What to do If You Lost Your Job During Covid-19 Recession?

Whether you are an entrepreneur or an employee, everyone is affected by coronavirus globally. Businesses that are struggling even before Covid-19 hits, will face difficulty to even stay afloat on the daily operations.

While nobody wishes to lose their jobs during this time, without knowing when this pandemic will end, it is best to prepare for the worst and hope for the best.

However, if you are laid off during this Covid-19 period, what can you do? How can you move on?

Stay Calm

The first step is to stay calm. Panicking will not help anyone but create undue stress for yourself. Staying calm will help to clear your mind and think clearly.

Besides staying calm, take precautionary measures as well. If you are unwell, even the slight flu or cough, don’t dismiss it. See a doctor, no illness is too small to see a doctor give you peace of mind.

Seek Assistance from your company

Is your company downsizing or retrenching due to the impact of Covid-19?

Try asking your HR or immediate superior for assistance, explore other options like transferring to another branch or department, taking a pay cut or even working part-time.

Read More: Why Employers Should Help Laid-Off Workers Find New Jobs

Look at financial aid from the government

If your company is not able to offer any kind of assistance, don’t despair. Look at what your government can do to offer assistance during this sensitive time.

Many governmental agencies and charities are offering financial assistance to tide anyone. Ask around on social media or check out the latest news on government websites.

If there isn’t any offer now, there may be in the near future. Don’t lose faith and continue to check back on those websites.

Be Aware of your financial situation

If you have been putting off going through your bills and credit card statements, this is the time to do it.

Draw up an expense sheet and tabulate how much you spend per month. If you have dependents, find out their expenditures as well.

There are plenty of free apps to keep track of your daily expenses. Use them so you know how much you spend at the end of the month. Track your billing cycles and set an alert on each bill so you will never miss a payment and get charged on late fees.

Additionally, if you are keen to find new ways to boost your income, you might want to consider trading. In recent years, trading has soared in popularity as a passive way for people to make investments. Moreover, with cryptocurrencies also hitting the headlines more than ever before, it might be worth researching whether you could buy Bitcoin in Singapore with Independent Reserve, or a platform in the country you are, in, and earn a profit from trading it. If you are going to invest in cryptocurrencies like Bitcoin then you might want to make use of some of the fantastic trading tools and robots out there such as Bitcoin Trader. If you would like to learn more about Bitcoin Trader, you can take a look at this bitcoin trader test (Bitcoin Trader review) on the Kryptoszene website.

Start budgeting your lifestyle

Before you land yourself a new job, some adjustments need to be made. Investigate on your daily expenses and find out which are the big-ticket items that pop right out to you. Are those items essential? You can also use SoFi to understand how much interest you will be paying on your credit card each month to help with your budgeting.

Next, look at replacing some of your daily needs to something affordable. Like instead of a Starbucks latte, you can make your own coffee. Or cook your own dinner instead of eating out. Or watch a movie at home instead of clubbing on Fridays.

Whenever you are tempted to purchase something new, ask yourself if you need it now.

Read More: Guest Post: 5 WAYS WE DESTROY DEBT {$30,000 IN 16 MONTHS}

Look Towards Positivity

During this difficult time, it is easy to slip into the negative mode or even depression.

Instead of dwelling on what should have been, get up and take action to improve your situation. Take on some online courses to add to your resume. Go on volunteering your services to enhance your portfolio. Pick up a new skill, learn something new about yourself and most importantly, this is also the time to take a break.

Rejuvenate and refreshed, you’ll be more than ready for a new job when it comes to you.

Lost your job? Don’t despair. Here are some articles to help you to find your new job:
A Word of Advice: Jobless & Homeless
Feeling Ashamed of Being Unemployed
5 Things You Need To Do While You’re Unemployed

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29 Comments Add yours

  1. Simon says:

    Best Advice Kally! People should always have an eye on how much they spend, that will help a lot in such situations, sadly most does not practice such. A very good piece of advice at right situation!

    Liked by 3 people

  2. Ravisingh says:

    I loved your suggestions in different situations,
    Thank you!
    Hv a nice time,Kally!

    Liked by 4 people

    1. Kally says:

      Thank you so much, Ravisingh. I hope your new books are doing well.

      Liked by 1 person

  3. ecohorizons says:

    Be aware and present in the now here and accept whatever the moment takes. Take action from an inspired place peacefully and gracefully through faith that the kingdom of God is within you…
    The power of now by Eckhart Tolle audiobook on youtube has similar concepts about mindfullness, peace and awareness . Eckhart Tolle combines teachings from both Christianity and Buddhism…

    Liked by 3 people

  4. Thanks for posting this. I’ved been fortunate and am still working but kknow of others who are not.

    Liked by 3 people

  5. Bryan Wagner says:

    Excellent post and timely! A while ago I put a 24 hour time out period on anything that I am momentarily obsessed with owning. I found that lot’s of stuff I decided I didn’t actually need. And was really taken by how often the obsession disappeared entirely. On occasion I would make a purchase. That 24 hours makes a difference for me!
    Be well

    Liked by 2 people

  6. Thank you for this very good posting, and the advices, Kally! Hope you are well and stay save. Best wishes, Michael

    Liked by 4 people

    1. Kally says:

      Thank you so much, Michael. All is well here with us. I hope you are doing well. Stay safe and stay positive. Take care!

      Liked by 1 person

      1. Thank you for the note and the wishes, Kally. You too! Michael

        Liked by 1 person

  7. Kally my friend; us fellow bloggers owe you a great debt for the time, effort, and the immense merit of your Blogs. This is another time WINNER!

    “it is best to prepare for the worst and hope for the best.”
    This is Best done with God on your side; He’s always near; NOW is the time to permit Him ALSO to be Close to you.” GOD does n;t do magic; He does Miracles. Pray very much and have HOPE and Faith in Love.

    God Bless, protect and guide you,
    Patrick

    Liked by 3 people

    1. Kally says:

      Thank you, Patrick for your prayers and advice. I’m being positive, having hope and faith that this will once pass through and make us stronger.

      Like

  8. equinoxio21 says:

    A very sound and wise post, Peng You. Millions are losing their job right now. The key word as you say it is “stay calm”. 🙂
    (And stay safe)

    Liked by 3 people

    1. Kally says:

      And positive, peng yu. All this lockdown and uncertainty can drive anyone crazy.

      Liked by 1 person

      1. equinoxio21 says:

        Definitely. Let’s us not become crazy then… 😉😷🙏🏻

        Liked by 1 person

  9. Very useful and timely advice! Staying calm is difficult in these frightening times, but it also makes every next step easier.

    Liked by 2 people

    1. Kally says:

      Thank you very much.

      Liked by 1 person

  10. I loved your share on this Kally. 👍Wisdom is key in such a case as this. I loved your highlight on “being at rest” because when we are panicking we hardly get any resolution.

    Liked by 2 people

    1. Kally says:

      Thank you so much, Herry. Stay safe and keep your mind positive.

      Liked by 1 person

      1. You are welcome.
        I will do. Thank you.
        And you too. 🤗

        Liked by 1 person

  11. Justin says:

    There is such a high level of uncertainty surrounding us in this period of time. Its incredibly difficult to keep your head above water. Or at least that’s what I’m finding.

    Liked by 2 people

    1. Kally says:

      Stay positive, Justin. We will come through eventually and only positive thinking will help us pick up the pieces.

      Like

  12. Anonymous says:

    There is such uncertainty surrounding us this period of time. Its incredibly difficult to keep your head above water. …Or at least that’s what I’m finding.

    Liked by 2 people

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