You Lost Your Job Because of Covid-19: What’s the Next Step?
We’re all living in an unprecedented situation due to the Covid-19 pandemic. Many people have lost their jobs during the coronavirus lockdown. According to the Office for National Statistics, the unemployment rate went from 0.4 percent to 4.5 percent in America. This means that more than 1.5 million people have been left unemployed since February.
If you’re one of those people, don’t panic. There are a couple of things you could do to remain financially stable. In this guide, we’ll show you what to do if you lost your job due to the pandemic.
Take Care of Your Mental Health
We understand it can be challenging and stressful to lose your job. You may be wondering how you will survive financially. And although it may seem like there’s no light at the end of the tunnel, there are possible solutions.
If you ever feel overwhelmed or stressed, take a deep breath and focus on your mental health. Getting fired can negatively affect our health if we allow it.
There are also some activities you can do to take care of your well-being. Take a walk, meditate, and spend time with your family. If you continue to feel anxious, then consider looking for help.
Apply for Unemployment Benefits
Due to the coronavirus outbreak, the government has made it more simple to obtain unemployment benefits. Now, due to new requirements in the wake of Covid-19, anyone can apply for unemployment insurance if they meet these criteria:
You can’t work because it would expose you to the virus.
You’re taking care of a family member who is sick.
Your boss temporarily or permanently laid you off.
You’re an independent worker, but you lost your income during Covid-19.
Before Covid-19, you would have had to wait before applying for unemployment benefits. However, the CARES Act has made it so that you can apply as soon as you lose your job.
Keep in mind that many people are currently applying, so it will take time to get a response. Keep trying to submit your info until they file your case.
Cut Back on Expenses
The next step is to cut back expenses. Don’t waste your money on unnecessary things until you have found a new job. Remember that you will have to make ends meet with the savings and credit you have.
It’s time to check your financial habits so you can reduce unnecessary spending. Here are some of the things you should take into account:
Cancel any unused streaming subscription
Schedule automatic payments to a savings account.
Don’t invest in any expensive items.
Cook meals instead of buying food outside.
Negotiate your loans. Many loan financiers are providing forbearance.
Learn a New Skill
You don’t have to see this situation as entirely negative. Now that you have so much free time, why don’t you invest in a skill that will pay off later? Many people are currently working online due to the coronavirus pandemic, and companies are recruiting remote workers.
If you don’t feel you don’t have the skills it takes to become a freelancer, it’s time to learn something new. You don’t have to get a bachelor's degree in computer science and spend five years on a tech career.
There are many online bootcamps that you can take in less than six months and most offer flexible payment methods. Some even offer a “learn now and pay later” program, which allows you to pay for your course once you have found a job.