There are a few things more stressful in life than losing your job. Sure, you don’t necessarily love your job, but it provides for the family and it gives your life order. Whether you have been laid off or forced to take early retirement, unemployment impacts your finances, as well as your emotional and mental health. The stress of losing a job will take its toll on your relationships in the household. You will most likely go through a phase where your temper seems to get the best of you.
This is an especially stressful time because of the coronavirus pandemic. Did you lose your job because of the pandemic? Then you and millions of other people will have to compete for what jobs are available in the market. This can stress you out more. So, what should you do?
Allow yourself time to grieve. Cry, if you have to. Losing a job is a bit like losing part of yourself. There are so many questions in your mind. At the same time, you will be panicking about your finances and the future of your children. Give yourself time to wallow in sadness. You will feel a lot better by letting it all out.
File for Unemployment
Three days are enough to grieve over a loss of employment. You need to immediately pick up yourself and seek solutions for your problems. File for unemployment. The government will give you financial aid as you try to find a new job. While the aid might not be as big as your salary, it is enough to cover a portion of your living expenses.
Check Your Savings
You will dip your hands in your savings. This is when this truly matters. You’ll have to cover your household expenses from your emergency fund. Figure out how much you need each month and how long the savings will last. Cut off any unnecessary expenses so you don’t need to deplete your savings as you find new employment.
Call Your Health Insurance Providers
What options are available for you and your family? You cannot pay the monthly premium anymore but perhaps, there’s more basic coverage? You also have to determine your family’s medical and dental needs. Talk to your trusted orthodontist and see what options are available to you and your children. If your kids are having their braces, that will cost thousands of dollars. But you can’t put it off. So, together with the dentist, figure out how you can pay it off without putting yourself in too much debt.
Apply for Jobs
Finally, you have to apply for a job. Revamp your resume and clean up your social media accounts. Make sure you look professional in all your posts. Apply for jobs that fit your current skills. Sell yourself to future employers. Make sure they know what they’re missing if they don’t hire you. Grab opportunities as they present themselves to you. Whether it’s a work-from-home side job or a part-time job in a local office, check out what is in store for you.
Impact on Children
A prolonged period of unemployment does not only affect the parents but the children as well. Researchers found out that this can lead to poor academic performance in children. They might also suffer from behavioral issues after seeing the impact of financial stress on their household. These effects can last for a long time, way into their adulthood.
Not surprisingly, a father’s loss of job has more impact compared to when a mother loses hers. Even in the 21st century, the traditional setup of a family is that the father earns for a living and the mother nurtures the home. Even in setups where the mom is the primary earner, a father’s loss of employment still has a more adverse impact on the kids. The reasons are unknown, though researchers point out how the parents spend their time at home now that they are out of work.
Unemployment has a detrimental effect on children that can last for a lifetime. Prolonged periods of unemployment will deplete the family’s savings and can put them in debt. For many families, they won’t be able to recover financially because of a year or two without a stable job. The debt they incurred during that time might last a lifetime to pay off.
Parents need to shield their kids from the stress of them being unemployed. While they do have to be honest with them about the finances (so they don’t expect new toys for a while), they don’t need to see you depressed, anxious, and aggressive. The home should be nurturing even during times of financial upheavals.