There’s no question that unemployment can put a strain on marriage. Often times, the marriage becomes tenuous when spouses don’t honestly communicate with each other how they are going to handle the situation. One spouse looking at classified job ads & the other being upset about the whole situation and just trying to work overtime to make up for the lost income, usually doesn’t work.
Discuss a New Financial Plan
Both spouses need to be on the same page when discussing this type of financial event and their plan going forward. This is a delicate situation so having this discussion at a time when both spouses are relaxed and able to speak with an open-mind is ideal.
Cutting Out Expenses
Don’t dwell on why your spouse lost their job & subsequently reduced the family’s household income. Rather, revisit your family financial budget and start figuring out which expenses you don’t necessarily need right now. The largest ticket items to cut out will be convenience related such as dining out, having two cars, and entertainment. In addition, with funds tight right now & your likely lack of experience with this type of situation, it would be wise to review your family budget on a weekly basis.
Sell Material Possessions
It may be awhile before your spouse is able to land a new job. Start building up some cash right now by selling unnecessary luxury items you own. Items such as a stereo, bicycle, video camera or other material possession that you do not need to live with. Unlike hard cash, these items will only decrease in value over time so it makes sense to get rid of them now.
Utilize Online Resources
While it is likely that your spouse is receiving unemployment benefits to subsidize their income, don’t settle on that. There are a lot of online resources in which your spouse can earn extra cash on their own time. Investigate participating in paid online surveys, freelance online writing, advertising (promoting websites), & other freelance work.
Monetize Hobby
Perhaps your spouse is a good golf player, enjoys construction, art or working out. They can monetize on these hobbies by developing a business on a small scale that is instructional. Market the product/service by word of mouth through your personal & professional networks. Some of the online social networking sites such as Linkedin have user groups that you can join to really help get the word out about your new product/service.
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