Losing your job unexpectedly can feel like a bad dream. Unfortunately, this particular nightmare comes true for all types of people, for many reasons, and more frequently than you’d imagine.
Adding insult to injury, sudden unemployment doesn’t exactly come with a backup plan. After all, no one really expects to get fired out of the blue.
If you find yourself saying “I’ve lost my job need money now,” the good news is that you have options. Read on to learn what to do if you’ve lost your job and need money fast.
1. Take a Minute to Breathe
Losing your job is stressful. You’re likely experiencing a range of emotions, from panic to anger, confusion to anxiety. Take a minute to acknowledge your feelings and realize that your reaction is normal.
If you’re overwhelmed, seek support. Joining a group or talking to a professional can help you work through your feelings.
Once you’ve taken a few breaths, it’s time to gather yourself and realize that it’s time to move on and take steps toward your future.
2. Apply for Unemployment
If you lost your job through no fault of your own and you’re actively seeking a new job, you can file for unemployment. Every state has different rules but in most cases, you’ll file through your state’s Department of Labor.
Unemployment benefits are usually a small percentage of your previous income. It’s designed to help keep you on your feet while you’re actively finding new work.
It certainly won’t be equivalent to your past income, but if have lost your job and need some money now to keep up with expenses, unemployment is a good place to start.
3. Review Your Finances and Expenses
Take an honest accounting of your expenses and savings. Consider the bills you must pay and expenses you can cut down.
Create a budget you can work within to save money during this tight time until you find a new job. If you have an emergency fund, now may be the time to tap into it.
4. Tighten Your Budget
Though it’s not fun, cut down on spending such as paid subscription services, daily lattes at the coffee shop, lunches out, and other non-essentials. Now’s not the time to make any major purchases, either, so stay away from the mall and Amazon.
Eating at home and using the public library to rent movies and books can help you pinch pennies. Try to cut out wants and only pay for needs.
5. Update Your Resume and Start Searching for Jobs
Dig out that resume and add all the amazing accomplishments you’ve achieved since the last time you applied for jobs. Similarly, update your LinkedIn profile to reflect all the good things you have to offer a potential employer.
Widen the net by letting people know you’re looking for work. Word of mouth can go a long way toward getting you an interview.
Keep in mind that you may need to settle for less than your dream job right now, especially if your bank account is running low.
6. Find Ways to Make Money While You Seek Full-Time Work
There’s a reason people have nicknamed it the ‘gig economy’! There are many ways to make a little extra here and there.
Consider driving for Uber or Lyft, writing articles for websites, or even finding a part-time job. You’ll still have time to job hunt while bringing in income.
7. Sell Some Assets
Go through your closets, attic, and garage and sell some stuff you don’t need. Whether you’ve got an old snowboard or bike, extra furniture, or even clothing, put it on Craigslist or OfferUp to make a few extra bucks.
Thanks to the internet, selling assets is a quick, easy way to earn some cash for those that have lost their job and need money now.
8. Downsize
For most homeowners, their mortgage is their largest expense. Why not cash in on your home’s appreciation and free up some money at the same time?
HomeGo makes it easy. In most cases, you’ll receive a same-day offer and your home sale will close in as few as 7 days. Plus, you don’t pay any commissions or fees!
Why wait for a buyer, especially when you can’t take on the expense of doing repairs or upgrades? With HomeGo, your house sells fast, eliminating your stress.
