In Between Jobs? JKB Financial, Inc. Offers Financial Management Tips

Some people find their jobs tough. Then again, it's tougher not having one.

Terms like "easy money" are rather risqué as you not only need to worry about your income but also need to account for your spending. Debt settlement professionals like JKB Financial, Inc. (doing business as American Debt Solutions) acknowledge that even employed individuals struggle to make ends meet, so then how can the unemployed survive?

If you’ve just retired or were let go from your job, keep in mind that your long-term financial health will depend on the first steps you make. You may have to make certain sacrifices for the time being. Treat a Chapter 7 as a last resort and instead take note of the following tips from America's Debt Help Organization and American Debt Solutions:

Make a survival budget

Making the most of your money starts with cutting out the unnecessary expenses from your budget. Set a budget that still allows for money to be saved, and also eliminate any recurring monthly bills that would be considered frivolous. This may include small monthly payments to your gym or video streaming services that seem insignificant, but when added together they can account for a significant portion of your monthly spending. If you are locked into a service contract, don’t be afraid to contact your service provider to negotiate your bill – you would be surprised at how many are willing to accommodate your changing financial situation.

Look for assistance programs

If your financial situation is really dire, don't be afraid to ask for help. If you were recently let go from your job and it was through no fault of your own, you may be eligible for Unemployment Insurance Benefits which provide an income supplement until you are gainfully employed again. Additionally, as a employed tax payer you helped contribute into many federal programs for which you may not be eligible for including Food Stamps (CalFresh in California), cash assistance and Medi-Cal coverage.

Consider debt settlement

Debt settlement services don't come free. However, if you're willing to invest in a professionally managed debt program, then look for reputable practitioners such as JKB Financial, Inc consultants (doing business as American Debt Solutions) who can also speak with creditors on your behalf.