The COVID-19 pandemic proved to many Americans that their jobs might not be as secure as they had previously assumed. Just about anyone can lose their job or have their hours cut in a moment. This is a stressful thing to consider — that your livelihood could abruptly change at no fault of your own. It’s out of your control.
You can’t exactly prevent job insecurity. However, you can take some steps to ease your recovery in case your employment status is tenuous.
Make an Emergency Fund
An emergency fund is an excellent safety net for job insecurity. You should aspire to save between 3-6 months worth of expenses in it. This will help you manage your monthly expenses temporarily in case you lose your job.
An emergency fund can also help you manage urgent expenses while you’re working at your current job. Without your emergency fund on hand, an urgent expense could put a strain on your finances and give you more stress.
If you don’t have enough savings to cover this type of expense, you could look into fast online loans from your state of residence. So, if you live in Little Rock or Fort Smith, you should look for online loans in Arkansas as soon as possible. As long as you meet the Arkansas loan requirements, you can apply. You just might get approved.
You can only rely on online loans as an emergency solution when you have a steady stream of income. It won’t be an option in the case that you lose your job. This is why you should have an emergency fund.
Prepare to Make Your Next Move
You don’t have to hunt for a new job, but you should be ready to start a job hunt at a moment’s notice. Keep your resume up to date. Save samples of cover letters on your computer. Collect any relevant information that you might need to send in a job application, like a portfolio or a list of references.
Boost Your Job Skills
Being a jack of all trades will come in handy when you’re dealing with job insecurity. Having a lot of skills under your belt will make it easier to transition into new jobs and maintain a steady stream of income.
So, try your best to keep learning and upgrading your skills as much as you can. How can you do this?
- Learn how to use common office programs and apps in your field.
- Learn a new language. For instance, Spanish could be a very practical language to pickup. According to the United States Census Bureau, over 41 million Americans speak Spanish as of 2019.
- Get certified — these certificates could be specific to your field, or they could be general forms of certification like First Aid.
Know What Benefits Are Available
If you lose your job through no fault of your own, you may be eligible for unemployment benefits. As an unemployed person, you can file a claim with the state unemployment insurance agency over the phone or online. With an approved claim, you should receive a benefit check within a few weeks.
Healthcare is often tied to your employment. If you are worried about losing your job and subsequently losing access to your healthcare benefits, you can look into the Consolidated Omnibus Budget Reconciliation Act (COBRA). This program should offer you healthcare coverage in that stressful scenario.
It’s always wise to have a backup plan. Be ready for job loss so that you can recover quickly.
