The year 2020 was not easy for anyone. What started as the promising beginning of a new decade, soon turned into an apocalyptic crisis of immeasurable consequences. We are yet to see the full-scale effects that Covid-19 will have in the world from now on, but it has already had disastrous consequences in the economy. According to predictions, the US will lose between $3-5 trillion in the next two years. In this terrible scenario, millions of Americans have lost their jobs.
Losing your job is not easy, to say the least. It means facing scary prospects, instability, and financial insecurity. Job searches can last months, so you might be unemployed for some time. However, this situation doesn’t necessarily equal disaster, if you make the right decisions during this period. This will guarantee a smooth transition while you find your new position.
Before definitely leaving your former position, try to wrap everything up nicely. Turn in all the work you had left, and figure out how much money you will receive on your last paycheck. Make sure that your severance pay includes all that you’re entitled to, including your last day at work.
If you’re on good terms with your employer, get a recommendation letter right away. The sooner they do it, the better it will be, so don’t wait until you need it, and don’t underestimate its power. It’s also a good idea to ask your boss if they can offer any leads on where to start looking for other positions.
The control you have over your finances will determine how well you will do while unemployed, so take it very seriously. Firstly, figure out exactly how much money you have, including savings and your last paycheck.
Line up all your debts and, if you’re short on money, prioritize unavoidable debts, like your mortgage or medical care. Most credit providers are willing to negotiate with you, so reach out to them to talk about your situation.
Add up all your expenses, and cut back on discretionary ones, like subscriptions or memberships. Prioritize what’s truly necessary for you, even if it is hard. Doing this will help stretch out your money.
While you’re searching for a new position, consider engaging in some temporary jobs to bring some cash in. These low-commitment jobs will offer you some immediate income to tide you over. Doing freelance is also a very flexible way of earning an income. Certain online courses will teach you useful skills to do remote work, with no big monetary investment.
The most important thing is to help your finances, so don’t put imaginary limits on yourself. Part-time jobs will allow you to provide while also leaving you time to focus on your search, so it’s a win-win.
The government has put out special benefits for people who have lost their jobs during the pandemic, so find out what you are entitled to. Once you know, apply right away, as these things usually take time. Don’t base your budget around this until you are receiving it, as you don’t know for sure when that’s going to be.
When applying for jobs, your resume is the first thing that gets your foot in the door, so it needs to be attractive for recruiters. Now that you have the time, start working on it to make it perfect.
Invest your time into learning new skills that will set you apart from your competition. The pandemic has made industries migrate to remote work, so some tech courses might be exactly what you need.
For each job application, make sure to tailor your CV. Use keywords to highlight your skills suitable for the position. How you present your resume can mean the difference between getting a callback or not.
The most important thing during unemployment is to remain motivated. Everyone’s faced unemployment at one point in their life. You will get back on your feet, that is certain. Look at these trying times as an opportunity to grow and evolve into better things. With the right attitude, you can turn this into a good change.