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Discover The Steps You Should Take When You Lose Your Job.

January 17, 2020 by  
Filed under Business, Opinion, Weekly Columns

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( It’s sadly true to say that the issue of reundancy is really nothing short of a fact of life. For many people it will be completely inescapable regardless of the action that you try and take. You can be made reundant and it may be no fault of yours. It may not even have any relevance or connection to action you have taken. You could be completely blameless but you’ll still feel the impact. You’ll still need to figure out how to get back on your feet. There are a number of steps you can take here and the aim will always be to remain financially in the green. Let’s look at some of the best ways that you can approach this and ensure that you don’t suffer a catastrophic impact from unemployment. 

Change Your Lifestyle

The first step that you must consider taking is changing your lifestyle as much as possible. You need to think about the best ways that you can save money and reduce your spending. There are always going to be lots of areas of your life where this will be a possibility. You just need to learn to recognise the options. For instance, you should aim to go more green. It’s important you think about how you can cut down the energy you’re using. That can be tricky, particulatly if unemployment leads to you spending more time at home through the day. However, there are small changes you can make, including turning any tech off that isn’t in use. 

Lifestyle changes could mean cutting back on little luxuries like going out for meals with the family. You need to make sure that you are taking your new financial situation seriously. 

Explore Other Incomes 

Next, you need to think about whether there are other incomes available and open to you. Hopefully, you will already have a secondary income that you can fall back on. Financial experts recommend that everyone, regardless of income has some sort of second income to their primary choice. This is particularly important if you have dependants such as children. To set up a secondary income, you need to think about a job that you can complete in your spare time. Blogging is a great option and will help you keep your money on the right track. You just need to learn how to profit from a setup like this. That’s all about using SEO to get attention and then finding those who are seeking sponsored content opportunities.

Investments are another great option because these can be completely passive. You will need to set up investments and other options before you end up unemployed. 

If you have been made unemployed, the best thing to do is to explore getting a job and how to do this as quickly as possible. You have two options here. You can either seek a job to make money fast that isn’t based on your previous experience or qualifications. Alternatively, you can dedicate all your time and resources to looking for a job in your actual field. Both provide advantages with the former ensuring that you are unlikely to build up any serious level of debt. 

Explain The Situation 

You do need to make sure that you are taking the time to explain the situation to sources where you owe money. This is usually going to include your landlord or your mortgage agency. The benefit of doing this is that they may be able to help and provide the relief you need until you get back on your feet. Essentially, you need to negotiate terms that are more suitable to you while you are facing this difficulty. This can once again, avoid you falling into a deep level of debt. 

Extended Unemployment

If your uemployment lasts for longer than a few weeks or even a few months, you might need to take drastic action to correct the situation. It is worth considering speaking to a lawyer. Somewhere like Dove Law Firm can help because they specialise in issues like this. They will be able to make sure that you can get the support you need without delay. They will also be able to advise you on the next step to take if your finances are in serious trouble. 

Using What You Have

You need to think about using what you have to earn some extra cash. You  might want to think about renting out your property or potentially your car. There are options to do both with resources that you can find online. Something to be aware of here is that you may also need to sell. You can sell your car and some of your assets to stay on your feet and ahead of debt. Be aware that this isn’t always the best option. You’ll need to consider how long it’s going to take you to recover. 

Can You Claim?

Potentially, you might also want to think about whether you have a legal option to take here that will provide damages. Perhaps you were dismissed unfairly or maybe your company wasn’t playing by the rules. It is possible that you were injured at work which is the reason you are now unable to gain an income. All these issues do come with protection using the power of the law. You should speak to a lawyer if you think that any of these possibilities are relevant to your situation. 

We hope this helps you understand some of the steps that you should take if you lose your job. A situation like this is never going to be easy. But if you take the right steps, then you will be able to recover and quickly get back on your feet. You don’t have to get stuck here and struggle with the debt as it continues to build. You can recover but you may need a little extra help and support. Remember, there is no shame in turning to the people who you know to support you. You’re supposed to be able to find help from the people you love in times of need. 

Staff Writer; Paula Short

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