Even if you know your job is not secure, it seems very difficult to have enough funds set aside to finance an unforeseen expenditure. Your employer can lay you off anytime for one reason or another. As you lose your job, you find yourself with a little amount of savings. Meeting day-to-day expenses are tough to manage when you do not have a full-time job. If any emergency crops up unless you have landed a new job, your finances get on the verge of collapse.
Thankfully, you can take out loans for unemployed in case you are running out of money when the emergency rears its ugly head. These loans come with flexible repayments, but they can still be a bit more expensive as you have to repay whole of your debt in one go. If you fail to repay the debt on time, you are likely to face late payment fees and interest penalties. If you have lost your job, you should follow the tips mentioned below to withstand it:
Arrange all sources of income
You do not need to be despondent when you lose your job. Life does not end here. First off, you should add up all sources of income so that you know how much money is coming in. For instance, if you have a part-time job or freelancing, rental income, unemployment compensation and any other source of income, just add them up. You must have a clear idea of how much money you own at the time of unemployment because that will only help you tide over.
Slash your expenses
Make a list of expenses to know how much money is going out of your pocket every month. If your expenses fall within the total income, you will not likely to take out an unemployed loan. Chances are you do not encounter an unexpected expenditure. However, it does not mean that you will not try to whittle down your expenses. Look for the areas where you can cut back on the expenses such as dining out, entertainment, night outs etc. Unless you land a new job, try not to incur such expenses. They may contribute to one-fifth share of your total monthly expenses. Mae sure that your focus is on cutting down non-essential expenses. Take a look at your budget; ponder over what you need and what you do not need. Any money saved in your expense will be your earning. The more cash you have, the better it is.
Talk to your lenders
If you have a debt that you took out before you lost your job, you should talk to your lender about your financial condition. Missing repayments will not let you escape the debt rather it will mount up your obligation because the lender will add in late payment fees and interest. Talk to your lender and tell you have lost your job. This will help you get another payment plan. Before the lender tells you about a new payment plan, they will ask you to submit your income statement. This will help them know how much you would be able to repay every month. The lender may switch your debt to the category of unemployed loan.
Set a different routine
During unemployment, most of the time you remain depressed and upset. Since you are at loose end, you feel like life is boring, dull and menacing. If you really want to rise above, you should make a new routine as it will give you a purpose of living life. You will be able to set targets and work in the direction of achieving them. Try to stick to your routine. Make a list of all your work to be done the next day so that you know what you have to do as you get up in the morning.
Since you do not have to go to your workplace, it does not mean that you will not get up at your regular time. Early to bed and early to rise will not only help you stick to your routine but also will help you stay healthy.
Hunt a new job
In the beginning, it will be quite complex to search for a job as you must be digesting what had happened with you. Once you are ready, you should not waste your time. Try to find out some time and dedicate that in applying for a job at multiple companies. If your house is not that peaceful, you should go to a library or another quite place to apply to different recruiters. Before you start your job hunt, make sure that you have updated your resume. Add in your skills and experience. Do not stop job hunting unless you land the job of your dream.
It is not difficult to withstand unemployment. You need to stay positive and manage your finances as long as you get a new job.