Let’s face it. Sometimes, reality bites. At some point of time in your life, there is a high chance of experiencing unemployment especially during economic downtimes or as companies downsize operations, many at times the news of going unemployed is unwelcomed tough situation. Nevertheless, being out of job does not mean the end of your career. How the immediate question, that hovers your mind is how do you financially survive the period of unemployment?
Losing your job not just shatters your dream, but also tumbles down your financial plans and is even a heavy blow to your self-confidence. The fact that you suddenly become jobless might be difficult to digest, especially when you have built your career in the same organisation for years. No wonder unexpected unemployment can kill your spirit, zest and lead you into depression.
But beyond all of that, being unemployed means that you lose your financial support. Sometimes, you are lucky enough to find a new job within short period. The period between looking for jobs, could range from months to weeks of unemployment – and this would require you to spend all your savings and get financially drained in the process.
See: How Should Managers Deliver Bad News of Layoffs to the Workforce?
Here’s how you can be financially independent during the unemployment period:
First thing first, you have to reconsider your budget priorities and financially plan well. Where do you spend most of your money? How much do you need for your daily expenses? Dealing and recovering from a job loss, could make you trim your monthly budgets and expenses. Look at your surroundings to find out, if there is some freelance gigs or part-time, temporary opportunities you can work on until you secure a permanent full-time role.
People tend to spend more when they use credit card. When you are unemployed, using credit card will only bring you down faster to bankruptcy. Having no stable monthly income, there is high possibility that you are no longer able to overpay your credit card bills. Therefore, you should stick to the cash in every transaction such that, you can control your expense.
Release your creativity. Widen your life plan and figure out if there is a chance to earn some extra income from home. Advancements in technology has made it much easier for people to work freelance and thrive on the upbeat gig economy. You can use this opportunity to find some extra source of income, while waiting for the interview call from your potential employers.
Being unemployed often makes you pessimistic about the future and buried in despair. However, the show must go on. Build up on your self-confidence levels and sharpen the essential skills sets that will help you stand out from the crowd. If you previously invested money on a gym membership, then now you should move the budget for more significant things.
For example, find out skills that are on high demand in the job market, and use your money to attend courses or classes related to the skillsets. SkillsFuture has many training programs and credits provided to help unemployed Singaporeans get trained with on-demand industry skills and seek employment opportunities. It is true that health is important, but when you are jobless, landing a job seems much more important.
While we do know that during times of economic uncertainty, there is no such thing as a secure job. Unemployment often comes as a huge blow to make you lose ground. Unemployment is undoubtedly a devastating experience that could suck up your enthusiasm. The key points to survive during such situations is to stay calm, hold a positive mindset, create a strategic plan, and start moving on.
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