How to Make Money while Unemployed
Ideas How to Stay Afloat Financially During Periods of Unemployment
In the present economic scene, many of us are experiencing anxiety about our financial future and even wondering how long we’ll be able to keep our heads above water. Many are out of work, either temporarily or due to job loss, and getting aid for unemployment has grown more difficult as systems become overburdened. For those who are without work but don’t qualify for jobless benefits, this is an especially trying time. It’s understandable that people are feeling frustrated or even hopeless, but there are ways to bring in additional income and stay afloat even during times of unemployment. Here are some ideas for maintaining financial security.
Look into freelancing.
You may have lost your job, but that doesn’t mean you’ve lost your skills and experience. And if your job disappeared because your workplace closed, that means there may be a consumer demand that still needs to be filled. Here’s a simple example: If you work as a cook and your restaurant shut its doors, that means your neighborhood is full of people missing their favorite dishes. You could start your own catering and meal delivery service and deal with your customers directly. If you are out of work as a mechanic, consider advertising your services to people who are looking to have small repairs done on-site.
Consider online work for low overhead.
If you don’t have a lot of resources for creating your own freelance venture, consider options that are available to you via the internet and other tech. For instance, digital content can be produced with little expense, so you might be able to sell images, write copy, or develop themes and plugins for WordPress. If you have a strong grasp of digital technology and branding, consider becoming a mobile marketer to help businesses advertise their services. Another option for making money online is to set up an ecommerce store and sell either mass-manufactured or custom items from your home.
See what expenditures can be eliminated.
If you expect that you are simply in a lull and have to hold on until things pick up again, you could minimize expenses by seeing if some of your payments on loans or services can be postponed. This might be a less prudent option if you are unsure when your financial health will improve, so see if you can consolidate debt to reduce monthly payments. Check whether you have any ongoing subscriptions to news outlets or streaming services that can be canceled, especially if you aren’t using them much. And finally, draft a comprehensive budget so you know what you have to work with and how much you need to make a freelance or side gig bring in for it to be worth the hustle.
Plan for the future.
Having a budget will also help you to plan your financial future. If you anticipate a future increase in income, strategize how you can use it to invest in greater financial security. Or consider opening a savings account to have padding for emergencies or thin times. If you aren’t sure when your cash flow will improve, budget to reduce expenses as much as possible. This could include changing service providers, trading in vehicles, or even moving to a smaller or less expensive residence. Another way you can plan is to invest in gaining new marketable skills, so see if you qualify for grants to go back to school or participate in training programs.
Financial stress really can take a toll on your overall well-being, so remember to be kind to yourself and practice self-care as much as possible. This will help you avoid a fight-or-flight panic response and allow you to think creatively about your options. As difficult as your situation may be, there are many resources available to help you through tough times.
Entrepreneurship
You may have some of those resources already available, in the form of your own skills, talents, and ingenuity. This can give you a great boost when starting your own business! You can also explore Lauren’s Financial Freedom Journey for more tips and guidelines in improving your financial situation. Lauren is a huge advocate for starting your own business, especially while you are unemployed, and reach out if you’re going along that journey!
Guest Post by Katie Conroy
Advicemine.com + katie.conroy@advicemine.com
