Diva Nikki  By Diva Nikki
 (c) January 27, 2010

In one of my recent posts, I talked a bit about how the journey with a spouse in career transition can be a long one. 

So what do you do when the magical end date for unemployment insurance is getting closer and closer at hand? How, you may ask, do you cut things back even further when you’ve already been cutting back?

I’m going to preface the following with a disclaimer. (Thank you, 11 years of working with lawyers in a highly regulated industry.) I am not a financial advisor, nor do I suggest any of the following as official financial advice. You really need to consult your own professional financial about what makes sense for your situation and what your options are. What I do want to offer, however, is food for thought from my own life.

Here are some things to consider as the journey gets longer.

Look at your budget…again.
There are “nice to haves” and “need to haves.” For example, saving for retirement is a really important strategy. And…it also won’t kill our entire future if we stop investing for a few months. 

Rethink priorities…again.
Here’s an example. Our cable bill just went up. And we started thinking hard about whether cable is a necessity or just a nicety. Especially in the days of Hulu.com – is it worth over $100 a month for the convenience of flipping through a bunch channels just because we’re bored?  Or could we get by with Internet and more time to read books?

Protect the income you do have.
As the sole breadwinner, I decided to take out a disability insurance policy for myself, above what my employer already covered. It’s an added expense (at a time we don’t need additions), but for me it was worth knowing that if something happened to me while my husband’s still looking for work, the income we do have would be safer.

Encourage your spouse to start broadening the job search.
Undesirable as this prospect may be, if the realities of this economy and job market are such that he’s just not finding a job that fulfills his worth and experience, it might be time to broaden the options. Discuss the possibility of looking for less senior positions or positions in former fields of expertise. Or, if your family situation would allow, discuss the possibility of broadening the geographic part of the search. There may be more opportunity in other areas.

If dire straits are truly near, consider part-time work.
Not that any career professional (let alone an MBA) would relish the thought, but asking if “you want fries with that” would at least help make ends meet if you need to make up for unemployment insurance when it ends. And a part-time schedule would allow for networking and job searching time. If you want to be really supportive, you could consider part-time work, too. Perhaps working weekends at a shop you love.

Consider the value of your clutter.
Do you have things around the house you don’t use but may have value? For instance, since my husband and I got iPods, we realized we never used our CDs anymore. So we sold them to a used book store and made several hundred dollars. Look around to see if there might be things you could trade in for cash. 

Hang in there and keep supporting each other.
You will get through this. Together. There will be a better future.

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