Losing A Job During Coronavirus

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The COVID-19 pandemic has taken over the world. The Coronavirus which originated from the city of Wuhan, China is spreading like wildfire. Countries across the globe have declared nationwide lockdowns and daily life has come to a halt. Economies are facing a severe crunch with healthcare expenses soaring high. Companies have slashed down the salaries of their employees. A majority of the population is working from home. But what do you do if you are losing your job during this coronavirus time? How should you cope with emotional stress? What should you do next in order to survive?

Emergency Savings

Every professional must maintain monthly savings as soon as they get a job. In the excitement of receiving a monthly paycheck, one shouldn’t forget to save enough to sustain themselves during a crisis. So even if you lose your job during this coronavirus time, this extra money will help you survive till you are able to find a new job. You must resist the temptation of using your savings for unnecessary activities. These savings will help you clear of any bills which are due during an unavoidable situation. If you have a family to support as well then you need to be extra careful and save accordingly.

Visit the Bank

Banks and governments across the world are taking steps in order to help people in multiple ways. You can look at what various banks have to offer. Maybe your bank can provide a loan with lower interest rates for the time being. The limits to the amounts that can be withdrawn in a single transaction might have been reduced. Make sure to check the changes in such rules and regulations of your bank. Any extra cash will come in handy when you are stuck in the middle of nowhere with no job.

Freelance Work

You can apply for some paid freelance work according to your abilities and interests. Since the entire world is working from home, there are various enterprises that are offering jobs online. Even though the pay might be less, it will enable you to sustain yourself and your family in the short run and it will also help you in building your professional profile. This can further help in getting a better job once the pandemic subsides and offices reopen. Employers might be impressed to see that even though you lost a job you did not give up and worked hard to earn yourself a living.

Try Different Work

Be open to all kinds of work. Maybe you lost your job as an accountant but if you have painting skills then maybe you could teach it to some neighborhood kids to earn some cash. Don’t restrict your job profile. You will be able to grab more opportunities in this way during a pandemic. If you are good with your subjects then you can also provide online coaching for students to earn money. Instead of borrowing from other people and feeling dejected put your talent to some use. Keep in mind that it is a short phase and it too shall pass.

Reduce your Expenses

You are short on savings and do not have a job. Use the cash in hand wisely. Don’t spend on unnecessary items. Buy only what is essential and extremely useful. Reduce the usage of various daily use items as well. For example, stop buying newspapers, try consuming milk on every alternate day, or not at all. Give up your online entertainment subscriptions. In this manner, you can successfully pay all your important bills such as rent, electricity, and water bills. You will have a supply of basic amenities if you reduce consumption which is not needed. Compromise the comforts for some time.

losing job during coronavirus

Stay Updated

It is important to follow the national and local news channels every day. If there are any emergency vacancies you may grab them first. Following news updates will help you in taking the first-mover advantage and grabbing opportunities before others do. Be aware of any fraudulent news which might have been circulated during such times. People have a tendency to take advantage of others while they face financial hardships by offering jobs where they ask you to work beyond your potential. Being jobless now doesn’t mean you are jobless forever, so choose wisely.

Look at the pros and cons of your situation. If you are jobless and cannot sustain yourself and your family in any way possible then you should definitely look for a work from home opportunity. But if you have enough savings to survive then you can wait for the pandemic to end before looking for a better job. However, you should use your time productively. Do not stress over the fact that you don’t have a job; there are many other people who are in the same situation as you are and these steps will help you if you are losing your job during coronavirus time. Just stay motivated and believe in your talent.

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