How I Learned to Cope with Unemployment

Bread Line During the Great Depression 

While the economy has improved since the "Great Recession" began in 2008, millions of Americans are still unemployed or underemployed. Continue reading to learn more about how one contributor learned to cope with unemployment.

By Lyn Brooks, Contributor

In July of this year, the official unemployment rate hovered around 6.2%, but a new study conducted at Princeton University and released this August indicates that the true unemployment rate has been vastly understated by at least 1 1/2 to 2 full percentage points. Regardless of the actual unemployment rate, millions of Americans want to work but still can't find a job. Millions more are only working part time, or at a reduced rate of pay, so most folks are still facing challenging financial circumstances and learning how to cope with unemployment.

On "April Fool's Day" of 2011, I joined the millions of Americans who were fired in "The Great Recession." For the next two years, I submitted resumes, posted on job search sites, and notified every friend, acquaintance and family member that I was searching for a job, and received no job offers. It was hard to not become discouraged with results like that.

To me, the biggest challenge that I faced during that time was how to cope with unemployment. Suddenly, I had all of this unstructured time on my hands. It was so easy to fall into the trap of obsessing about being unemployed and turning to self-destructive behaviors such as over-eating and social withdrawal. The following are some activities that helped me to cope while I was unemployed, and I continue many of these practices today whenever I feel a bit stressed or pressured as a small business owner.

Walking

When I started to feel stressed out, I went for long walks. It's an activity that is free, burns calories, and can be done virtually anywhere. I live in a scenic town with walking trails; there are many parks and shopping malls nearby. When I can, I invite a friend to go with me, so I can combine socializing and walking. This is my number one activity to cope with the stress and anxiety that I felt about being unemployed.

Complete the "Honey-Do" List

Remember all of those household tasks that we all put off when employed because we don't feel we have "time" to do them? When I started to stress I looked around the house and completed one of those tasks. After becoming unemployed I now had time to clean out the garage and attic, and repaint the windows. Completing these long neglected tasks helped renew my sense of self-worth. I also earned some much needed cash and reclaimed space from selling the unused items that I "found" when I cleaned.

Volunteer

Soon after becoming unemployed, I began volunteering at my local nursing home. I helped the staff with sorting items that are used as prizes for Bingo night, and I spent time sitting with various residents and listening to them. There are so many people in assisted living that are cheered up by having the presence of someone that listens. This activity didn't cost me anything and I learned so much from listening to them.

Whenever I feel depressed about my circumstances, I just think about some of the stories I have heard from people who have actually lived through the Great Depression and World War II, and I feel both encouraged and thankful. Working with the elderly is not for everyone, but there are food banks, homeless shelters, local schools, libraries and many other organizations that need volunteers. If you find that you have too much time on your hands, consider volunteering for a local organization. You will diversify your resume, gain valuable insight, and enjoy yourself in the process.

Hobbies

Have a secret passion or talent that you've never had time to fully express when you were employed? Why not spend your time doing something you enjoy? Brush up on your artistic endeavors, complete some craft projects, and finish that novel you always wanted to write. You will not only get a sense of accomplishment and joy; you may find a way to turn a profit by turning your hobby into self-employment.

I have always enjoyed writing, so when I couldn't find a new employer, I began earning money on the side as a part-time Internet blogger. Over time, I was able to grow this hobby into a successful small business providing editing and copywriting services to B2B clients.

Some friends of mine pick up cash by selling hand-made jewelry and giving music lessons. One friend of mine has turned his passion for fitness into a business. For two hours each night he hosts a "Body Boot Camp" in our local park. People actually pay him to show them how to exercise. He now earns more money each month as a personal trainer than he did as a business executive.

The important thing to remember is that the ending of your job is not the end of your life. As the old saying goes, there is "opportunity in crisis" and we can all get through difficult times when we find positive ways to cope with the stress and anxiety in our lives. 

By finding ways to cope with stress and keep a positive attitude, losing my job ended up being one of the best experiences of my life, because it forced me to take a chance on my talents and work for myself by starting my own small business. Now, I actually make more money than I ever did working for someone else, and I am doing work that I am passionate about and that is meaningful to me. 

Photo Credit: buckle1535

Top 5 Personal Finance Apps

By Lyn Brooks,  Contributor 

It seems like there is an app for everything these days, including apps for saving money and budgeting. There are literally thousands of personal finance apps on the market to chose from, but I've found that the following five are the best personal finance apps that help users like me to create budgets and save money. Using these apps has helped me to be successful in modifying my family's behavior so that we can stop living paycheck to paycheck and get our finances on track.

Mint

Mint is available for desktop users as well as Android and iPhone users. Just download the free app and this program makes it super easy to perform three tasks that I've found are absolutely necessary to get our finances in order: create a budget, track spending and save money.

I've linked my Mint account with most of my lenders, so that the program sends me payment reminders, and I also receive email notifications of any usual spending, or when I get close to maxing my budget in a certain category. All of the spending on my debit and credit cards is automatically entered and categorized, so that I can instantly see where my money is going without having to bother with complicated spreadsheets or calculations.

The program provides helpful hints about how and where I can save, and allows me to set multiple savings goals. Since I've started using this program, I was able to visually see and eliminate those tiny "budget busters" that add up over time. 

In just a few months, the program helped me to establish and fund a $500 and $1,500 short and mid-term emergency savings funds. So far, the main drawback that I've discovered with this program is that there are a few lenders that the program is unable to access and sync information with, so I have to manually update those accounts each month.

Big Oven

As part of creating and sticking to a budget, we've been looking for ways to reduce waste and save money. When we analyzed our family's spending, we found that one of our family's biggest expenditures was food. We were able to save quite a bit by eliminating fast food and now only rarely dine out. Groceries are still expensive, and there are reports and studies that show that most Americans waste over 40% of their food each year. My family wasn't an exception to this startling fact.

By using free apps such as Big Oven, it's easy to come up with new twists on common leftovers. Just pick three items you have on hand, and viola the app will give you an easy recipe that's quick to make and delicious. This is especially handy for those times when you've made all of your regular "stand-by recipes," and you are tempted to eat out just to have something "different" to eat. The app comes with features such as a meal planner and grocery lists as well. It's available for desktop and PC users on the web, as well as for Android, iPhone, iPad, Kindle, Nook and Windows phone users, and it's free.

Grocery iQ

This is another great app that we've been using to save money on food. This app works with coupons.com, so I don't have to worry about printing out coupons. I just save coupons with the app, and I can link my store savings cards as well. It also helps me to stay on track as I can easily create lists, sort items by aisle and even scan bar codes to add items. The program allows you to email and share lists and coupons as well. It's free, and is available on the web, as well as for iPhone, Android, iPad and iPod Touch users.

RedLaser

This app makes it easy to compare prices for an item at different retailers. I just scan the barcode, and the program searches and compares the prices at the online site for many top retailers. This not only helps me to save money on the actual purchase, but I save time as well as the gas I would have spent driving around looking for the lowest price on an item. 

A few weeks ago, I was able to save about $12 on a present for my daughter by comparing prices on a pair of jeans and a blouse. While $12 isn't much in and of itself, saving a few dollars here and there on purchases I was going to make anyway does add up over time. In addition to making it easier to save money when shopping, the app provides other helpful information. One of my favorites is that it will locate the nearest location of a book that I want to read, and will include the library as well as stores and online shops in the search results. This shopping app is free, and available for iPhone, Android and Windows Phone users.

GasBuddy

This app has been around for several years, but I've not found anything that beats if for instantly giving me an easy to use, side by side comparison for the cost of gas at all of my area gas stations. It's great to use at home, or even when I am on a trip. The app is free and I can access it on the web. It's also available for Apple, Android, Windows Phone and Blackberry devices. Even if I am only saving a penny or two a gallon, it all adds up in the end and helps me to be able to increase my family's savings fund.

Of course, there are other apps that can help you and your family to track your finances and save money. Let me know in the comments section below if you've tried any of these apps to save money, or if you have any favorite personal finance apps that are helping you to stop living paycheck to paycheck.

Photo Credit: Jason A. Howie

This is an updated personal finance article written by the author that was originally published on Yahoo! earlier in 2014.