The economy is changing fast and furiously. World trade is collapsing, supply chains are shut down, stores are shuttered (some for good), and unemployment numbers are reaching peak levels not seen since the Great Depression, all as a result of the global Coronavirus pandemic. In some bizarre way that makes losing a job a little more acceptable, even trendy. After all, it is not me, it is the situation. True. But still job loss can mean disaster in your everyday life. What are your options?
Breathe. There is a silver lining even though in this moment, the picture looks bleak. Before digging deep into the bright side, you need to take care of the troublesome side. The finances. The instability is a looming mass of uncertainty causing night sweats and insomnia. Consumed by fear, you only see problems and your brain is too overloaded to kick-start into the “drive” gear of solutions. So here are some basics.
REVIEW YOUR FINANCES: Be Objective
First things first. Tighten your budget. Evaluate where your expenses are highest and trim where you can. A study by CareerBuilder shows that more than two thirds of US Americans live paycheck to paycheck. Cutting expenses is challenging but doable.
Here are immediate steps if you have not done them already.
- File for unemployment. With State systems being inundated by claims, benefits can be delayed by weeks. File quickly to get cash flowing. Whether or not you feel you are eligible, file. The guidelines are expanding so you will not know unless you try!
- Make a list of all your monthly payments and start calling lenders to request leniency, forgiveness, and extensions.
- Talk to your landlord (if you rent) or your bank (if you have a mortgage) about suspending or reducing payments. Many are being cooperative. Negotiate.
- Assistance is also available for credit card and student loan debt. Ask lenders for relief.
- If you are applying for a business loan, approach multiple banks. Even though you will ultimately get only one loan, you should speed the process by applying to several institutions at once.
- If need be, consult a money manager to help you figure out additional options in your current situation. One of the best ways to calm your current anxiety is by creating a new sense of financial protection and have a plan.
- Consider local sources of support. Civic organizations, non-profits and other groups are helping individuals in a variety of ways, even assisting in paying bills. Food banks are providing donations from farmers, et al. Reach out to your community! Find ways to get or give help
You may never have the old job to return to especially if you worked in retail, restaurants, movie theaters, or travel-related businesses. Or it may take much longer for these industries to recover. So, use this interim time to take a leap of faith. Besides considering your passions and what else you might be good at or what you might prefer to be doing, let’s examine what jobs are becoming more relevant in the age of new norms.
To read more about the “bright side” and also the jobs you will want to be considering as the country moves into Post Covid-19, click here for the full article.
If you need personal guidance in order to productively move forward, Peggy Sealfon-Stonewater Studio will provide anxiety, stress, productivity, and sleep help to improve your quality of life through her life coaching program. You are not alone. Reach out for support. Connect online, or email Peggy@PeggySealfon.com to get started.