Losing a job can be really devastating, especially when it is your primary source of income. This is the stage where you will face numerous challenges emotionally and financially as well. All of a sudden, you will be bombarded with n number of negative feelings such as anxious, humiliation, guilt, etc. So, if the management of the company has declared about your termination and you have only a month or few days left from being completely jobless, then there is nothing much you can do about your current job.
Yes, you must be really stressed and worried about how you will be managing things. But, instead of pondering over things, you should prepare yourself to reduce from the impact of unemployment may cause. Well, doing it is not that east than it may sound. Still, it can be done if you show your resilient character a bit more. Here, in this blog, we have prepared a list of things that you should do when you are on the verge of becoming jobless. So, let us see them one by one.
Important steps you need to take when your unemployment is near
1- No need to freak out
Yes, it is true that losing a job can be really stressful, but you have to stay calm and positive in this tight situation. You have to accept all your feelings, but don’t let it take control over you. The calmer you are the better will become the situation. You have to understand the fact that this is not only you who are struggling with this. There are many people who have also been through the same phase who handled it smartly and made out of it. So, if they can get out of this situation, then you too can.
2- Prepare yourself financially
Finance will be the biggest challenges that you will have to face after losing your job. As you won’t be getting the regular income, so you will have to think of ways to manage your bills, debts and other expenses. Paying too many installments can be really hectic and chances will be there that you might even end up skipping one or two due to your financial constraints. Well, it may sound tempting, but doing it might hamper your credit score and you will have to pay a higher amount than before due to the accrued interest rate. You can apply for Debt consolidation loans in Ireland in order to merge all your debts into one.
3- Control your spending
After losing your job, you will have to manage things with the limited money you have and use your saving which can be drained rapidly. Thus, it is necessary that you find ways to cut your spending meanwhile so that the situation doesn’t get worse. Figure out all your expenses and try to reduce or simply cut the ones that are not necessary. Try to spend your money when there is a genuine need or when you have to make any basic purchase. This doesn’t mean that you have to entirely change your lifestyle, but you have to make a slight adjustment in your spending habits.
4- A side hustle could be really helpful
Yes, you can get debt consolidation loans in Ireland for unemployed, but even if still you are facing difficulties, then you can do some freelancing work. Well, the amount that you will be generating from your side hustle might not be very high but would be enough to manage things until you find a new job. There are various websites that offer work from home job options where you can apply for a job that you are good at or you can use any of your skills that you think you can monetize like video game streaming, posting online tutorials videos, or any others.
5- Prepare an emergency budget
Lastly, a normal budget will not help you in this stage as that was prepared during the time when you had a regular job. So, in this situation, you will have to create a new budget where you will have to mention all your expenses and the total savings and funds that you have left. This will help you immensely in handling the situation in a better way. Remember, creating the budget is only a fraction of work done; the main part will be you following the budget until the very end. So, these were the important steps that you need to take when you are on the verge of losing your job.