HOW TO DEAL WITH A JOB LOSS
HOW TO DEAL WITH A JOB LOSS
Losing a job is something that can lead to stress. It can lead to the disruption of life, stress-related ailments, and other health-related issues.
Immediately after you lose your job, you start looking for another one to be able to pay for your bills and investments.
Job loss leads to uncertainties for the future. Being prepared for a job loss doesn’t mean you are a pessimist. It means you value your well-being and that of your family. Therefore, I will teach you how to deal with job loss in this article.
Improve your skills
It is not enough to stay stagnant at a particular education level. You are more likely to lose a job in a company if you don’t upgrade your skills.
Take time while not working to attend training in school, workshops, or work-related seminars. This will give you more value in your company, and anywhere else you apply for work. Your C.V after training will be marketable.
Skilled personnel will get better pay which you will use as savings.
Be an expert in what you do.
In your career, be the best you can be. Gain more certificates. These will make you valuable in your company and the job market. When you are an expert, you will find that employers will look for you before you apply for a job.
Save for a rainy day.
In the event of a job loss, you should be able to cater to your family’s needs for six months.
Savings should be part of your daily bill to be paid. Create a habit of saving immediately after you receive your salary by taking a percentage to the emergency kit. The savings will caution you during the time you are jobless.
You will also be relaxed while searching for a new job. You will not have to panic and pick any job just because you can’t pay your bills.
While planning your monthly or weekly expenses, double the amount and the extra save it in the emergency kit. Have the discipline to keep for all the months you are employed.
Make sure to save in an account you can access as soon as you lose a job.
Don’t make the expenses compete with your earnings.
To avoid frustrations, don’t make your expenses equal to or more than the money you make.
You will likely fall into bad debt if you spend all your salary on expenses. Always pay for what is necessary.
Have a budget on what to spend on and follow it consistently. Avoid impulse buying.
If you don’t spend everything you earn, you will have enough money for saving, and you will be able to survive on a smaller budget when not working.
Spending 60% or less of your salary is an excellent financial trend.
If your savings are less than 40%, increase your income to save more.
Conclusion
Losing a job is not always devastating if you have planned your life well.
Make a point of perfecting your trade so that you can be the guy to look for in your field.
You can never go wrong with savings, whether you have a job or not. Savings will always come to your aid during difficult times.
Lastly, always live below your means. If you lose your job, your family will not be frustrated by downgrading their lifestyle since you will be able to cater to their needs. The savings will be able to pay for your bills in the same lifestyle you have while working.
