Finding yourself unemployed is perhaps one of the most devastating things that can happen. This becomes worse if you have a family to consider and obligations to meet. But as they say, life must go on.
There is no point dwelling on your misfortunes and blaming yourself or other people. Focus on what’s important, which is to look for another job. Then, come up with plans to meet your financial needs.
Here are some options that may be open for you:
- Government Benefits. Turn to the government for assistance while you are unemployed and searching for a new job.
- Borrow from Your Insurance Account. Talk to your insurer and borrow against your reserve, if your insurance policy is one that carries a cash value.
- Home Equity Loan. The equity of your home can be a source of funds during these times of hardship. But using the equity can involve a lengthy process and may come out costly.
- Borrow from Your Retirement Account. Another option is to borrow against your retirement account. It may be best to consider this the last option, since there can be financial implications that may affect your retirement funds.
- Borrow from Loved Ones or Friends. This may be humbling to you, but your relatives or friends can be of assistance during these times. Some friends may even offer assistance without being asked.
- Dispose of Assets. For worse situations, you may have to consider doing away with some assets. You can dispose of personal items, your car, stocks or even your home, when warranted.
- Apply for Loans. Especially for immediate needs, turn to companies that offer small loans for the unemployed. This may be a good option, as according to Rapid Loans processing does not take long and requirements may not be so strict.
These are options if you have exhausted other possible sources such as your savings account or severance pay, if you were laid off. Be prepared to make sacrifices by making major lifestyle changes.