How To Survive Financially When You’re an Unemployed Parent
The coronavirus pandemic has left millions unemployed and created financial hardships worldwide. But these hardships are much worse if you are a parent. Not only do you have to take care of yourself but others as well, who are depending on you for their survival.
This article describes how parents can financially survive periods of unemployment and keep their families afloat during difficult economic times.
Invest Your Money
Investing money when you are unemployed may seem counterintuitive, especially if you are on a tight budget. But investing money can be a great way of making more of it. Investing is also necessary so that you can have sufficient means in the future to meet your long-term financial goals, such as paying for your retirement and your children’s college education.
Fortunately, investing does not require huge sums of money; there are many great ways to invest with just a little money. Always remember that any amount of income you can generate, no matter how small, is better than none. So, if you are not investing already, start with whatever you can afford.
Find Part-Time or Temporary Work
Finding a good full-time job can take a lot of time, especially if you are in a mid-career or a speciality field. But, while you wait for this job, nothing stops you from getting a part-time or temporary job. Even if these jobs are not well-paying or glamorous, they can make a big difference in improving your financial situation. The best thing about them is that they are not forever. You can always quit when you find a permanent job.
Another option to consider is joining the thriving gig economy. This can mean driving for Uber or Lyft or delivering packages for Amazon. You can even rent out a spare room in your home on Airbnb. Like with a part-time or a temporary job, you only have to do this while you are unemployed.
Start an Online Business
Getting a job is one of many ways to earn income. Another great way of doing this is by starting an online business.
There are many different types of online businesses that you can start. One of the best is selling goods on your website or through sites such as Amazon or eBay. However, if you enjoy making things such as crafts, Etsy can be a good option, too.
If sales are not your thing, other ways exist to make money online. For example, posting videos on YouTube can generate significant money. You can also make a lot of money on sites such as Instagram by becoming an influencer.
Finally, if you have marketable skills, you can offer them online as well.
- Cut Your Expenses
Increasing your income is one of many ways to improve your financial situation. You can also cut your expenses.
The best way of doing this is by reviewing your monthly expenses. First, eliminate anything that you do not need. This can include eating out and entertainment. Next, try to find cheaper alternatives to the things that you need. You can also save money by shopping at less expensive stores or online, buying in bulk, and using coupons and other discounts.
If you have insurance products, consider raising their deductibles and copayments. You can even bundle your insurance policies, leading to significant discounts.
Suffering from unemployment is bad for everyone. But it is especially bad for parents and their children. However, if you are a parent, following the tips outlined in this article, you can survive unemployment and all the economic hardships it causes.