Recently, I shared a blog post about what my husband and I have been through since 2019 when he lost his career of nine years. It has been a long, winding road of anxiety, fear, and financial frustrations. Still, along the way, we have both grown and learned from the experience.
I wouldn't wish the loss of a job on anyone--especially during a pandemic. However, the statistics show that we were not alone in our struggles. According to PEW Research, "The rise in the number of unemployed workers due to COVID-19 is substantially greater than the increase due to the Great Recession." The site notes that the unemployment rate in May of 2020 was at 13%, while during the height of the Great Recession in 2010, the unemployment rate was only 10.6%. Thus, I've come to learn that so many struggled with what my husband and I went through--and so many are still struggling.
Every battle in life, though, is a learning experience. We've come out the other side stronger, smarter, and more budget conscious. We've also learned quite a few tips that assure me that if we ever went through this again, we would handle it much better.
Below, I'm listing out some of the practical advice I have if you ever find yourself in a similar situation. These are real, actionable steps you can do now to regain some control in your life, even when it feels like all your plans are unraveling.
1. Get that resume and cover letter in order.
That was how long my husband and I had been out of the resume, cover letter, interview world. Suddenly, though, we were thrust back into all overnight when my husband's company furloughed him.
Immediately, I dusted off his resume and cover letter and got to work.
If it's been a while since you're in the job market or even if you recently got your job, it's always a good idea to do some updating. Ask yourself:
Some other tips I have learned from helping my husband:
2. Get your budget in order.
This is not the time to stick your head in the sand about your finances. This is a time to know exactly what your expenses are and where your money is going.
It is going to take some work to adjust your budget to fit your new situation. My husband and I sat down and actually created a budget for the first time when he lost his job. Up until then, we really just spent whatever and didn't worry about what was coming in, going out, and going to savings. As long as there was money in our account, we didn't worry about it.
After he was furloughed, though, money was much, much tighter. Unemployment rarely replaces the whole income. Thus, we sat down and actually looked at our fixed expenses, sought to cut variable expenses, and tried to figure out how to spend as little as possible. We loved this online budget planner calculator to help us set targets and figure out exactly what to spend on different categories. It is also a great place to check in if you already have a budget and want to see if you are staying on track. We also found we could use this when he was considering jobs and we were seeing if we could make the salary work financially.
3. Sign-Up for a Job Board Online
Immediately after losing his job, my husband signed up for Indeed.com to keep his eye on prospects. This program emailed him any time a relevant job came open and allowed us to get his application in early and sometimes even first. It also helped us keep track of jobs we applied for and what qualifications employers were looking for.
They have a resume builder tool, too, if you are still struggling with step one. Definitely use all the features here to give yourself the best possible options.
4. Have patience.
When you or a spouse loses a job, you want to fix the problem as soon as possible. The anxiety and uncertainty surrounding the situation is so uncomfortable. Still, you need to have patience. This is not a situation that will resolve itself overnight. It has taken my husband over a year to get to a job he is passionate about and we know will be his forever job. In the meantime, he spent time working various jobs to help us get by and keep the budget going.
Don't be afraid to think outside the box in order to survive. There are several ways you can (legally!) make money and keep the household floating until you find the right opportunity. Keep throwing your hat in the ring, keep making smart choices, and keep looking for opportunities. But until then, be patient and know eventually, a door will open that will lead you to exactly where you belong--as long as you are prepared and have followed these steps.
Hang in there. I know it is so tough--but I promise it will get better. And as always, reach out if you need help!
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