The recession of 2008-09 (also known to many as the Global Financial Crisis) really did a number on bank accounts everywhere and especially hurt young people. Statistics Canada reported the country's unemployment rate rose to 7.2 per cent last December, with Ontario's youth unemployment rate more than double the national average, (around 16.9 per cent unemployment for young people 16-24). This means more than 1-in-6 youth are jobless, according to the Canadian Centre for Policy Alternatives.
To make the most of your unemployment downtime, let's run through how to stretch your money further, make a little extra dough on the side, and explore new career opportunities.
Stretching what you've got
Unless you win the lottery, you'll probably have to survive on a tighter budget while you're on the job hunt. This might mean living a bit more frugally than you're used to, but you could develop some good habits from this exercise'for both your personal and financial health!
Maybe consider some of the most beneficial ways to trim down your budget, like cutting back on fast food, alcohol, and expensive nights out. For instance, Canadian Budget Binder blogs about affordable food recipes that anyone can make and enjoy. Or if you need to cut back on your transportation costs, you should learn how to get home and around on a budget.
Making a little extra
Just because you're not collecting a salary right now doesn't mean you should give up on earning some extra spending money to stay afloat. I already blogged about things you should consider if you want to start freelancing. Even if you're not keen on being your own boss, you might pick up some good clients in the meantime. And good clients could be connections for future jobs!
And like many of us, you've probably been hoarding some things over the years that you don't need anymore like old video games, used sports equipment, or childhood stuff you've outgrown. In which case, try selling what you don't need on Kijiji, eBay, or Amazon to make a quick buck. As they say, one person's trash is another person's treasure!
Getting hired
Don't worry! I didn't forget about the actual job hunt. Sadly, this process isn't an exact science, so you may have to explore many routes to land your dream job. Any career counsellor will tell you the first big step is making your resum├® as strong as it can be. There are tips and ideas on how to do this all over the Internet. If you're currently a student, you should have access to special employment resources on campus and through your school's website. For everyone else, the Canadian government offers various programs to help youth find work or start a business.
You could also try volunteering! If you didn't pick up much work experience while in school, this can be a great way to bulk up your resum├® and emphasize the skills that are going to get you hired. Charity Village is a great resource for discovering charities and NGOs in need. It's also worth considering 60 per cent of hiring managers think volunteering makes someone more hirable, according to Forbes.
Finally, it might make sense for you to mix up how you look for careers. It's obviously a good idea to apply for advertised jobs, but NPR reported these listings only make up 20-30 per cent of all the jobs available. The rest are filled without an open selection process. This means it makes a lot of sense to spend your unemployed time looking for ways to access that other 70 per cent. Depending on the career you're keen on, you might want to research hot jobs to break into and go to industry meet-ups to make connections. Or if you hear a new startup just received funding, maybe they'll be hiring soon; send a congratulatory note and a resume along straight away to be first through the door!
Fabio Marrama is a social media coordinator at FirstOntario Credit Union. When he's not spreading the word about community-based banking, he writes about personal finance for MoneyOnTrees.ca, a sensible blog for the young and financially conscious. Got a question? Contact Fabio by email or join the conversation on Facebook and Twitter (@Money_On_Trees).