It’s really unfortunate, but the sad reality is that life can really throw a curveball at you to the point that you have absolutely no idea what to even do. Sometimes, these challenges are just overboard; they’re just too much to handle, and honestly, is there ever a way out?
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Needless to say, this is one of the most daunting and financially difficult transitional periods. On this post, let's take a closer look at the ways on how you can navigate financial turbulence.
Maybe you’ve recently lost a job, been laid off, or found yourself in a gap between reliable sources of income; the uncertainty and stress can feel overwhelming. The thing is, this is normal, but at the same time, it doesn’t take much for this to become life-altering, either.
While yes, by all means, this is an incredibly scary period, you still need to keep in mind that it doesn’t mean it’s the end of your world. Since these hard periods are so common, it’s actually fairly common to find helpful ways out, like personal loans, family support, and the list can go on and on. But it doesn’t end there either.
Actually, with a bit of planning, some self-compassion, and the right mindset, you can navigate this stormy chapter with resilience and grace.
How You Can Navigate Financial Turbulence
It’s really going to vary, but it’s usually those transitional periods, such as when you lose a job, when you’re waiting to get another job and the time between graduation and getting a new job.
But it’s not only these either because if you’re impaired, such as healing from an injury, that also means you’re not able to work, and those bills pile up. But on top of that, it could mean getting hit hard with something unfortunate like a death in the family, illness or injury on a partner, a natural disaster hitting the home, and the list could go on and on.
It’s just those times when you’re shaken way too hard to where maybe an emergency fund might not be as helpful as expected.
You Need to Allow Yourself to Feel
First and foremost, it’s essential to acknowledge and validate your emotions during this time. Losing a job or experiencing financial strain can trigger a whirlwind of feelings—fear, anxiety, frustration, and even anger.
It’s okay to feel these emotions; they are a natural response to significant change. So, just be sure to allow yourself to grieve the loss and process what’s happening without guilt or self-judgment. Talking to a trusted friend or family member about your feelings can provide relief and perspective.
What Does Your Financial Situation Look Like?
Once you've given yourself some emotional space, the next step is to take a clear-eyed look at your financial situation. During this time, it’s going to be a really good idea to just go ahead and gather all your financial documents, including bank statements, bills, and any savings or investments.
Basically, you'll need anything and everything you have right now. Sure, it’s a lot of work, but understanding exactly where you stand can help you make informed decisions moving forward. It might be a daunting task, but breaking it down into smaller steps can make it more manageable.
Prioritise your essential expenses like housing, utilities, and food to ensure your basic needs are met.
Are You Cutting Out Everything That You Can?
While it might not be ideal, this is the time when you need to try and cut everything that you can. You don’t need those stream subscriptions, you don’t need name-brand food, you don’t need snacks, you don’t need memberships to anything, and yes, you don’t need to go out and spend money in order to have a social life.
Things will get really uncomfortable, and it will feel as if your lifestyle is taking a nose dive, but you need to live within your means, and this can mean that things might not be so great for a bit.
While these changes might feel restrictive, they are temporary measures to help you stay afloat during this period. Remember, every little bit saved can make a significant difference.
Is It Possible to Get Temporary Income
Thankfully, it’s a lot easier to achieve this nowadays than ever before, so you don’t have to feel like you’re entirely stuck with no way out. While searching for a new job or a more stable income source, consider exploring temporary or freelance work.
So, it’s important to keep in mind that even when it comes to freelance work, it can sometimes still be a struggle to get. But with that said, you should still try to do what you can, as there are numerous online platforms where you can find gig jobs, freelance projects, or short-term contracts.
These opportunities can provide some financial relief and also add new skills to your resume, potentially opening doors to other employment options. But on top of that, just think about utilising any hobbies or skills you have—tutoring, writing, graphic design, or even dog walking—to generate some extra income.
Look Into Resources That Are Available
So, resources can come in various ways. A loan can technically be considered one, and thankfully, there’s a lot of transparency with these, so you could even get a loan quote and know exactly what you’re getting yourself into.
But there are still other options out there, too, such as reaching out to friends and family for help; sometimes, this could be through loans, maybe it could be childcare, getting a job, meals, and the list can go on and on. When you’re dealing with a mess of this scale, make sure to turn to your support system!
But that’s not the only options out there. You have to keep in mind that both the community as a whole, and the government understand that people will eventually fall on hard times (the COVID-19 pandemic was a nice example of this).
So don’t hesitate to seek support from local resources or government programs designed to assist individuals during financial hardships. Depending on where you live, there might be unemployment benefits, food banks, or community assistance programs available to help you through this tough time.
Many organisations offer counselling and financial advice services at no cost. But overall, reaching out for help is a sign of strength, not weakness, and these resources are there for situations exactly like yours.
