In one of my earlier posts, I gave certain tips on how we can prepare in advance for an upcoming recession. But what if you do not have enough time to prepare for it, or if you simply do nothing and now you are retrenched? What should you do now? I have been very poor before, surviving on one meal a day. Hopefully my experiences and knowledge which I am going to write in this article will be of some help to you. This is more for people who are in desperate need of money to survive on the day to day basis. It may be less applicable to those who are sufficiently prepared, but reading it may of course give you some ideas too.
Throw Away Your Pride And Ego
Take up any job which pays you. It does not matter if you are previously the manager of a big company or some high flyer with an enviable annual salary. Fact is you have nothing now. Whether it is a delivery driver or a mover, whether it is a bubble tea shop assistant or flipping burgers, do what you can. Get some income rolling in. You do not need to work full time in all these jobs. Working part time to survive on a daily basis is sufficient. You need the time for other things.
Grab A Job That Takes Care Of Your Meals
The food and beverage (F&B) industry is one of the easiest industry to get in. Afterall it does not require much skill, and it is one of the entry positions even for students. It is hard work and it does not pay well. But one thing good about it is that usually the establishment takes care of your meals. You need to eat to survive, but with free food from the establishment, that low salary which you have can be spent on other things. In a fortunate scenario, you may even be allowed to pack food home for your family, as I did before. That will cut down money on meals.
Cook Your Own Food
Cooking your own food saves a lot of money. Do not eat out, you are just wasting your money.
Continue Finding A Job
What you need most is a stable job which pays decent. You have bills to pay, and probably mortgages to settle. Your children may still need to depend on you for education and their daily needs. Your temporary job may be an emergency measure in the very short term. But you still need a proper job that pays you enough to carry on with your life. Do not give up finding a job, no matter how long it takes. In an economic crisis, it is not easy to get a job. Sometimes people give up after a few months of searching. It is painful, yes. It is discouraging, yes. It is frustrating, yes. It sinks you into despair sometimes, yes. I have gone through all that before. But continue to spend 1 hour everyday sending resumes and looking for jobs.
I used to go into the job portal everyday, sending out resumes one by one to all the companies for all the positions I potentially am able to do. After going through one cycle, I repeat the cycle again, sometimes sending resumes back to the same company for the same position. If once is not enough, try a second time. Opportunities comes when you persist long enough. While you are at it, continually refine your resume. Your resume have to be tailored specific for each position in each company, although there may be many similarities among your resumes. Understand what the market wants and what the market lacks, and see if you can fit in.
Keeping your body healthy is one way to improve your mental, physical and emotional well-being. Most importantly, a healthy body allows you to press on in this struggle. Falling sick will do you no good. You spend money on doctors too. Exercise at least 3 times a week.
Engage In Social Activities
Engaging in social activities allow you to meet more people and expand your circle. You never know who will have just that opportunity for you. You do not need to engage in expensive activities. Meeting with other dog owners for a walk, or just a weekly cycling meet up (if you already have a bicycle), or just a leisure jogging group, the number of free activities are endless. Get to know more people. Even if in the likely scenario that nobody will have a job for you, talking to others will also allow you to learn new things. Cooping up at home will do you no good.
Do Not Borrow More Money
In times of need, people often turn to financial institutions as a desperate measure. Or they use their credit card for purchases, knowing they have no way to repay the loan. Such borrowing incur very high interests. Although you may get what you need in the very short term, the repayment is enough to sink you even further. You do not have any income now, there is no need to get further down into debt.
Do Not Fall For Scams
In times of desperation people are vulnerable, grabbing hold of any hope they see, even if it is a false hope. At such times, there are still bad people out trying to take advantage of you. See a get rich quick scheme? Or perhaps someone told you you won a lottery? Or maybe a very easy job that pays you exceptionally well? Be very wary of such things. There are no free lunches in this world. There is no easy money. If there are, you and I need not work anymore.
Do Not Play The Stock Market Or Start A Business
Many people turn to this in a desperate attempt to earn some quick money. This is the time when you are emotionally not stable. You will not be able to take the volatility of the market and most likely not able to make sound decisions. Any attempts to play the market will likely end up like gambling. For business, it takes time and capital to start. You will have to put in much effort and time but reap in rewards much later. Worse still, you are now needing money. Any more investments into a business with an unknown return and time period is too risky.
Learn A New Skill
With the advancement of technology, many skills can be learnt online for free. Learn something useful and upgrade yourself.
Do Not Give Up Hope
All things will pass. As long as you survive this, there is still hope for the future. Tank it through, no matter how difficult. Grab hold of the first opportunity you get and slowly climb up of the pit you are in, bit by bit.