Are you worried about losing your job?
If you are worried about losing your job, it’s not the end of the world. It’s the end of world as we know it, but there are things that you can do to mitigate the effects of unemployment and stay afloat for the time being. Preparing now for the future can help you avoid catastrophic financial losses.
Five Things to Do to If You Will Experience A Job Loss
1) If a job loss is only a possibility, become invaluable to your company right away. The more valuable to a company you are, the greater the chances are of you remaining in place. Go beyond the call of duty and step in where the company needs help whether or not the tasks pertain to your job description. Volunteer to help where help is needed. Take initiative. If you know that something needs to be done and no one else is available, take care of it if you are capable of doing so. Make creative suggestions. Take a temporary, yet reasonable, pay cut. Remember, these are temporary stop-gap measures to help you avoid being laid off.
2) Take stock of your financial status. This means that you, and where applicable, your partner sit down together and go over all your assets and liabilities. Write down your expenditures and determine whether or those choices are essential. Look for ways to cut back on spending. Decide to live below your means. Watching free online videos and movies could be an alternative to cable during this time. If you had planned a vacation, try going to local state parks and other free excursions to keep that money in your account. Don’t be afraid to cut lose all of the extras that don’t pertain to a bare-bones minimum lifestyle until you are gainfully employed, or the threat of a job loss is removed. You may pleasantly discover that you did not need those things, and life is much simpler with less.
3) Once you have taken stock of your financial picture and have trimmed the excess, develop a budget. You should now know which expenses are necessary and you can plan for these with the money you currently possess. Stick to your budget as best you can, and if after cooking your own meals for weeks, you want to get enjoy a dinner at your favourite restaurant, you should reward yourself with that. Just go back to the budget after that delicious T-bone has become just a sweet and savoury memory.
4) Become an entrepreneur. Side hustles, gigs, freelancing, e-commerce–whatever you wish to call it, the online entrepreneur community is strong and ever-growing. We are fortunate to live in a world where working from home and selling products and services online is a routine way of life. Millions of online sellers earn a full-time living this way. Perhaps you have skills that people need and would pay you to receive. Maybe people have told you how good you are at this or that, and they love your work. Investigate whether you could offer that service online and make a part- or full-time income doing that. If you can’t think of ideas, there are many videos on social media with more ideas that you can handle on how to earn a living online.
5) Update your resume. Invest in your professional development. Perhaps this is a time to get retrained by taking a class, or going back to school to change careers. Update your technical skills and increase your personal marketability in an ever-increasing technological society.
Don’t Lose Hope
If you are afraid of losing your job or have already lost it, remember it’s not a death sentence. There are things you can do right now to put yourself in a position that will minimize the impact of a job loss. Contain the fear. Keep your emotions in check. Rather than giving into the fear and panicking about what could happen, bring your focus back to the solutions. There is a way forward, and as with other crises in time past, you will survive and things will get better.