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Survival tips for all those who are experiencing a loss of income due to CoronaVirus

tips to overcome loss of income due to corona vrus

Situation is really bad guys! It’s sad and depressing. All due to CoronaVirus. 

I don’t know when this depressing situation will be over. But I really hope this situation gets over soon. So many people have lost their lives and jobs. The list is getting longer day by day. I mean it has to stop somewhere. Otherwise, the world economy will collapse soon. 

Last week, I was having a video chat with a few of my friends. Three out of 5 friends have lost their jobs due to this pandemic. All of them are locked down at home without having any kind of income. I felt bad and decided to write a post for all those who are experiencing a loss of income due to CoronaVirus

In this post, I will talk about the survival strategies you can use to cope with the loss of income caused by the CoronaVirus pandemic. So let’s start without wasting any more space. 

1.Apply for unemployment benefits:

If you have lost your income due to CoronaVirus, then you can apply for unemployment benefits. Thousands of people are applying for unemployment benefits. You should also do that right now. Usually, the waiting period is for 7 days. Since, there is a huge rush, some states are waiving off this waiting period also. 

Depending on the state laws, you can get unemployment benefits for up to 26 weeks. Moreover, you will get an extra $600 from the federal government each week to get through this tough period. 

2. Get a side hustle to make money 

So what if you have lost your job. You have to do something to make money. Lamenting over your pitiful state won’t help to turn around the situation. 

Try to get a part-time job or a full-time job. I know it’s difficult. But you have to keep on trying. Online retailers, cleaning services, and grocery stores need more manpower to fulfill the demands of their customers. They are hiring people. So, you can try for a job there. 

You may not like the kind of jobs I have mentioned here. But trust me, every extra penny will help you now. You need it. We all are going through an uncertain time. We should be ready to help ourselves in whatever we can. 

If you’re afraid to go out due to the viral infection, then try to find an online job. You can do some freelance assignments. You can even help someone to improve his website. You can give online tuition classes too. And, by the way, the federal government is recruiting thousands of people for doing the 2020 census. You can try your luck there. Grabbing a federal government job during this kind of financial crisis is nothing less than finding water in a desert. So, try for it. Once selected, the federal government will give you paid training provision. 

3. Use your emergency fund: 

Remember, how many times I have stressed on the importance of an emergency fund in my posts? Now is the best time to use that emergency fund you have built in the last few years. Use it until you get a good job. 

And, if you don’t have an emergency fund, then use the extra $600 to build one. You will get this extra $600 until July 30, 2020. Don’t spend the money right now. Save a portion of it for your future use if possible. 

Final words

I don’t want to scare you. But many people are facing problems in getting the unemployment benefits. There is a long queue in front of the government’s office where you can submit the forms to claim unemployment benefits. And, if you’re planning to apply online, you can do that also. Just remember one thing. Several state governments’ websites have crashed due to tremendous demand. So, you have to be patient and calm during this time.