More unemployed may have to rely on savings account funds

Use some of these tips, along with your own to stretch the funds in your savings account.

10:40 30 June 2013

Direct Line Insurance has announced that it will be cutting about 2,000 jobs. The company has already reduced their work force by about 1,200. With more people out in the work force searching for employment, many be turning to anything they have stowed in their savings accounts. Here are a few ways to help you make your savings account funds last a bit longer.

 

• Resources—first make sure you get information about all the resources that are available to you. There may be options such as the Social Fund that can help you while you seek out new employment. Using all the resources available to you can ensure that your funds stay in your savings account for a longer amount of time.

 

• Employment agency—if there is any type of agency available that has a proven track record of helping individuals find employment, you might want to consider signing up as quickly as possible. It’s more difficult to find another job the longer you’ve been unemployed. Getting help with finding another job quickly could be the best way of keeping the funds in your savings account intact.

 

• Reductions—try to reduce expenses as much as possible. Find ways to make multiple meals with very few ingredients. Multiple websites are available to help you find recipes that might use common ingredients that can produce multiple meals. Your grocery list will go a lot farther if you use common ingredients, and you’ll keep more money in your savings account.

 

• Limitations—when you do need funds, try setting yourself a particular limit so that you won’t be tempted to overspend, or purchase things that you don’t actually need. When you set a limit for savings account withdrawals, you’ll be more apt to manage the funds you’ve withdrawn wisely to ensure that your spending is more effective than it would be otherwise.