5 Management Tips On How To Survive After Losing Your Job
Job loss can one of the most devastating times in an adult’s life – both emotionally and financially. Some compare it to falling of a cliff, others see it as an opportunity to start anew. However you immediately look at it, it’s important to think about the financial implications of having one of your primary sources of income cut off.
Based on the article from goldrushcam.com, “The unemployment rate declines to 4.2% and the labor force participation rate is at 63.1 percent which shows little change year over year. A sharp employment decline in food services and drinking places and below-trend growth in some other industries likely reflected the impact of Hurricanes Irma and Harvey.”
The possibility of families needing to sell their homes is slightly higher when unemployment rate is high a well. Some sell home fast in San Antonio just to cope with a difficult financial crisis. Although, there are ways to successfully manage finances and survive through this setback.
How To Survive After Losing A Job
With the huge number of unemployed labor workers, losing a job is never easy to take. But learning how to cope with the situation can be advantageous, especially when you start hunting for your next career.
Prioritize The Four Pillars Of Your Basic Needs
The four pillars of the basic needs are food, shelter, utilities, and transportation. As you map out a strategy to handle the short-term impact of losing a job, prioritize these four financial needs. “You pay for the goods and services you can’t live without,” says Sally Herigstad, author of the Help! I Can’t Pay my Bills book. One way of surviving this difficult time is to support yourself with whatever you have financially while still living with a little comfort.
Plan Out Your Expenses
Creating a budget plan to monitor your current and future expenses is never a fun job, but it has to be done. It gives you a foundation for the actions you must take to successfully manage finances without stressing over it. It can comfort you in some way knowing that you have some sort of plan that could help you make it through or until you find a new job.
Start by listing down your cash inflow, including severance and unemployment payments. Do you have savings or investments you could tap into if absolutely necessary? Include potential loans from trusted lenders or family. Then list down all expenses. Determine the fixed expenses that won’t change in the short term, like mortgage or rent or car payment. And identify the variable expenses that you have immediate control over like TV subscriptions or gym membership.
Cut Short The Recurring Fees
Job loss is a financial crisis on the earnings side only. Look at three months worth of credit or debit card bills, cut off all optional recurring fees, especially subscriptions that are there for convenience or entertainment and not for your basic needs.
Put A Hold On Your Savings
Although saving for a better and brighter future is essential if you want to retire comfortably and focus on activities you enjoy doing, you may need to pause on these savings account. Focus available resources on your needs now, and resume on saving up once you get a new job.
Deal With Desperation Like A Pro
Times can get harder as the days go by without a steady income. Other options might involve downsizing to reduce cost, or moving in with a relative temporarily. Another suggestion from Herigstad is to rent out your home for the cost of the mortgage payment and move somewhere cheaper. You can then move back into your house once you’re back on your feet.
When Selling A House Is The Only Option
Selling a house and moving into a smaller place to save on maintenance and utility expenses is a common solution for unemployed individuals. It can be a prudent thing to do to come up with the additional funds you need while looking for a new job. If this is a matter you’re considering, talk to one of our real estate consultants.
Here at Lamar Buys Houses, we offer timely and practical home selling solutions to homeowners in need of a rush sale. We buy ugly houses in San Antonio or any type of property that needs to go. Trust that you have a partner when there’s a need to sell home fast. Contact us today to learn more about our different selling options.