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Surviving Between Jobs
It’s getting brutal out there and we have probably not seen the bottom. Like President Obama has been saying, it is time for all of us to stick together and do what we can to help each other. I am here to give you some tools and some suggestions for how to survive from the time you are laid off to the day when someone puts you back to work.
Today we will talk about strategies you can take to help you weather the situation emotionally and financially. In the next article we will look at sectors of the economy that are still doing reasonably well where you might be able to use your transferable skills to land that job.
First of all, let me touch on the emotional toll this is taking on many people. We are seeing people come into our office in tremendous turmoil. We hear stories of unemployment personnel who are in tears after talking to desperate people. You must take care of yourself in every sense of the word. If the cares of this time are overwhelming you, don’t remain to yourself where your worry and pain just compounds itself as you go over your fears again and again. Express your fears to friends and family members who can give you emotional support.
Any of the local ministers, pastors, or priests will gladly listen to your heartbreak, pray with you and offer any support they can. Look at possible low cost counseling from the Forest Institute, McAuley Counseling Service, The Stress Management Center, or the MSU Center City Counseling Practicum Clinic for help in coping emotionally.
Financially a little planning is in order. Take stock of the situation, figure the gap between income and expenses, and then find ways to bridge the gap. Getting everything down on paper makes it easier to deal with rationally. First make a list of fixed expenses, things that have financial priority, like rent/mortgage, car payments, medical bills, child support, credit card debt etc. Then make a list of variable expenses such as groceries, childcare, utilities, clothing, and entertainment. Now list occasional expenses such as car repair/maintenance, taxes—income and property, gifts, and home repair/maintenance.
After having done this, make a list of monthly income such as any wages/salary still being made, unemployment insurance, part-time work, pensions, child support/alimony. Now we must think creatively about how to bridge the gap. There are only two ways to bridge this gap: increase your income or cut expenses.
Let’s look first at increasing your income. One of the first things you can do is put overdraft protection on your checking account. This will help you through when times are tough and there is a short overlap between when the expenses come due and the income appears. Use your savings and other assets in low interest bearing accounts to pay off high interest debt. See if a cash advance from your credit card makes sense for you at this time.
Think about the skills you used at your job and how might you use those skills now to sustain yourself. Were you responsible for accounts payable/receivables at work? You don’t have to be a full blown accountant to help friends and neighbors with their upcoming tax preparations at a reduced cost to them. If you are a crafter, think of things people need today that you could provide and save them a little money as well. Be creative. Enlist friends and family to help you come up with ideas. The Job Seekers workshop at Missouri Career Center also might help you identify transferable skills.
And don’t give up looking for jobs. In our database of jobs at http://www.missouricareersource.com/ often I see very interesting jobs, even now. This is a quirky economy. Not every sector has been devastated. Also use http://www.indeed.com/ or http://www.simplyhired.com/, both of which are employment search engines. It may seem like everyone is unemployed, but we are still below 7 percent. I know of one person that found a job through Craigs List. (See the next paragraph.)
This might be a good time to downsize. CraigsList, the internet site, (springfield.craigslist.org) is available here in Springfield where you can advertize items for sale for free and communicate through email (or list your phone number) with anyone interested in what you have for sale. Many local people have had good success with selling household items this way. Look at it as a way of decreasing clutter, which is a good thing. Another website, http://www.freecycle.org/, links up people with things they need to get rid of and others who need those items. There is a Southwest Missouri chapter that covers Springfield and surrounding areas. Everything must be free to use this service.
Now, ways you can decrease expenses. Frequent food pantries. They are there for you when you need them. If you are not that desperate, or feel uncomfortable showing up at a food pantry, there is an organization called The Angel Food Ministries (http://www.angelfoodministries.com/) that makes available boxes of food at reduced rates and then delivers them through community organizations and churches. Keep an eye out for sales at local grocers and sign up for any savings cards or plans they may have available. Start using coupons. Look on the internet for sites on frugality and maximizing coupon usage. Can you move in with family members temporarily?
In this time when credit is tight loans may not be possible, but see if you can open a line of credit, known as a signature loan. You may be able to do this if your credit has been good up to now. Or you can see if you can get a secured loan with collateral from something that is paid off. Rumor is that rural banks and credit unions may be more approachable in this area. This may be the time to bite the bullet and ask a family member for a loan. The smartest thing to do is write it up like any other loan coming from the bank.
Other ideas might be to barter with your neighbors for things you need. Attend garage sales or resell shops for clothing needs. You can close off a room to save on utilities and bundle up with quilts. Car pool with neighbors or more closely plan your car trips for maximum efficiency. If you live in town you might be able to walk to the grocery store or ride a bike and get some exercise as well, which will help you stay positive. Or check http://www.gasbuddy.com/ for the stations with the cheapest gasoline. Many people have rediscovered our local bus system.
Entertainment will be important to keep your spirits up, but you can rent DVD’s as well as books from your local library. If you have bought movies in the past, this might be the time to watch a few. Comedies will lift your spirit, as will listening to music, which you might also be able to check out. You might have more time now to visit neglected friends and family. City parks and the Nature Center also represent cheap fun. While you are outdoors, remind yourself of everything you have to be grateful for.
Have you been able to close the gap? If not, you could brain storm with family members on other steps to take. Involve the whole family which will help the children feel like they are contributing to the solution and it will bond you to each other. Children don’t have to know the depth of the severity of your need, but if you share with them that this is a time to be creative with finances they may have some wonderful ideas you had not considered and it will boost their self esteem to be able to help in some way.
If a gap between income and expenses still exists it is time for more drastic measures. Call your creditors before they call you and suggest one of these strategies. Offer to pay a percentage of your normal payment for each bill, perhaps 50 percent. It is not a perfect answer, but it is better than the bill lapsing into non-payment status for several months. Another option is to figure your total debt and the percentage each creditor is owed. Decide on the total amount you can apply to debt and divide by how much percentage you owe each creditor. Then talk to each creditor and negotiate a lower payment based on your findings until you can get back on your feet. Some creditors may be willing to accept interest only payments for a fixed length of time.
Remember, you are not alone in this economy. Millions just like you, through no fault of their own, are facing the same fears you are. Creditors are scared as well. Any effort you make to be responsible and keep the lines of communication open between you and those you owe should be respected and appreciated. And if you need supportive services, you can reach the SHARENetwork for organizations that can help through our website below or at http://www.sharenetworkmo.org/.
Flo Williams
Case Manager/Site Manager
Missouri Career Center
http://www.ozarksjobpath.com/
© 2012
