Tips To Stretch Your Finances When It’s Hard To Find A Job

Are trying to find a job but you are not quite successful about it? Your finances might suffer from prolonged unemployment. According to the data from the website Trading Economics, the unemployment rate in Hong Kong is 3.4% (between May to July 2016). Apparently, this is the highest since 2013. The site also revealed that the underemployment rate is 1.4%.

Obviously, you cannot go for long without a stable source of income in Hong Kong because of the high cost of living. Basic commodities can be quite expensive so you need to work hard to stretch your finances until such time you can find a job to increase your cash flow.

Tips To Stretch Your Finances When It’s Hard To Find A Job

How to make your finances last while unemployed

Regardless if you lost your job or you are fresh out of college and looking for your first job, here are some tips that you can use to make your finances last until you are employed.

Take into account your current finances.

Start by looking at your finances. What is the state of your savings? How long do you think you will last by living on this amount alone? This knowledge will help you plan your next steps.

Move in with your parents / or get a flatmate.

Of course, if you are married, this may not be possible. But if you are single, then this should be an option for you. With the high real estate costs in Hong Kong, it would be impossible for you to live alone. You can either get a flatmate, or you can move back in with your parents. What you can save in rent or if you own the unit, the income from the lease can help you make ends meet while unemployed.

Downsize your lifestyle.

Obviously, you need to start spending less than what you used to. If you are renting, you may want to move out of your current unit and find a place that will not cost as much to live in. If you are driving a car, it is time to park that first and commute around Hong Kong. This is an excellent way to stretch your finances as far as it can go.

Sell something.

Since you are downsizing anyway, you might want to sell something that you currently own. If that means selling your car to help finance your unemployed lifestyle, then that is what you should do. Try selling some clothes as well. If you are moving to a smaller place, you might have to get rid of some furniture and appliances anyway. Sell these and add them to your savings.

Avoid debt.

Since you already have limited resources, to begin with, do not share it with debt payments. Keep your credit cards for the meantime and resist the urge to use it – even if your cash reserves are running low. There are ways for you to get money without adding debt to the equation.

Live a frugal life.

Living frugally does not mean you will live a miserable and deprived life. The real meaning of frugality knows your priorities and focusing on these expenses only. Stop wasting money on unnecessary things. Obviously, essential commodities have to be spent on, but that does not mean you should spend so much on them. For instance, eating out is a waste of money if you can cook a meal from scratch in your home. Not only that, this frugal like should also focus on what will make you productive and be appealing to potential employers. If that means buying a business suit for job interviews – that should not go against the rules of frugality.

Get a part-time job.

If your cash is depleting, you have no choice but to go for any part-time job. Even if that means working on something that is lower than your actual career level or pay-grade, you should swallow your pride and just do it. You want to make this part-time, so you have enough time to search for the real job that you want.

Look for support from the Women’s Commission.

Finally, it is important for you to go to those who can help you out. The Women’s Commission can help you feel empowered despite your unemployed status. They might be able to provide assistance when it comes to your next employment. They provide employment services and also assistance for mothers who want to find a job to support their children.

All of these will help you stretch your finances as you try to get yourself out of unemployment and into your next job.

Tips to make job hunting easier

Here are a couple of tips to make your quest find employment easier.

Download the Job Hunting App from the Hong Kong Government.

The Interactive Employment Service is an app created by the government to help unemployed individuals get a job in Hong Kong. It is a free app that is available on both iOS and Android. Through this app, you can search for vacancies by keywords, industry, location, salary, and the nature of the job. It also provides information about Civil service opportunities as well as Job Centre recruitment activities.

Set up notifications for job fairs.

Through the Job Fair Info portal, you can also choose to find a job online. You can set up notifications so you can receive reminders when a job vacancy that fits your credentials is posted. You can act quickly in submitting your application so you can head off other applicants.

Do your research.

The Hong Kong government also provides various Job Hunting tips that will help make your letter and resume impressive. Not only that, but this page also provides you with advice on how to survive the interview – so you can increase your chances of being accepted.

It is admittedly stressful to find a job in Hong Kong – especially when you are forced to stretch your finances over an extended unemployment period. However, if you focus and work diligently at it, you will soon land the right job that will support your chosen lifestyle.

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Abigail Wong is the Writer of The New Savvy.She is a Singapore Management University 2nd year undergraduate specialising in Strategic Management. From Tampa, Florida, she possesses an International Baccalaureate diploma from C. Leon King High School, and previously held the position of Treasurer of the King High School Division of the French National Honour Society and the Science National Honour Society. Abigail is currently acting as President of the French Cultural Club for SMU International Connections, and as a Resident Advisor and Fire Warden for the SMU Residences at Prinsep. Abigail is a Former Florida Science Olympiad Champion in chemical forensics and protein modelling, and former Health Occupation Student’s Association District Champion in clinical nursing.In her free time, Abigail enjoys interacting and caring for animals. She has previously volunteered for the Humane Society of Tampa Bay as an Adoption Assistant.
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