It’s often said that in these modern times, there’s no such thing as job security. Any one of us can be let go of at a moment’s notice and become part of the unemployment line because of internal or external circumstances. Being unemployed can bring with it a lot of stress as well as uncertainty about the future. That being said, there are a few things you can do to make sure that you are fully prepared for any eventuality. In this post, we’ll take a look at a few practical things you can do if you find yourself heading towards the unemployment door.
Always Have and Top Up Your Emergency Fund
Due to the unpredictable nature of work these days, you should always have an emergency fund which will help cushion the fall if you suddenly find yourself out of a job. This should ideally be enough to help you pay your bills for a 6 month period. In addition, you should revise your fund every couple of months to make sure that your living estimates take into account things like inflation and rising rent prices.
A great way of adding to your emergency fund is to take out a bit of cash from your shopping or non-essential part of your budget every time you feel like spending some cash and putting it in a savings account. If you’re doubtful of your willpower, consider a joint savings account with a spouse or trusted friend that can only be accessed when both parties approve access.
Look into Setting up an Extra Income Source
There’s no such thing as too much money in this economy. Every little bit counts, and this is why you should consider getting a second or third job. Better still, you can take something you’re passionate about and turn it into a career that you can do weekends, evenings or any time you find yourself free. Alternatively, you can take up freelancing on job sites such oDesk and Elance online or opt for consulting gigs over the weekends if you have a highly sought-after skill. You might be surprised what kinds of jobs these extra jobs might open up; they just might get you your next fulltime job.
Scale Back Your Budget
Unemployment usually calls for some creativity when it comes to how you’ll be able to support yourself in the coming months. If you examine your budget closely, you’ll identify a few things you can do without, leaving you with extra cash to sink into essentials such as food and utility bills. Things like cable and extra mobile minutes should be the first to go, as well as eating out at restaurants and manicures or spa visits. However, you shouldn’t have to completely forego these things if you use a bit of common sense. For instance, you can opt for eating out once a week instead of twice, and subscribing to a cheaper phone and cable plan.
A Support System Helps
Lastly, look to maintaining good friendships with your peers during your unemployment and let them know that you may find yourself being available in the next few weeks. They might have tips on who’s hiring as well as offer you the much-needed emotional support should you need it. These quick and easy tips should get you on the fast track towards making sure that you have a safety net in the event that you lose your job.