3 Ways To Make Ends Meet If You Are Between Jobs Due To COVID-19
Though all of us have had to adjust our lives in one way or another in the wake of the COVID-19 pandemic, if you work in an industry or field heavily impacted by the pandemic and the start and stop nature of many re-opening efforts, you may have experienced a significant reduction in income. Fortunately, there are a few ways to make ends meet that you can utilize to make sure your family and finances start to thrive again. Consider this helpful advice from MyCV Creator.
1. Launch a Small Business
COVID-19 has drastically affected many small businesses, so is this the best time to begin your own venture? Surprisingly, it can be. Many workers who have been displaced, furloughed, or experienced redundancy over the past year and a half have found success expanding what they thought was a hobby into a thriving small business. For those needing a hand up, there are several government loans, grants, and other funds available to make starting a small business easier.
Before launching, make sure to check your state’s small business laws, and consider opening an LLC in your business’s name to protect your family’s personal resources. When you designate your small business as a New York LLC, you can avoid any impact on your personal assets from legal issues regarding your business. On top of this, an LLC emphasizes that this is a serious, professional enterprise. You can reduce your LLC cost in NY by using an online formation service.
2. Dive Into Freelancing
Are you a writer? Do you have a keen eye for detail? Were you the go-to spreadsheet guy or gal at your last full-time job? If you’ve never freelanced before, you may be unaware that your specialized skills could be in high demand.
That doctoral student may need a dissertation edited within the next week before defending it, a satirical magazine might need some illustrations, or that acquaintance trying to start a small business may need help designing a new website. Word-of-mouth referrals often work wonders when beginning a freelance career, as Referralcandy explains.
The best part of freelancing is that when you do find full-time employment in your industry again, you can maintain the network of contacts you’ve built and continue to make extra cash on the side.
3. Rearrange Your Finances
Now is a good time to investigate any unnecessary spending. Go through your budget and consider canceling needless subscriptions or expenses. You may have transitioned to working out at home during the era of COVID-19 and no longer need your gym membership, for example. Also, consider cutting back on luxuries such as takeout and expensive coffee and only buy necessities.
Remember that this setback is temporary. If you are launching a small business, you can think of this period as an investment in your business’s future. If you are planning to find a full-time job, even a remote one, you can restore your budget to normal after landing a new gig.
If you are paying down debt, consider asking your creditors for an extension or a grace period. Many agencies have changed their policies in light of recent circumstances. Connect with the powers that be to find out if there is leniency available.
If you are able to maintain employment during this time, consider yourself lucky. Get through the remaining rocky months of this pandemic by utilizing your specialized skills with freelance jobs, starting your own business if you’ve always had an idea for one but never had time, and by temporarily cutting back on unnecessary spending.
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