Lost Your Job: Avoiding Financial Ruin

| June 30, 2017 | 0 Comments

When you get called into the office by your boss, the last thing you probably expect to hear is that you have lost your job. After all, you might have worked at the company for years. But the climate for businesses is dicey. And it’s easy for companies to fall into financial hard times Despite the fact you might be a long serving employee if your role isn’t crucial, you could be at risk of going. One of the first things people start panicking about when they lose their job is money. After all, if you have a mortgage and household bills to pay for, it could put you in a stressful position. In fact, a lot of people see debt in their future if they do lose their job. However, it doesn’t have to be the case you have to end up facing bankruptcy. In fact, here is how to avoid financial ruin when you lose your job.

Look into temporary work

It might be a while before you manage to find a new position. After all, the number of people on the job hunt can make it hard to compete for jobs. You might be going up against individuals with a ton more experience than you. So it can be challenging to manage to win the job. However, you don’t want to be out of work for long with no money coming in. Otherwise, you might end up facing financial hardship. Therefore, you might want to go down the route of finding some temporary work. After all, it can get you by for a few months. And with a temporary position, you can often start straight away. In fact, they can ring you the same day with some potential work. So you can soon be in an office earning some extra money. Of course, when it comes to temporary work you might not be doing exactly what you want to do. But it’s a great way to gain some extra money to ensure you don’t get into debt. Therefore, contact some agencies about you being placed on their books. In most cases, they will call you in for an interview and might get you to do some basic tests. Make it clear to them if there is anything you don’t want to do. After all, you don’t want to be miserable. And hopefully, they will find you something straight away so you can start earning again.


Cut your bills

If you have a regular income coming in, you might not be so careful when it comes to things like buying food. In fact, you might put pricier brands in the shopping trolley. And might use the electric all day long. However, now that you are out of work, you need to be a lot wiser when it comes to your bills. After all, if they are too high, you might struggle to pay for them now you have no income. And if you miss any payments, debtville could be on the horizon. Therefore, when it comes to food shopping, you need to make sure you go for the cheapest food possible to cut the cost. And buy ingredients which can help you make meals which will last a couple of days. As for electric, you need to only have it on when necessary. In fact, rather than going on devices and watching TV, it’s worth going for walks or doing cheap activities in the local area. And make sure you aren’t wasting water in the humble abode. Opt for a quick shower rather than a bath, and you might want to hand wash your clothes rather than relying on the washing machine. Cutting the bills down will help you through this challenging time.

Call the suppliers

When you go through a loss of a job, it’s easy to feel all alone. And as the bills start piling up, you might think there is no one to talk to. In fact, you dread contacting the suppliers as you worry what they might say. But if you have been a good payer in the past, you are likely to find they will look into ways to help you during this tough time. For instance, they might be able to put the bill into smaller payments, so it’s easier for you to pay overtime. Or they might be able to delay you paying the bills for a month or two until you are back on your feet. And when it comes to your mortgage, make sure you also talk to them. After all, it might be the case they can delay the payment date to ensure you have the money to pay for it. Therefore, it’s not always the case you have to be headed for financial ruin. And if there is a bill you do need some help paying, you could always consider getting a short-term loan. You can read more about same day loans and whether they would work for you. Just make sure you know how much the interest is. You don’t want something which will end up crippling you in debt!


Turn to friends and family

A lot of people put their head in the sand after a job loss. After all, they don’t want to tell friends and family what happened. But they are the best people to support you after losing your job. After all, they will give you the love and support you need in the weeks after. And as for financially, they might be able to lend you some money to tide you over until you find a new job. It can be a lot safer than going for a lending agency. After all, your family members are not going to charge you interest! And even if they can’t help you financially, they might be able to help you when it comes to food or transport. That way, you can cut the costs, so you don’t end up getting into debt!

And make sure you get your rightful money when you leave the company. They should pay you at least a week’s wages if you get let go. Therefore, check your contract to see where you stand!

Category: Personal Finance

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