If you just lost your job and you are wondering what next, it is still possible to live without a job or money. Also, if your dream is to avoid regular jobs, it is also possible to live comfortably with no income. However, you need to find a way to pay your bills. There are actually many ways of surviving without a job and yet continue paying your bills. However, you don’t expect to live a lavish lifestyle without a job.
How Can I Survive without a Job Comfortably?
Can I live without a job? Yes you can. The following are excellent ways of surviving with no job or money.
1. Calculate Your Expenses
The first thing you need to do to live without money is to approximate how much you need to survive without a job. Calculate your monthly spending like rent, food, transport and other necessities. You can then remove some of the work-related expenses that you will no longer be incurring now that you don’t have a job.
2. Write a Budget
Budgeting is very important especially now when you have no money or a job. Budgeting will help you allocate the available funds to essential needs. Besides, a budget helps you avoid overspending your savings. Besides, it helps you account for how you have been spending your money.
When writing a budget, make sure to spend only on essentials like:
- Living costs. You can move to a cheaper place and lower your rental expenses. Include your rental expenses in your budget.
- Food expenses. You need to calculate how much you spend on food and then include it in your budget.
- Transport costs. If you travel frequently, calculate monthly transport costs and include them in your budget.
- Education costs. If you have children you are paying for school fees, calculate how much you spend and include it in your budget.
Read more: What to do when you are unemployed.
3. Cut Unnecessary Costs
The other thing you need to do to live without money is to cut unnecessary costs. Don’t spend on things that you can live without. For instance, if you have gym membership expenses or entertainment costs, consider cutting them for now. Make sure to spend on essentials so that your savings can last you longer.
4. Work Online
The other way of surviving without a job or income is by working online. There are many online jobs that can help you make an income. Some of the online jobs don’t even need any skills. For instance, you can participate in online surveys and get paid or review products online and get paid.
Find out what works best for you. Besides, if you have skills like content writing, transcription, virtual assistance, web design, and development, you can sell them online. Make sure to create a good profile and then market your skills online.
5. Start a Side Hustle
What if I have no income? There is a solution. Consider starting a side hustle like a blogging or a dropshipping business. A business can be rewarding especially when there is a gap in the market. One of the ways to find a business idea is to identify a niche or a problem in the market. Then launch a business to address that problem.
6. Make a Job Out of Your Hobby
How do I survive without a job? Make money from your interests and hobbies. You can make a fortune from your hobby or talent if you don’t have an income. For instance, if you are passionate about drawing, you can sell your artwork or if you have a talent in singing, you can compose songs and sell them online. Get to know what your hobbies are and see how you can use them to make an income.
7. Avoid Debts
When you have no job and income, you need to avoid debts. Debts are very risky and can make you slide into a debt trap since you have no income to service them. Make sure to pay for purchases in cash and avoid credit card debts. Credit card debts attract high-interest rates and your debt can rise until you are not in a position to repay it. If you don’t have enough cash to purchase something, leave it instead of paying for it using a credit card.
8. Look for Free Stuff
There is plenty of free stuff that can help you live without a job or money. For instance, you can get free food from restaurants. Find some of the ways rich people give away free stuff and take advantage of the freebies. This can help you cut costs and live comfortably without a job or income.
9. Invest in Income Generating Assets
You can make an income even without a job by investing in income-generating assets. For instance, you can invest in dividend-earning stocks or real estate. However, to make significant revenues from such investments, you need a large portfolio. Investments like real estate need large capital investment upfront. However, once you have established your investment, you can quit your job and live comfortably.
How Long Can You Survive without a Job?
How long you can survive without a job depends on your emergency fund balance. This means that you can live without a job or income as long as your emergency fund can last you. Financial experts advise that you should have an emergency fund that can last you for at least six months.
Is it possible to live without a job? Yes it is. With proper financial management and planning, you can live comfortably without a job. The above are some of the ways you can live without a job.
Summary of How to Live Comfortably without a Job
The above are some of the ways of surviving with no money or job. However, you can’t last for very long with no income and as such, you need to find ways to adjust before you run out of cash. That is why it is important to always have an emergency fund that can help you cater to your expenses for at least six months. Try and find sources of income and keep on adjusting to minimize your expenses.