During this trying time, many have been put out of work due to the restrictions brought upon by COVID-19. Many are currently at home with no work particularly those in the tourism, entertainment and hospitality sector.
The loss of a job could lead to depression and other mental illnesses that can affect an individual’s physical, mental, emotional, and spiritual well-being. This is because the loss of a job comes with it a financial loss. There is now little to no money to pay bills, pay for necessities, save or invest.
Despite the ‘dark clouds’ there is always a ray of sunlight that offers hope and optimism.
Below are 4 ways to deal with stress of a job loss.
Take a moment to feel the pain
At the moment that you lose your job, no one expects you to be filled with smiles and joy. You will be hurt, you will wonder about the certainty of the future, and how you will be able to forge ahead without any source of income. But here’s the thing to deal with the stress. You can grieve but do not wallow in your grieve for long. While you grieve, seek support from people who can lend you a shoulder to cry on or perhaps listen to messages of hope, positive thinking, and optimism.
Redefine yourself to deal with the stress of a job loss. This involves redefining your career goals, your aspirations, brushing up on skills, and looking out for part-time or virtual work. If you have a skill that you haven’t been able to utilize in a long while, now is the time to brush up on those skills and try transforming those skills into a business. There are a lot of online tutorials and free courses you can take to sharpen your skills. Harvard University offers free online courses, Coursera, University of the People, Google Skill Shop, Alison, and YouTube.
Also, this is the time to redefine your career goals or pursue your entrepreneurial aspirations while looking for work. Judging from the state of affairs, having a stable online work should be something to consider.
Create a budget
Create a budget, to deal with the stress of a job loss. The importance of a budget cannot be oversimplified. Now that you are currently out of a job, it is important to have and strictly go by your budget. A budget enables you to avoid all unnecessary expenditures and helps you identify the areas to reinvest your money or save.
Another interesting read: The rising COVID cases: How to manage your finances during a crisis and in a lockdown
Begin an emergency fund now
This may be difficult during a job loss, after all, you could use all the necessary funds to stay afloat. This is indeed true. Setting up an emergency fund is intended to remind you to set up an emergency fund when you begin standing on your feet. COVID has shown us that the future is truly uncertain. Hence the need to hedge ourselves against any unsettling uncertainty.