We all know the effect of Coronavirus on employment is devastating worldwide, but this doesn’t necessarily make it feel easier when it happens to you. If you’re facing redundancy, unpaid leave, or job termination, take a deep breath and allow yourself a moment to experience the feelings of loss or fear that may come naturally. It’s normal to feel confusion or even grief at this time. Here are four steps you can take to lessen the financial burden:
If you have an important bill due soon or need to make certain purchases to be able to work in this crisis, such as a car or health-related costs, now might be the time to access your emergency funds. If they are insufficient and you don’t have any other means of cash, like borrowing money or selling off any assets, then fast small loans from not-for-profit lenders may be worth considering. These small loan providers are known to be more transparent and with no hidden fees. So you can get some relief in this temporary situation and the support to be able to pay them back in a timely manner.
You might not have had to rely on Government support for a long time, if ever, but if you have currently lost your main source of income due to this unforeseen circumstance, there is absolutely no shame in asking for help. The federal government has allowed each state to make changes to unemployment benefit provisions to support situations related to Coronavirus. A lot of unemployment benefits have expanded to include residents who are self-employed and freelancers. So, make sure to do your research online to see if you may be eligible for any programs, subsidies, and stimulus packages available.
Next, you’re going to want to curb any unnecessary expenses coming out of your accounts. What counts as ‘unnecessary’ is basically any purchase that is not essential to your security, health, and wellbeing. This includes spending on things like entertainment i.e. streaming subscriptions and paid apps, leisurely shopping, or convenience services like meal delivery services.
Unless you’ve been embracing an extremely frugal and minimalistic lifestyle for a while, you are bound to free up some extra funds in this way. Of course, canceling a few subscriptions probably won’t replace your entire salary, but it may cover part of your utility bills or grocery shopping so that you can focus on things like supporting your family and what you will do next about work.
If you think decluttering your home in the midst of a crisis is not a productive activity, then think again. Aside from the benefits of having a neat and tidier home which is relaxing for the mind, you can use the time to re-evaluate whether or not all the property and belongings you currently own are still useful to you. Things like clothing, old technology, unworn gold or silver jewelry or accessories, and even scrap metals can be valuable when re-sold. If you come across items you haven’t used or even thought about in years, consider passing them on. This way, you receive extra cash and somebody else will get use out of them.
This is a difficult time to say the least but by taking the above steps and remaining resourceful and positive you will get through this.