5 Tips for Coping with Job Loss Due to COVID-19 Pandemic
From a professional perspective, losing your job could be an extremely painful experience, specifically when it happens due to a pandemic. Somehow coping with job loss is really difficult. However, when one door closes another can open. The key is to be prepared to knock before you can walk in. If you are also one of the several individuals that have lost a job due to the pandemic, here some important steps you should take immediately. In this article, we will provide you 5 Tips on how to cope up with job loss due to COVID-19 Pandemic.
Evaluate your personal finances
We all know that not having regular access to regular cash flow does make it difficult to replenish one’s bank account. Reduction in an individual’s monthly expenses can help to preserve their cash balance. However, regular outflows could also help in exceeding cash inflows on a regular basis. It is important that you don’t overdraft your accounts and you should first use your cash to cover your regular expenses. This will help you in coping with job loss and with the pandemic and provide you peace of mind too during the COVID-19 pandemic.
Do a part time job or work as a freelancer
If you have lost your job, you’re not expected to be home bound, even when the public remains. Ponder upon playing a vital role within the community if you’ve enough time. An alternative is to get a temporary side shift for a delivery application. This would certainly help you to earn a side income by means of delivering café orders, rations or medicines while also practicing social distancing.
Negotiate with lenders for loan payment
Even after you receive unemployment insurance and cut spending, you could require help in the payment of the bills. There are several lenders that can provide forbearance for payment of monthly installment loans including car loans and mortgages. It is important to note that loan forbearance is different when compared with loan forgiveness. You could be required repayment of loan principal as well as interest payment for the months that you have deferred. Lenders could well move those payments at the end of the loan period. However, other lenders could also require a balloon payment when forbearance ends.
Spend time with your family
Due to our busy lives, we get very limited time to spend time with our family. However, during quarantine, spending time with your family may have a totally new meaning. You could now be finding yourself spending comparatively more time with your loved ones. Having breakfast, lunch, and dinner with your loved ones as well as having sufficient time to talk could feel strange initially. It is one of the most valuable things while coping with job loss. Instead of just trying to have mindless chatter to make mealtime pass by sooner, you can get sufficient time to search the internet for starting a conversation. You can also have a meaningful and exciting conversation with your spouse and children. It is a fact that almost every household has varying interests.
Focus on learning a new skill
There could well be a significant change in the employment prospect of a few businesses after the pandemic. It will take a long time for some areas such as the travel industry and event planning to retrieve. The developments in technology will constantly assist in redesigning the way we operate. You can utilize this period to improve your abilities or learn something new. This is one of the best things while coping with job loss. A number of free and inexpensive materials are available online that you can begin at this instant. You could also plan to work from home (WFH). One more plan is to position yourself to take greater charge in your present profession by learning a new skill or a side-gig. Usually, it is not possible for you to emphasize on enhancing your abilities if you work all day.
