Laid Off During Covid-19? Take These 4 Personal Finance Tips

If you have lost your job or have your pay reduced because of the coronavirus pandemic, I know the effect is hard-hitting, many companies have scaled back their operations, cut costs and are forced to reduce their asset- people.

If found in this kind of situation and trying to navigate the difficulties of being unemployed, you are not alone, take a deep breath! Here are 4 personal finance tips on what to do

Take care of your mental health– The stress of losing a job can seem overwhelming, the uncertainty and when the economy will recover can be more overwhelming. One of the things you can do is giving yourself time to adjust and find a renewed sense of purpose. It is important you get a little stability before taking your next step, taking it one day at a time, for now, will help a great deal.

Assess your spending and reduce your expenses– You will need to be strict with your budget for a few months. write down exactly what you need and all monthly bills, know when it will be due. Review your monthly subscriptions; ask yourself what you can cut temporarily. Make effort to cut back on non-essentials. Also, you can reduce food expenses. Go over this, again and again, to know what else you can slash because you will need to stretch your savings as much as you can.

Contact people you owe money – After reviewing your cash flow, what you have and what you owe, contact people you owe (if any) for a repayment plan, be proactive with this, let them know your current situation.

Make some extra cash– I know immediate actions will be to quickly update your resume and LinkedIn profile but maybe the job hunt isn’t going as planned; you might just need to make some extra cash to get through this period. Offer your skills and expertise or sell unused stuff. This may not replace formal income but it will help a little.

Stay Positive to keep your energy up. Better days ahead!