As many of you know, I left/was laid off from my ad job this past Tuesday. I’m not thrilled that I don’t have a job anymore, but it wasn’t too bad of an exit. They didn’t really want to let me go, but there wasn’t any work at my level, and I couldn’t get caught upon the nitty gritty kind of work they needed fast enough to justify my salary.

So we mutually agreed that this situation wasn’t working out. They have paid me through to April 15th and my benefits continue until then, but I left on Tuesday (nothing to do at work). I will also get a reference from them for the right job. Nice people, it’s really too bad it didn’t work out.

Anyway, this is pretty much the first time I have ever been unemployed, so it’s a whole new world for me! I’m going to take some time to figure out what I really want to do with my life —  advertising/media was ok, but I found myself increasingly unhappy in it. I think the universe is giving me a kick in the pants, telling me to find a better career path. So that’s what I’m going to do.

Monies

So how am I going to manage my money situation while I don’t have regular income?

1. Employment Insurance

Since I was laid off, I qualify for EI in Ontario. I applied the day after I ended my employment at the agency, and I hope to hear back soon. I’ve never applied before so I’m not totally sure what to expect with this process or even how much I will receive. I think the maximum per week is around $400, which would be great if I can get that.

2. Watch the pennies

I’m going to have to be much more diligent in budgeting in the coming few months. Luckily I don’t really need to shop for anything but food coming up, but there are always going to be unforeseen expenses, so I will try to pare things down as much as possible to accommodate.

I am trying to cook more at home, as well as cooking from scratch. This will be a good chance for me to explore/practice cooking some new dishes! Since I eat so little now (due to weight loss surgery) I’ll either have lots of leftovers, or the ability to invite friends over for nice meals now, with no extra cost to me.

3. Put loan payments on hold

Luckily my current loan (to pay for my surgery) was through my granny. She is sympathetic to my loss, and I am allowed to put my loan repayments on hold until I get a full time job again. Thank goodness! If the loan were through the bank it would have been a different situation–but I would never have borrowed from a bank for this purpose to begin with.

4. Find other ways to make money

I’ve been quite involved with my bed & breakfast, and hope to continue at a decent rate. My goal is to earn $500 per month through bookings. I have started tracking all my bookings and earnings and it’s not looking too bad! If I can make at least $500 per month, it will really help me cover all my expenses.

Obviously, I am also looking for a new job. If I can’t find anything decent soon, I will start to look at part time options in industries I am interested in. If that doesn’t pan out, then I’ll start looking at retail/service-type positions (ie: Starbucks, Chapters, etc.) but I hope it doesn’t get to that point.

5. Emergency Fund

I’ve got an EF for exactly this kind of situation. It is not quite as large as I would like it to be, but it could cover my rent for 3-4 months. Combined with EI and/or B&B income, I would be able to live for that period of time or longer.

So, that’s the plan for right now. Keep costs as low as possible, and create as much side income as possible until I get a full time job. While I am prepared for a few months of living expenses, I don’t want to rely on them. I’m going to pretend that I’m hanging on by a thread so that I’ll be more motivated to find a job. A fellow blogger was prepared for a year of unemployment, but found that because she had that safety net she was less inclined to spend a lot of time and effort looking for a job. I don’t want to fall into that trap!