Losing your job can be a painful and traumatic experience. For many, it can be akin to losing a friend or a family member; the grief can be overwhelming, and the loss of certainty and structure in life can be disorientating and terrifying. It’s been well-documented that jobs can feel like a big part of personal identity, and when they’re gone, it feels like a chunk of you is missing.
However, there are also more immediate downsides to losing your job, of course, and one of those is the loss of income. This can be especially devastating when you’ve got a family to look after, but there’s no need to panic just yet. There are sources of financial help to which you can turn when things get bad, so here are some of the ways you can support your family if you lose your job.
Table of Contents
A quick disclaimer here: you should never consider loans if you won’t be in a financial position to pay them off afterward. However, if you’re just looking for a quick boost to your finances and you know you’re going to be okay in the long term (say if you have another job lined up already), then a loan can be just what you need. Even seeking out £500 loans can help you significantly with costs for things like food and clothing in the short term, so don’t shy away from taking out a loan if you need one. It can even help to boost your credit rating!
Also Read: How To Get Your Teen Have More Family Time?
Pick up a side hustle
While you’re waiting for another job to come along, you should consider picking up a side hustle that makes the most of your skills. That could be anything from tutoring your first language all the way through to blogging or even starting a web development business if you have the skills. These can be effective ways to start earning a living, but you should also be aware that they can sometimes take time to get off the ground, so they won’t always be the best option for you if you need cash quickly. With that in mind, though, it’s a good idea to start projects when you lose your job, as they can ground you and help you to get back on track.
Ask friends and family for help
Many people are too proud to ask friends and family for help when they fall on hard times financially, but that’s exactly when you should reach out to your support network to see if anyone can be there for you. Others might be in a better position than you right now, and if they are – and they’re willing to help – then not asking them for assistance could mean you’re passing up on an opportunity to keep your family provided for while you search for more work. You could even frame it as a loan if you feel bad about taking money without giving anything in return.
Have a clearout
If you’ve got a house full of stuff you don’t use anymore, then it’s time to have a clearout. Doing so won’t just help with your mental health (although that’s certainly one of the benefits); it’s also possible that you’ll find things you can sell for a profit. This can include old electronics like smartphones or laptops; even if they’re relatively old or non-functional, you might find somewhere that will pay a small amount for them, and if you have lots of things like that lying around, then small amounts can quickly add up. Make sure to comb your possessions carefully for things you could sell.
Claim whatever benefits you’re entitled to
There’s no reason you shouldn’t claim the benefits you’re entitled to when you lose your job. Depending on where you live, you could be eligible for assistance, so make sure to head to your government’s website and research what kind of money you could be accessing. In the UK, for example, if you are unemployed and don’t meet a certain savings threshold (and you meet a number of other criteria), then you could be eligible for Universal Credit, which might not be a lot of money but which could get you through some particularly tough times.
Create a new budget
This isn’t technically a tip for making money, but rather for spending it and using it more efficiently. Most of us should be working on our budgets on a regular basis anyway, so you can use this as an opportunity to re-examine your finances and see if there’s anywhere you could streamline or make some cuts. Your new budget should reflect your circumstances, so make sure you’re factoring in every bit of expenditure and every source of income you still have. After all, being dishonest with yourself in a budget will only come back to hurt you.
Make cuts wherever you can
Once you have your new budget in hand, it’s time to start making cuts. Some of those cuts might be painful; you may, for example, need to cut right back on going out to the cinema or going to coffee shops in favor of doing more things at home. That costly gym membership can be replaced by simply exercising outdoors or at home, and you can cut back on unnecessary or unwanted subscriptions as well, many of which you may even be paying for without realizing it. There are usually places you can make budget cuts, so be thorough when you’re examining your finances.