How to Survive Financially After a Job Loss
Surviving financially after a job loss is one hell of a ride. For people who live from paycheque to paycheque, it can be the most depressing period for them. Regardless of whether you were expecting it or not, a job loss will take a toll on you, both mentally and physically. But the truth is, you can survive. It might take a little while to get the ball rolling, but when you’ve gathered momentum, you’d be glad. So, here are a few ways you can survive financially after a job loss.
As cliche as this might sound you have to remind yourself that it’s just a job. There would be more jobs to come, but there is only one you. To survive this period, you have to put yourself in the right frame of mind. Look at yourself in the mirror and say some positive words of affirmation. If you put yourself in the right place mentally, the picture becomes clearer and you can make rational decisions.
Ask for what you’re due
Some companies have severance packages for their staff members, find out if you’re eligible for those. Also, make sure you figure out if it is a lump sum or it’s paid over a period. When you know your eligibility status you can then start to budget according to your new reality until you get another job. Remember, your situation is only temporary and before long, you’re bubbling again.
Revise your budget
Now is not the time to buy that new shoe or take that trip. Remember the money you’ve been keeping away for rainy days? Well, it is raining now and it’s time to bring it out. First, make sure to satisfy your basic needs before anything else. Also, endeavor to stick to your budget and your budget only. Impromptu outings are a no and your favorite restaurant wouldn’t close if you don’t patronize.
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Revive that old idea
Remember that business idea you had, but we’re too busy with work to chase? It’s time to dust it off the shelf. Why? For starters, you need something to bring in money, and when you eventually get that job, you gain passive income. Look at it as an opportunity and not a challenge, get to work, and build something great. If you don’t feel like starting a business, you can offer your skills as a freelancer, contract staff, or part-time roles.
If nothing works
If everything else fails and you’re still tight on money, consider liquidating some assets. It’s a tough decision, but you’ll need it to survive. Keep it in your mind that your situation is temporary and you’d be on your feet soon. Selling off that car, renting out an extra room in your house, or selling items that would earn you good money. This can also save you from maintenance costs and keeps more money in your pocket.
The loss of a job doesn’t point to doom. Take a step back, breath, and know you would be fine at the end of the day. Planning your budget and sticking to it would help you survive a job loss.
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