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4 Moves to Make ASAP After Losing a Job Due to COVID-19

by Katie Conroy


Being laid off in the middle of a pandemic can feel so crushing. In addition to losing your source of income, you may feel a sense of shame and failure. Know that this transition doesn’t have to impact your self-worth. There are ways you can make ends meet without feeling even more stress, like taking these steps to boost your skills, cut your budget, and supplement your income.

Look into Training and Educational Programs

Right now, you may be wondering how you will explain this employment gap on your resume. One smart way you can reconcile this time off with future employers is to fill this time with training and education programs related to your career field. For instance, if you were working in tech, earning an information technology degree from WGU could give you the edge you need to break back into the industry. Earning certifications, including CompTIA or CIW, could even provide a career change if you are looking to do something different with your life. Becoming an IT expert can also provide a boost in income, with the average pay for IT specialists coming in just shy of $60K per year. Even if you’re not interested in tech, there may be free training that will provide the career and resume boost you need to land your next permanent position.

Research Budget-Friendly Insurance Options

Being laid off typically means losing out on your health insurance coverage. If this is the case for you, know that you may be able to sign up for a new plan via the federal government’s Health Insurance Marketplace or COBRA. Depending on your current household income, a Marketplace plan could be your best bet since you may qualify for reduced premiums and out-of-pocket expenses. You can also check to see if you may be eligible for Medicaid or Medicare coverage, either of which can save you even more money. If you need help picking the right Medicare plan, or have any other insurance questions, be sure to check out the helpful resources from Wise Endeavors. There you can find answers to all of your insurance questions and you can even get a quote for health, auto, property, and other types of insurance policies.

Use Online Tools and Coupons to Cut Expenses

As soon as you are laid off from your current position, you need to start searching for ways to trim your budget. If you don’t have a budget written out yet, you can use free budgeting software to do so ASAP. These cost-free tools will allow you to input your expenses and bills directly from your accounts so that you can figure out what sort of income you need to stay afloat. Being able to visualize your spending can also help you find painless ways to reduce your regular expenses. This could include cutting out monthly subscriptions and there are even apps and tools to make this process stress-free. Another way you can save while you look for new sources of income is through coupon sites like RetailMeNot and The Krazy Coupon Lady.

Find a Safe and Reliable Source on Extra Income

After you’ve taken care of your insurance and budget, you can begin looking for ways to start earning an income while you’re in-between jobs. If you need cash fast, you could look around your home for items to sell online via garage sell apps and second-hand sites. You can even sell used books, electronics, and other items via Amazon, but offering up your goods through local sites like Letgo or Facebook’s Marketplace will likely net you cash even quicker. To ensure you have a more regular stream of income, you can also begin looking for a part-time job. Several well-known companies are currently hiring both part-time and full-time employees. If you need a little extra help during your job search, also look into financial resources that may be available.

The involuntary loss of a job can feel like such a crushing defeat. The only way to move forward is to avoid taking this loss personally. Then, try to focus on what you can control like your budget, your education, your expenses, and your next source of income.

Photo Credit: Rawpixel

 
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