If I was fired from a job, how could I afford living expenses such as rent and food?

I know this may sound an easy question.

I had been laid off from jobs a few times, but because I live with my parents, I always had a home to go to.

I'm thinking about in the future, if I got a job that was enough to live independently on... if I suddenly got fired for whatever reason, how could I get an income that will pay for rent and food? Would I have to find another job quickly, or turn to government welfare payments (which may not be enough anyway)?

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  • Anonymous
    6 months ago
    Favorite Answer

    If you ever read up on personal finance, they recommend you save 6 months pay for an emergency fund. That is used for stuff like layoff's, car wrecks and repairs, unexpected home repairs, medical emergencies, and pretty much anything unexpected you can not otherwise afford. That buys you time to catch up or find a new job. Most people can't save 6 months pay at once....they start off saving maybe half a week, then a week, then two weeks, etc....it may take a few years to save up the full six months, but its okay....whatever you have is better than nothing.

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  • 6 months ago

    Oh get a new job 🙄🙄

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  • Anonymous
    6 months ago

    Sometimes you can get unemployment benefits also

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  • Maxi
    Lv 7
    6 months ago

    First you would have at least 3 months money already saved that could pay your priority bills.( like rent) and in that time you would apply and get another job and replace your savings as soon as you could

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  • Anonymous
    6 months ago

    You should have an emergency fund savings account....and you file for unemployment benefits.

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  • 6 months ago

    A good family would understand.

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  • 6 months ago

    You couldn't. No money coming in means no money coming in. It'll probably lead to something called "homelessness". Lots of people have it. It ain't a new phenomenon. You either work and pay your bills, or you become homeless from one reason or another. Sometimes drugs, sometimes a string of bad luck. You should be thankful your parents let you live at home. The rest of us don't have it so easy.

    • John6 months agoReport

      Wow, apparently Man Abrier has never heard of a very common thing known as Unemployment Insurance. You apply for that, and you live off of it while you look for a new job. It will usually give you 6 months or so before cutting you off. When you find a new job it's no longer an issue.

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  • 6 months ago

    When you are out on your own, and you realize such lay-offs can occur, you have to build a nest egg so you can ride out the time difference of getting new employment. Some people say that one should have 4 to 6 months of income put aside for such situations.

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  • C
    Lv 7
    6 months ago

    You need to save money every month for emergencies. That fund should be for a crisis and absolutely nothing else and you should never mention it to anyone. You should aim for three months expenses. Six is better, but may not feel achievable. Periodically (every year or two) you need to review your expenses to make sure your fund has enough and top it up if inflation has gone up.

    Also, should you be made redundant don't put of going to centrelink . A job may well come up soon but it's better to get things rolling sooner rather than later. Don't tell centrelink about your secret savings. Use them to top up any payments as they're unlikely to be enough.

    Finally, don't forget to save beyond your emergency stash. It's good to put a little money away every month and then once you have a tidy sum put it in long term stocks and bonds which will give you a better return over 20 - 30 years than just sticking it in the bank . This is money you will have to be honest about.

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  • Anonymous
    6 months ago

    Live in a fairy tale world where every job pays enough to save for an emergency fund and a retirement fund and a housing fund so you can sleep in between shifts and a car fund so you can go to work on time and a food fund so your starving body doesn’t scare away customers and a phone fund so your boss can call you and make you work after you’ve punched out and a health insurance fund in case republicans repeal employer mandates and a clothing fund so your rags don’t scare customers away and a dental fund so your bad teeth don’t scare customers away.

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