You're not alone if you're worried about paying your bills now that you've lost your job. Sadly, loss of income due to employment loss is on the rise. Losing your job, more so with the current economic hardship, is nerve-wracking and anxiety-inducing, pushing you into survival mode.
After all, it is through your work that you can care for your family's needs and maintain a roof over their heads. But unfortunately, most of us have rent, electricity bills, loan repayments, student loans, and more when it comes to expenses.
No matter how tough it may appear to keep up with your monthly expenses while you're unemployed, there are several options available to keep you going.
Don't allow yourself to succumb to the temptation of falling into despair. There is still a way for you to satisfy all of your monthly payment obligations.
If you're having trouble paying your bills, consider the suggestions below.
Initially, your options may seem limited. For example, you may consider asking a friend to bail you out, seek financial aid from your parents, or help and advice from someone you can trust. Maybe you have contemplated putting some of the meaningful stuff you own up for sale.
These may work in the short term and be viable alternatives, but you cannot rely on them as long-term solutions. Fortunately, we've compiled a list of suggestions to get you through the rough patches.
There is a silver lining in this otherwise bleak situation: You may have saved some money because you previously had a job. A savings account is one of the many savings vehicles where you can save money for the future. Many people also choose to open a savings account when creating a current account.
Banks and SACCOs are the most common places to open a current account. They serve as a central repository for funds that you may access right away. Prior to this, you may have used direct deposit to have your salary deposited immediately into your current account and channeled some into your savings account.
Now could be the opportune time to survive off the fruits of your labour as you figure out other viable options. You may consider taking loans from the mobile loan apps available. It may help you, but it adds to your bills and stress, and you have a shorter period to clear them.
It is tempting to overlook your bills when you lose your job. Instead, you may focus on fending for your daily needs like food. While this may sound reasonable, it might not be the best option as, in the end, your bills will only accumulate all the more, putting you in an even worse situation.
As you use your savings to survive, you must list all your bills, from rent to electricity, and your daily budget. Once you have your list in place, you can set aside the required amount for each expense, prioritising the most urgent bills. Note that if you've never budgeted or used to overlook it, you need it more now since you have to monitor all your expenses and keep everything at the bare minimum.
You can try adopting some of the tips shared on how to adjust your budget after losing your job.
Since losing your job puts you in a survival mode, you must make the necessary adjustments to avoid additional stress. It may be tricky to determine when you could afford to pay your rent without straining. As such, you can move to either a smaller house or a cheaper place that could fit your current budget.
Depending on where you live, you can always get decent and affordable housing as you strive to rise again. For example, if you live in the Mirema area of Roysambu, you can move further down to Zimmerman around Base or Success, where you can get cheaper residential options.
In some cases, you may find yourself in a situation where you have no other alternative than to move in with a friend or relocate to the countryside. Whichever option presents itself, you need to take it positively even as you work on other ways to regain financial stability.
People frequently overlook or even take for granted the possibility of using their inherent talents and abilities. But, even if you refer to it as a pastime, it could help you pay your bills. One definition of a side hustle is "a job or business that one does in addition to one's regular day employment."
If you are passionate about photography, you can monetise your services and grow them by advertising using social media or even word of mouth. In the same way, as a performer, you may accomplish the same by providing your services for live performances. You can start your website or blog and start selling your artworks online if you're an artist.
With time, you can go from barely scraping by to being able to pay for the bare necessities. You may even see an increase in your credit score as a result.
One thing to keep in mind is that these skills do not have to be artistic. Think about it this way: you used to be a software engineer and still have all the necessary skills and knowledge, but you have no employer now. So you can work as a freelancer if you choose to do so.
You can also consider various one-person business start-ups that align with your passion and use them to fend for your needs. There are many situations when freelancing becomes a full-time job for people who started out doing it on the side of their full-time jobs.
Falling into despair and failing to rise can be one's greatest downfall. But depending on your side hustle, you can still reconsider employment. Moreover, it may help fend off some of your needs since the two could complement each other.
It is thus best that you keep on casting your net in the deep by making applications whenever you see opportunities. Sometimes, it may not be directly in your field of study, but that career diversion may serve you well.
If you have recently been laid off from work, you must take the time to assess your circumstances and plan your next steps to maintain your sense of control over the situation. You can thus forge ahead with a more settled state of mind.