With AI and economic changes, some people may find themselves unemployed.
A difficult situation that is further complicated if you’ve recently become divorced.
From the divorce process, you may still be healing from a variety of emotions.
And you may still be getting used to the terms of your divorce, especially if you had to relocate.
If you find yourself divorced and now unemployed, focus on moving forward.
Stop reliving the past and redirect your energy to taking control of your finances.
Start by analyzing your expenses and eliminating non-essential spending.
Look at unused subscription services and overspending on food.
For loan payments, contact the lender and ask for reduced payments for a couple of months until you find employment. If you don’t ask, you won’t receive it.
If they say “no” and it’s a call center, call back and speak with a different representative.
Be tenacious, but remain kind. You may need to speak to several different representatives and even a supervisor.
Once you have a good idea of how much money you need monthly, calculate how many months your emergency reserve will cover.
If you’re in a career that isn’t hiring, or the hiring process will take time, you may need to take another job temporarily for income.
Think outside the box for immediate jobs. Explore opportunities at retail and grocery stores offering “order pick-up” – they need employees to shop for customers.
Another approach is to follow hashtags, such as #NowHiring on LinkedIn and social media sites.
Also, drive around your town and look for hiring signs – it’s old-fashioned but still done by some companies.
If your available time is limited, then look for virtual opportunities. Explore platforms such as Fiverr, Freelancer, and Upwork.
Once you’ve decreased your spending and identified how much income you could generate, create a budget.
If you’re struggling with the concept of a limited budget, remind yourself that it’s temporary.
When you go shopping, whether it’s for groceries or household supplies, use a list.
Keep your budget visible to remind yourself of it.
Finalizing your divorce and then becoming unemployed may seem as if there’s a rain cloud over your head.
Take control of your finances by reducing your expenses and generating income – even if it means taking a job that’s not ideal.
Throughout this challenging time, remain PEF (positive, enthusiastic, and focused)!
(Update to original post from August 11, 2020)
ABOUT THE AUTHOR:
Niv Persaud, CFP®, CDFA®, RICP®, is a Managing Director at Transition Planning & Guidance, LLC. Life is more than money. It’s about living the lifestyle you want and can afford. For that reason, Niv consults with clients on money, life, and work. Her approach capitalizes on techniques she learned throughout her career, including as a management consultant, executive recruiter, and financial advisor. Her services include developing comprehensive financial plans, divorce financial reviews, and retirement plans. Niv actively gives back to her community through her volunteer efforts. She believes in living life to the fullest by cherishing friendships, enjoying the beauty of nature and laughing often — even at herself. Her favorite quote is by Erma Bombeck, “When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left and could say ‘I used everything you gave me.’”