How to Make Ends Meet During Unemployment
Whether you’ve been laid off, downsized, forced to take early retirement, or seen contract work dry up, losing your employment is one of life’s most stressful experiences. While the stress of losing a job can seem overwhelming, there are many things you can do to take control of the situation, lift your spirits, and find a renewed sense of purpose.
The Struggles of Losing Your Job
Aside from the apparent financial anguish, it can cause the stress of losing a job can also take a heavy toll on your mood, relationships, and overall mental and emotional health. Our jobs tend to be more than just the way we make a living. They influence how we see ourselves, as well as the way others see us. Even if you didn’t love your job, it was a part of your image.
You might be questioning your identity, grieving all that you’ve lost, or feeling anxious about what the future holds. Depending on the circumstances of your unemployment, you may feel betrayed by your employer, powerless over the direction of your life, or blame yourself for some perceived shortcoming or mistake. The stress and worry can feel overwhelming.
Tips on Bouncing Back
No matter how bleak things seem right now, there is hope. However, time cures all wounds. With the right coping techniques, you can significantly ease your anxiety and move on with your working life.
- Allow Yourself to Grieve
Grief is our natural response to any loss. Don’t run from your feelings as they will catch up with you at some point. Only by facing your deepest fears can you look for the silver lining. Don’t let yourself be overwhelmed with sadness but use this time to build new foundations for a better tomorrow.
- Redefine Yourself
Pursue activities that bring you a sense of purpose and joy. Try out a new hobby that you never had the time to practice. Express your creativity. Who knows, maybe a side-job can be born out of it, or even your new full-time job! Moreover, if you don’t feel like doing anything, spend more time in nature – if anything, it will press your reset button.
- Improve Your Resume
Don’t just list the position you held and your previous projects. Explain to your prospective employer what you bring to the table. Companies don’t need CVs; they need someone to solve a problem they have and help them prosper.
- Take Care of Yourself
Take this time to indulge in the much-needed self-care. We are not in a position to give before we have equipped ourselves with everything we need.
Money Savings Tips to Help Make Ends Meet When You Are out of a Job
Use this time to stop being a hamster in a wheel, rolling endlessly in a circle, without a destination and letting the precious gift of life pass you. Learning how to save will significantly ease your stress and regain the energy for the new chapter ahead.
Identify Areas Where You Can Cut Back
One of the biggest consumers of your budget is your utility bill. Moreover, there are many ways you can cut on your utility bill. Now you have that extra time on your hands, make sure you are getting the best rate on all of your bills such as electricity, internet and insurance rates.
While you’re at it, compare the providers. For example, Constellation energy has multiple plans you can choose with competitive rates. Use this time to cancel our any unnecessary subscriptions. Cut down on TV and other distractions and look for content within.
Why not go all the way and make your household more energy-efficient as this will also save you money over the long-run.
- Install energy-efficient light bulbs such as LED
- Switch to a smart thermostat that can be programmed
- Unplug your devices when they are not in use
- Make your appliances work smarter such as using the ECO mode on your air-conditioning
Hopefully, you already have an emergency fund. If not, start saving immediately, even with a symbolic amount. The most significant step is made by installing such healthy habits.
Losing your job is never fun, especially when you don’t expect it. No one could have known that COVID-19 is going to put the whole world to a stop. However, our greatest enemy is fear. The above steps can help you regain the control of your life and your finances so that you come out on top of this life experience. Turn this traumatic experience into the best thing that ever happened to you. Make it into a chapter where your whole life took a turn for the best.