The financial impact of the current COVID-19 pandemic has been felt pretty much all over the globe. The earnings of companies both small and big have come to a screeching halt because of the restrictions placed by governments due to the impending threat of the virus.
More than 22 million Americans alone have lost their jobs in the period after the virus. This stat suggests that one out of five people today are jobless or are nearing unemployment.
Unemployment can be a tough period for most people. The challenges of staying at home without losing your sanity can be really tough. How do you trudge through these challenges and how do you keep yourself sane? We look at answers in this section.
We have put together several tips you can follow to make sure that you are safe and sound during these testing times:
Take a Deep Breath and Remain Relaxed
The first thing you need to do is take a deep breath and remain relaxed. Regardless of the situation that led to your unemployment, the entire experience can be extremely traumatic and unsettling for the people suffering from this pandemic.
The unnerving thing about losing your job right now is that you don’t have the time and opportunity to roll into a new career opportunity. Very few organizations are hiring currently, and people who’re unemployed have to wait for a significant period of time before they can think of being employed somewhere.
Our jobs happen to be our identity, which is why losing your job might have put you into an identity crisis of sorts. If you have a family to look after, you’d be even more tensed over how things will phase out in the future. In addition to the problems already mentioned, you also have to follow self-quarantine measures and take care of your health, because you cannot afford falling sick in this medical crisis.
The first step you should take after getting unemployed is to have a breather and reassure yourself. The tides are rough and you might find going extremely tough, but now is the time to talk to yourself and reassure yourself that things will be alright.
You won’t remain unemployed forever, and this time will pass sooner or later. Knowing the nature of this pandemic and the period that will prevail after it, only calm heads will persevere in this environment. You can only navigate through these testing times if you remind yourself that this will pass and you will eventually get out of this problem.
Apply for Unemployment Insurance Benefits
Residents of the United States of America have the golden opportunity of applying for unemployment insurance benefits during this pandemic. If you have just lost your employment because of the COVID-19 pandemic, or if your place of employment has temporarily shut down or has permanently finished operations, then you can qualify for a weekly unemployment payment from the state you worked in.
You can make claims for unemployment insurance online, and the process is fairly simple. You can also make these claims over the phone or in a face-to-face meeting. The CARES Act was initiated by the Federal government and gives all 50 states the right to offer $600 per week to every employee who has lost their job during the lockdown period.
While these deposits are typically deposited in your account within a week’s time, you can expect some delays knowing the high volume of claims being filed.
Organize Your Finances
Moving back to things you should do after getting unemployed during this current pandemic, it is extremely important that you organize your finances and pay your monthly expenses without calling for bankruptcy.
One of the first things you need to do after getting unemployed is to check your emergency fund and see how much you have in it. Also, check the money you have in your bank and determine how long it can last you. Regardless of whether you have made a budget before or not, now is the time for you to take out a pen and a fresh piece of paper.
Since you probably have a lot of time on your hands, sit down and think of the expenses you partake in during a routine month. List down those expenses and determine the total amount. Once done, you should determine how many months your current funds can last you.
To further increase your liquidity standing during the period, you can decrease your monthly cash flow by removing all expenses that you do not consider essential. All non-essential items should be taken out of your budget, as you will want to keep expenses as low as possible. Only then can your savings last you longer.
Seek Guidance and Revamp
The decision-making abilities of an individual can suffer greatly during the period they are unemployed. Most unemployed individuals are fazed by the new world of unemployment and take some time getting used to it. This is where you can benefit from some advice from your friends or loved ones. Don’t shut yourself off, but appreciate the advice your friends and family have to offer. Look to an elder, more experienced person for tips to tackle stress during this period and learn from the example of others.We hope you find these tips helpful and move to thepeoplepod.co.uk for better guidance.