could meet all of them with currently available money. Cut down on nonessential expenses like newspapers, magazines, gym subscriptions and the like. The more you whittle down, the more money you will have. Make sure that your outflows are smaller than inflows. Keep tabs on your spending at the end of the month to have an idea where your money went. This will help you know that you have not spent beyond what your pocket allows.
Step 3: Avoid using credit cards
Since the very first day, you should stay determined not to spend more than you budget. Make all purchases with cash only. You are already in tight corner and if you use your credit card, the interest you will pay over the amount you withdrew will be the straw that breaks the camel’s back. Use the credit card only in case of emergency. You can also take out unemployed loans when you need money for surprise bills. Consider your repayment capacity as you are to pay interest on the top of the amount you owe.
Step 4: Have a side gig
Unless you land a new job, you should find out other sources of income. If you have an emergency cushion worth six month of your living cost, you may not need to emphasise finding an additional income source. Most of the time the unemployed find themselves strapped and if they had savings, they would dip into them in paying credit card bills and loan instalments. Therefore, financial experts suggest that you should have a side gig. It increases your chances of getting a new loan during unemployment.
If you carefully manage your finances, you will be able to meet at least basic requirements of your family. Unemployment is a temporary phase. Handle it with practical ways so that it does not take a toll on your marriage.