BOWMAN'S MONEY COLLEGE - FINANCIAL EDUCATION WITH STRATEGIES TO SAVE MONEY

Work suspensions don't have to mean losing your financial footing

If you find yourself in a position where your income is temporarily reduced because of a job loss or suspension from work, think about using your time in a manner that will sustain or improve your overall financial position.Not many suspensions from work bring the national attention that Steelers' quarterback Ben Roethlisberger’s did. Even as Big Ben was being suspended from work more players were losing their jobs altogether as the team made mandatory roster cuts. In a sense these football players are going through the same employment challenges that many millions more are going through, as many working people have been laid off or had their work terminated all together during the last two years.

If you find yourself in a position where your income is temporarily reduced because of a job loss or suspension from work, think about using your time in a manner that will sustain or improve your overall financial position. Here are a few examples.

Get a temporary job.
Most temporary agencies can have you working within a few days. However, rather than taking any job offered seek out the temporary jobs that will teach you some sort of new skill that will make you more marketable, build your resume, or put you in front of influential people or companies.

Increase your home value with curb appeal.
There are many articles from real estate pros that say curb appeal is one of the driving factors behind the overall value of your home. Spend some time cleaning, painting, patching, trimming, or planting. Your sweat equity could payoff in a larger home value useful for refinancing or selling purposes.

Command a larger salary with new or enhanced skills.
Are you the one laid off because someone else had more current skills? Why not take a non-credit class at your community college? There are many different topics, they are inexpensive, and could give you the ability to command a larger salary in the work force.

Use your trade to earn on your own.
If you were a baker at a grocery store, how about baking and selling goods on your own? If you were a carpenter for a contractor can you work independently for home owners? How can you leverage your previous employment skills into income for yourself while waiting to go back to work?

Weatherize your home.
Cut your costs with basic, inexpensive home weatherization. Besides potential tax breaks you may qualify for, the weatherization can more than pay for itself with energy cost savings. When summer or winter energy bills arrive, you’ll be welcome the savings.
 

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"Bowman's Money College, Penn Hills - Turning  poor into more"

Bowman's Money College, located in Penn Hills, is published to provide personal insights and opinions on saving and managing money, budgeting, and reducing debt. Also provided are ways to start a small business, decrease your tax liability, and build wealth. Bowman's Money College does not give professional accounting, legal, or investing counsel. The ideas, examples, and advice presented on this site are solely the opinion of the author based on his personal experiences. 412-376-SAVE © All rights reserved. Contact at LinkedIn.