The world is experiencing an unprecedented pandemic that is having numerous effects on everyday life. Children are being taught from home, social distancing has put a gap between friends and family, and many professionals are either working from home or being laid off due to work closures.
Most people aren’t financially prepared for an unexpected job loss. If you have more than three months’ wages saved in your emergency fund, you are already doing better than the majority of people.
Tough times are upon millions of people in every corner of the world. If you have been laid off, you may be in a panic about how you will survive until the end of the pandemic.
Paying your bills by following these tips or finding a nearby payday loan and prioritizing your four walls should be your only focus.
Let’s look at a few things that you can do with your money to help you survive the rest of the pandemic.
1. REVIEW YOUR BUDGET
Most people live outside of their means. During a global crisis that has had a devastating financial impact, the most important first step to take following a pandemic layoff is to review your budget.
Prioritize your most important living expenses that include your rent or mortgage, utility bills, and groceries. Keeping a roof over your head and food in your fridge is your most critical goal.
2. CUT UNNECESSARY EXPENSES
It’s time to take a serious look at where you are spending and where you can make considerable cuts. Canceling unnecessary subscriptions including bonus cable packages is a great place to start.
Luxuries like gourmet coffees and eat out lunches should become a thing of the past. Make your coffee and lunch at home to save a bundle each week. Keep your utility bills to a minimum by turning down your thermostat and putting on a sweater.
Save on your food bills by ditching the take out menus and cooking all your meals at home.
3. START FREELANCING
Whatever career you were working on before your layoff may still be able to make you money.
Larger companies that are feeling the strain during the pandemic, may have needed to furlough some employees, but that doesn’t mean that someone won’t need your services. Think about offering your services on a freelancing platform to keep some money coming into the bank.
4. STAY CONNECTED
When you get laid off, it can be easy to quickly lose contact with many of your clients and coworkers.
There is no way to know how long your lay off will last, so it’s critical to keep those connections strong. Stay in touch with weekly contact to your coworkers, especially those that are still working at your company.
It’s important to stay informed about when you may have the opportunity to get back to work.
5. STAY POSITIVE
Not only has the pandemic taken a deadly toll, but it has also caused millions to struggle with their mental health. Depression, stress, and anxiety are invading every household.
Staying positive may seem like it is easier said than done, but it is a conscious choice that is important to make every day. Remember that this horrible time in our shared history will pass; try to stay positive that things will be good once again.
If you have been laid off during the pandemic, try not to panic. Follow some of these tips to help you get your finances under control. Review your budget, make the harsh cutbacks that will help you save money, and stay positive.