Whether you’re permanently unemployed or temporarily out of work due to injury or sickness, it’s important that you have a financial plan of action in order to deal with this difficult time. You might be searching for a new job already but you need to safeguard your finances in the meantime.
Bills need to be paid to keep the lights on, rent needs to be paid to keep a roof over your head, and food needs to be bought so that you can survive. It’s important to make your available money stretch as far as possible, so here are some ways to protect your funds when you’re out of work.
Consider Your Options
Believe it or not, being unemployed opens you up to certain monetary entitlements and potential options. Of course, claiming unemployment benefits is only the first of many financial possibilities available to you as an unemployed individual. You should utilize local resources that can help you out when your money supplies start to run dry.
Organizations such as The United Way and The Alliance for Information and Referral Services are two examples of groups that can provide food, shelter, and other basic necessities if you’re really struggling to make ends meet.
If you had troubles with your previous employer then you might want to factor this into your approach too. Misconduct in the workplace can open you up to entitlements such as compensation. Perhaps you’re still working for a certain employer but you’ve had to take time off work for an injury and received little to no financial coverage for your time out of the office.
You might want to look into legal professionals such as DeSalvo Law who can help you to get the financial compensation you deserve from an experienced injury lawyer. The point is that you should definitely do research into your entitlements if you think you’ve unjustly found yourself in your current situation.
Become A Freelancer
Another great way to protect your funds when you’re out of work is to supplement your income. If you have some sort of talent then you should try to monetize it. Perhaps you’re bedridden or couch-ridden with a certain illness or injury but you have endless possibilities available to you with the internet at your disposal.
You should check out some freelancing sites such as Fiverr and see what people are willing to buy. For example, you could write marketing articles if you’re a wordsmith or design websites if you’re technologically-savvy. There are so many valuable skills that can be turned into an income stream.
Finally, you might want to invest your money in order to protect your wealth. It’s natural to resist spending your money when you’re low on funds but the best way to protect your money is to make it grow. You don’t have to make risky investments in stocks or bonds when you know nothing about that world. You could think of smarter and safer ways to invest your money.
Property is always a safe bet, for example. The point is that you need to start thinking about the future. Even if you find another job soon, it’s always good to have a plan B in case you’re ever out of work again.
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