In Between Jobs?
Being in between jobs will take a toll on your finances but it does not stop there. The credit cards become past due, your car payment and insurances get delayed, your utilities approach their disconnection notice dates, and you begin to wonder how much longer you will have to live off Ramen Noodles before you start looking at your dog like a potential KFC meal. It may be months before you are gainfully employed again. What can you do to weather that storm? Here are just a few practical things you can do to get through it all and eventually find yourself on top of the world again.
WORK FOR A DAY LABOR COMPANY
S. Elsey of RedCap Staffing, located in El Paso, Texas, with additional offices throughout Texas, New Mexico, Louisiana, and Maine, says, “We give people an opportunity to work today and get paid tomorrow. We refer to that work environment as a ‘Gig Economy’, and it serves a purpose for the worker who is looking to supplement their current income, looking for a quick payday, or is in between employment. We have a little something for everybody here. We are never lacking in the work we have available.” Unlike working for a temporary staffing agency, who typically follow weekly or bi-weekly payday structures, working for a day labor company will help you meet those immediate financial needs.
SEARCH UNITED WAY SERVICES IN YOUR AREA
Many people do not realize that financial assistance is only a mouse click away. Organizations like United Way, dedicate their services to assist families in need of food, housing, healthcare, professional development, rental assistance, and utility payment assistance. United Way will connect you to local services who are funded by contribution funds from donors who aim to assist their community. When you are directed to these local resources, you will be instructed to create a profile and apply for all the services you need. Once approved, you will have lessened the financial burden that will allow you to focus your available resources to other pressing financial needs.
AVOID SHORT TERM LOANS
Short-term loans, (previously referred to as Payday Loans), carry ridiculously high interest rates, (some as high as 300% APR), which are due in a relatively short amount of time. To be approved for these loans, you must provide the loan company with the routing number and your bank account number that grants them access to withdraw the agreed upon funds on a routine predetermined basis for a period of 1 to 2 years, or until the loan is paid off. Each installment of payments is set incredibly high and will take a big chunk of the money you have been working so hard to earn. AVOID THESE LOANS UNDER ALL CIRCUMSTANCES.
TALK TO YOUR CREDITORS
Opening a dialogue with your debtors will let them know that you are willing to work on a payment plan that will get you back on track. Often, these debtors already have repayment plans in place that will work with your current budget. Your utility companies are the most willing to work with you on ensuring that you maintain the utilities you need at home while also getting you on a plan that anticipates your future utility costs. Your vehicle
loan providers are also just as cooperative in assisting you with your payments. In fact, some will even let you skip a month or two based on your financial hardship. This is not the time to ignore those you owe, but a time to reach out to them and sincerely let them know that you are still committed to honoring your contractual agreement to pay your debts and to continue a fruitful business relationship.
ACT QUICKLY, ACT NOW
This is the time when you should be your most resourceful, innovative, and motivated to keep your head above water. The domino effect that follows a period of unemployment can snowball you into a financial whirlwind that you will find difficult to recover from. Take heed of just a few, or all, of the things written in this blog and I trust that you will soon start seeing the light at the end of the tunnel.
Omar Tarango is a Blogger and Social Media Manager