Losing your income can be tough. In such times, managing your cash effectively is crucial.
In the current economy, there are many people facing this unfortunate reality, so we thought it would be a good idea to share some useful strategies for how you can bounce back and get back on your feet.
Understand Your Financial Situation
The first thing that you should do upon losing an income is to take stock of your financial situation. Draw up a clear budget that outlines your existing expenses and debts, and align it with any remaining income that you may have to see where the gaps are.
Hopefully, you have alternative income streams, whether it is through moonlighting or a partner who can help share the load. If so, you should list these incomes as well so you can work out where any shortfalls might be.
Doing this is crucial so you can begin to figure out how much additional income you require to cover the gaps. It also helps you figure out how to optimise your spending to minimise your expenses.
Think Outside The Box
When one loses an income, the common response is to send an updated CV out and hope to find employment again. While it is certainly a good idea to apply for whatever jobs you can, it is also important to start thinking outside the box and seeking alternative income sources in the mean time. You could be waiting a very long time to get a call back.
Consider exploring earning opportunities that you may not have considered before, such as part-time jobs, gig economy opportunities, freelance work, or even starting your own business.
The key here is to earn whatever you can and not turn your nose up at any opportunities, even if they provide a meagre income at first. Earning a little bit of something is better than earning a whole lot of nothing, and there is always the chance that it will grow.
Exploit Your Networks
Whether it’s family and friends or previous work colleagues and acquaintances, don’t be shy about pursuing whatever contacts you have and exploiting them for job leads, referrals, or advice.
Use platforms like LinkedIn to connect with potential employers and other industry players to find ways to get a foot in the door. Join online communities and partake in industry events to find further opportunities for networking and to make your skills and services known to the business community in your field of work.
At OTT Mobile, we offer a way to seamlessly manage your cash through our digital cash ecosystem. Our flagship product, OTT 4 Me, makes this possible. When times are tough and money is scarce, you will want to manage your cash more effectively, and OTT Mobile is there to assist. Contact us today for more information.
Frequently Asked Questions and Answers:
What should I do first when I lose my income?
The first step is to understand your financial situation. Create a clear budget outlining your expenses, debts, and remaining income to see where the gaps are.How can I optimise my spending when income is lost?
By drawing up a budget and understanding where your shortfalls are, you can optimise your spending by cutting back on unnecessary expenses.Should I apply for traditional jobs after losing income?
While applying for jobs is essential, it’s also important to consider alternative income sources like part-time jobs, freelance work, or starting your own business.What alternative income sources should I consider?
In addition to traditional jobs, explore part-time jobs, the gig economy, freelance work, or even starting a small business to generate income.How can networking help me bounce back from a loss of income?
Networking with family, friends, colleagues, and industry connections can provide job leads, referrals, and advice that may help you find new opportunities.How can OTT Mobile help me manage my finances?
OTT Mobile’s digital cash ecosystem, including our flagship OTT 4 Me product, helps you manage your cash more effectively during tough times.Can OTT Mobile help me during financial struggles?
Yes, OTT Mobile offers solutions to help you manage your cash effectively, especially when money is scarce. Our OTT 4 Me product can help streamline your finances.What is OTT 4 Me and how does it assist with managing cash?
OTT 4 Me is a product that allows you to manage your cash seamlessly through our digital ecosystem, making it easier to budget and save when you’re facing financial challenges.