With the pandemic ongoing, we’re all carrying so much right now. If you are trying to recover from a recent job loss, your burdens may feel even heavier. We understand how hard it can be to find the support you need when you need it most. That is why we put together these tips to help you get by and get back on your feet.
Explore Your Financial Resources First
Dealing with a job loss on top of general pandemic worries can drum up some intense feelings of stress, anxiety and depression. That’s why you should look for ways to ease financial worries first. Have you spoken to your creditors? If not, do so now to see if you can defer payments. It’s also worth checking to see if you’re eligible for unemployment or other government assistance.
If you forgot to sign up with the IRS to claim your stimulus money, you should also take care of this ASAP. Even if you’re not prepared to file this year’s taxes, you can complete a form via the IRS website to see if you’re owed a $1,200 payment. Because every bit of financial help counts.
Think About Creating a Side Business
To make ends meet, you may need to create a revenue stream with some flexibility. That way you can continue to search for a full-time position without putting your financial stability in even more peril. Oddly enough, the pandemic has created some fairly lucrative side business opportunities for people just like you. With everyone staying home, consumers and businesses are looking for tutors, personal shoppers, delivery services and freelance help.
Before you start getting paid as a freelancer or contractor, you may want to consider the potential benefits of setting up an LLC. Establishing an LLC can provide protection for your personal assets as well as additional tax incentives. If you prefer filing online, there are tools available, but you need to be aware of LLC rules in your state.
Turn Past Skills into a Remote Position
Do you have tech or engineering experience? If so, you could snag a position with one of the world’s top corporations that are hiring remote employees right now. There are also companies on the list looking for virtual assistants, customer service reps and marketing managers. You may be able to match your past skills and work experiences to one of these online openings.
Although many of these are staff positions, you may also come across a few contract opportunities during your search. If you have never worked as a 1099 employee before, you should review applicable tax rules and recommendations before you apply. As a contractor, you are 100% responsible for paying in taxes and filing applicable forms. If you want to keep yourself out of hot water next April, you should keep these tips in mind.
Take Extra Care of Your Health and Well-Being
Being able to roll with the punches is crucial for staying afloat during any crisis. As you ride the waves of stress and worry that come with the current pandemic, however, make sure you’re taking steps to protect your mental health. Perhaps you can adopt some new self-care practices to relieve the stress of your job loss. You would be surprised at how organizing your home or going for a morning run can lift your spirits and improve your focus.
If you will be working from home, creating boundaries around your schedule and workspace can also do wonders for your well-being. Set up a home office in a space free from distractions and set some “do not disturb” hours with other members of your household. Not only will these rules protect your mental health but they can also preserve your relationships with family members.
We’re all facing a crisis right now. The only way we will survive and thrive is to stick together and support one another. Know that help is available if you need it, whether you need to set up a business, maintain financial stability or simply protect your well-being.
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