Across the world, millions of people from multiple industries have lost their jobs during the COVID-19 pandemic. Unfortunately, it’s predicted that more people will lose their jobs. Banking giant JPMorgan Chase said the unemployment rate could hit as high as 20 percent in the second quarter of the year, which runs from April to June. If you’ve faced job loss because of the pandemic, here are five steps that you should take:
Find ways to cut back on your monthly expenses
As overwhelming as it may be, the first thing you should do is to evaluate your finances and work on your budget. Your unemployment benefits may not be enough to replace the entire amount of lost weekly wages. Given this, you might want to adjust your budget based on the money that currently comes in.
Focus your money on necessities such as food, toiletries, and medicine. Cut spending on entertainment and transportation. Look for paid subscriptions that you can cancel in the meantime, such as your gym membership or movie streaming service. The more you can tighten your budget, the better off you’ll be.
Take advantage of goodwill programs
Being out of a job can severely affect your monthly rent or mortgage. Thankfully, the federal government, as well as many states, have rolled out initiatives to help homeowners and renters during the pandemic.
For example, the Federal House Finance Agency (FHFA) instructed some lenders to suspend their payments for up to 12 months. For renters like you, it’s worth reaching out to your landlords and informing them about your situation. Tell them that you’ve lost your job and may not have the money to pay for your monthly rent.
If you’re lucky, your landlord may allow you to stay for a few months without a lease. You just have to take proactive steps to earn money to get income flowing again. And how precisely can you do that?
Start a hustle from home
Here are three in-demand skills clients are often in the hunt for:
- Copywriting. Many websites and marketing companies are now turning to freelancers to create content on their behalf.
- Coding. Many companies are looking for freelance coders to create new websites and redesign existing pages.
- Online tutorials. Many parents will pay to keep their children’s skills sharp through online teaching. Some online teaching companies, however, would require you to have an education degree.
If you want to be your own boss, you can set up your own business. For example, if you have a passion for cooking, you can cook and sell ready-to-eat meals to your community. Use social media sites such as Facebook and Instagram to market your product, as they’re free to use.
From online tutoring to setting up a mini-canteen, there are plenty of ways to earn money during the pandemic. As it continues to sweep the country, millions of people have lost their jobs. If you’re one of the unlucky ones, the best thing you can do is to reassess your finances and look for ways to earn money to cover for your expenses.