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Vital Steps To Take If You’re Unemployed Due To Covid-19

The number of people who lost their jobs during quarantine is tremendous. According to a recent report from the Office for National Statistics (ONS), around 1.62 million people lost their job due to Covid-19. This number has not stopped increasing over the last couple of months.

According to the same report, there was an increase of 0.70 percent in September. Therefore, if you’re one of those who lost their jobs due to Covid-19, don’t feel alone. We’ve come up with a guide that will show you some of the most vital steps you should take now:

Apply for Unemployment Benefits

Most jobless people during Covid-19 applied for unemployment benefits to deal with things . Around 38 million citizens applied for this help. In the past, this wouldn’t have been so easy as the government used to be very picky when it comes to choosing candidates for this problem. However, the whole Covid-19 situation forced the authorities to be more flexible.

Now people are eligible when they’re taking care of their relatives who caught the virus, when they got temporarily or permanently laid off, and even if they’re just experiencing some symptoms of the virus.

Use Your Emergency Funds

If you were saving money for emergencies, this is when you get to use it. Your emergency funds are here to support you in these situations. However, this doesn’t mean you should spend it too liberally. You should still be careful and only use it only for necessary expenses.

Evaluate Your Monthly Expenses

You should take some precautions and evaluate where your money is going every month. This way, you’ll know what expenses you can reduce and which others are necessary. Spot those subscriptions that you rarely use and cancel them. This way, you’ll have control over your finances.

Get In Touch With Your Bank

This should be one of the things you do almost immediately. Many banks across the globe are providing users help by reducing their transaction fees and they’ve even suspended credit card payment.

People who are unemployed during the pandemic are very likely to use their credit cards. However, it is better to avoid it. Some lenders are also providing people with loan forbearance, but let’s not confuse it with loan forgiveness. You will still have to pay back any borrowed money. What it means is that you have some flexibility with monthly payments. You could also ask for a balloon payment, but it will depend on the lenders’ requirements.

Communicate With Your Utility and Service Providers

Since many people are unemployed during the pandemic, there are many service providers that have come up with their own leniency policies. These companies are not going to cut their services to customers that are unable to pay for them. This includes electricity providers and even Internet companies.

Mark Hamrick, Bankrate’s senior economic analyst said: “This may be a situation where over-communication is best than insufficient communication so as to avoid problems with having utility cutoffs or foreclosure.

Try Remote Learning

Being unemployed doesn’t mean you remain static. The most important thing to do is to be resilient. Most tech jobs didn’t get affected by the pandemic because they were already working remotely. You could do this too.

If you feel that your profession isn’t tech at all, you could think about your transferable skills and transform them into tech. There are many online schools that are currently offering flexible payment methods so that people can continue to learn regardless of the pandemic. Some of these schools offer a “learn now, pay later” program that allows them to take their course without having to worry about payments until you get a job.

Look for a New Job

You shouldn’t stop looking for a new job. Use your spare time to look for something you’d enjoy doing, and who knows… you could even start working remotely. Take this moment as an opportunity to reinvent yourself.

Conclusion

Being jobless during quarantine shouldn’t limit you from doing the things you enjoy. Although it may sound like a stressful situation, you should try to relax and see the positive things. This way, you’ll be able to find a solution. Remember to cut back on expenses and apply for unemployment benefits.

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