This post may contain affiliate links, allowing us to earn a commission on the products we would recommend to our families and closest friends. You can find more info on our Legal Stuff page.
After being laid off due to an economic downturn or a restructuring, you may be wondering how to keep yourself and your family afloat while you look for a new position. So here are four things you can do to weather this setback and set yourself up for future financial and professional success:
Live Within Your Means
Look at your monthly household budget and figure out how much money you spend on essentials such as rent or mortgage payments, utility bills, insurance, and groceries. And if you didn’t establish a budget before, now is the time to do so! If what you’re bringing home doesn’t cover your expenses, you’ll have to find ways to spend less every month. So start by cutting out unnecessary expenses: Cancel barely-used subscriptions to magazines and online streaming services, and look for free entertainment options instead. Cut the cord and buy an antenna to watch your local channels as well as the major networks. Besides books, your local library should offer DVD rentals for free or cheap. Eat at home more often, and reserve dining out for special occasions. And if you can’t afford your gym membership any longer, follow along with free fitness videos at home, or go exercise at your neighborhood park.
Use a Budgeting App
In order to have a better handle on your cash flow, consider downloading and using a budgeting app that will give you a clear picture, in real-time, of your finances. This is especially useful when you have several accounts to manage, such as checking and savings, as well as credit cards and retirement or investment accounts, among others. Your app will not only track your expenses but also send you automatic alerts and reminders to avoid missing payments, which could hurt your credit and help you avoid being charged overdraft fees.
Sharpen Your Professional Skills
Take advantage of this downtime to add up to your résumé so you can go after a more lucrative position and increase your job security. As an example, with an RN to BSN online degree, you’ll be building on your previous nursing experience and education to turn your focus on research, healthcare policy, or therapeutic interventions while staying up to date on the latest trends in your field. There are many online programs to choose from, so whether your passion is in healthcare policy and economics, information technology, healthcare management, or genetics and genomics, you’re sure to find the classes you’re looking for to get the qualifications you need.
Launch Your Own Company
Thanks to the internet, anyone can now sell goods and services online without the need for an expensive brick-and-mortar space. And starting a small business can be done on a shoestring budget, especially if you don’t need to invest in costly equipment and supplies. You can use your professional knowledge and experience to become an independent consultant or become a freelancer and start building a portfolio by offering your services on job platforms. As you make your move to full-fledged business owner, make sure you keep your personal and business assets separate by forming an LLC. You can save on lawyers’ fees by using an online formation service that will help you get set up and stay compliant with the laws and regulations in effect in your state.
While losing your job can be a cause for worry, there are steps you can take to ensure your basic needs are met, and you can even turn this drawback into an opportunity to grow your career or even start something new!
Do you want to learn how to become a saver? How about going from saving to investing? So come join us at savingsandsangria.com, where we make finance fun!
Comments (0)