6 Things To Do If You Lose Your Job Over Coronavirus
Over 30 million people in the US are claiming unemployment benefits but that figure likely is a true reflection of how many are presently unemployed by one estimate. If you happen to find yourself without a job right now, there are some practical things you can do to survive.
1. Assess The Situation
First, asses just how bad things are for you financially. Sitting down with a piece of paper and pen and reviewing your finances can help you get to understand your financial situation.
Write down all of your assets and figure out what can be sold if needed be. Also, write down a list of your liabilities. Do you have loans that can be refinanced to secure a smaller monthly payment? Do you have nonessential assets that can be sold? Do you have investments that can be cashed out? How much money is in your savings?
All these are questions you want to take time to consider as your writer to get the full picture of your present financial situation.
2. Write Down Ways To Increase Your Income
Before you take any action, it's time to do some more writing.
On another piece of paper, write down the various ways you prospecting increase your earnings. Keep your suggestions practical and don't include investment, gambling or get rich quick schemes because these do not guarantee an increase in cash flow. Those things can hurt your income.
Instead, include second job options, entrepreneurial endeavors and moving in with family and trusted friends.
Put everything on the table.
3. Remind Yourself That It's Not Your Fault
Remind yourself that this is not your fault. Experiencing a financial reversal can be emotionally draining and devastating. You must remind yourself that you are not to blame for your financial situation.
This will help you maintain the emotional strength you need to fight this situation head on.
4. Talk With A Friend
Talk with a trusted confidant about your situation and how it is making you feel. The emotional support from a good friend is vital. They can help you looking at things from a different perspective. They may also provide practical suggestions to help you better handle your financial situation.
5. Create An Action Plan
Now that you have a better understanding of your financial situation you are ready to write our proposed courses of action.
Write out multiple plans you can take if your financial situation becomes critical.
Perhaps you list the plans in the order of preference. This will give you some flexibility if one of your plans does not work.
6. Implement Your Plan
While a financial reversal can impact on your life and be extremely frustrating, please don't allow it to destroy you emotionally. You are not alone.
You will make it through this!
Assess the situation by writing down your assets and liabilities.
Write down ways to increase your income.
Remind yourself that it is not your fault.
Talk with a trusted friend.
Create a plan of action.