We all have moments that rock our world. For most people, sailing through the choppy waters and making it out the other side to the sunny sea – while difficult – is possible. For some however, the idea of making it through seems so far away that it feels totally impossible.
And when it comes to your career, those moments can be more impactful than anywhere else. You may lose your job, or you may have to find a new career. You may not be able to complete the same tasks you once could, and your mental health and self esteem take a massive hit as a result. All in all, there’s a lot to wade through, and that takes a lot of time and energy.
So it’s important to know what you can do when those career-impacting moments come around. In the interest of that, we’ve put together a small guide to navigating a time like this, no matter what you’re going through, in the aim of preserving your health and wealth. Here’s what to keep in mind.
Rely on Your Savings Wherever You Can
Whether you have a large amount of savings or you’ve just started putting a pot together, building it up to the biggest sum you can manage will provide you a lot more time when you’re out of work.
Being able to rely on your savings isn’t possible for everyone, but it’s more possible than you may think – even if you’ve only got half of the rent payment for the month ahead. That’s at least some of the pressure off your shoulders, and gives you more time to figure out what you’re going to do next.
It’s best to have 3-6 months’ worth of salary in your savings account, which you can access at any one time. This is often known as an emergency fund, but even having only a month’s worth of paychecks saved up will still give you the wiggle room you’re looking for.
While you’ll have to cut back in many areas for the time being, it puts a bit more light at the end of the tunnel.
Check What You’re Entitled to
If something happens that causes you to lose your job, or you need to start working far fewer hours than you’re used to, it’s worth it to check what you may be entitled to. In the U.S., this will mainly fall under unemployment insurance, but you’ll have to check regulations and eligibility at a state level.
There are also various government programs you can check out, which will help to pay for unavoidable bills, and you can apply for welfare and/or temporary assistance if you feel you need it. Plus, if you’re worried about your health insurance coverage and when that will end, you can check out how to apply for a program like Medicare.
All in all, there’s help out there if you don’t have the same income flowing in. You don’t have to struggle between paychecks – although you’re likely to receive far less than you usually would – and you can stay on your feet during this high stress, high pressure time.
Talk to a Lawyer
This is another element of checking your entitlements, and ensuring you have access to everything you have a right to claim when you’re out of work. After all, if you’ve had to take a step back because of a work related injury or illness, you can get in touch with a lawyer to ensure compensation comes your way.
And this is a lot more common than you may think. Many people have had to contact asbestos lawsuit attorneys due to long term exposure in the workplace, and usually without even knowing this was happening. With a substance like asbestos, the effects can only make themselves known 20 to 30 years later, and that can turn your life upside down.
Plus, around 2.6 million people in the U.S. were either injured or got ill at work in 2023, meaning workplace injury and illness lawyers have their phones ringing off the hook!
So be sure to get in touch with legal representation when you’re not sure what you’re entitled to, or if you think there could be a case for compensation. Get the ball rolling as soon as you can to get the money you deserve where it needs to be.
Revisit Your Budget
When you’re living through a career-impacting moment, cutbacks are common. They need to happen to maintain your financial health in the long term, and while they’re not fun to try and live with, they will help to keep you afloat.
This usually means cutting all nonessential purchases out of the budget, which usually means your entertainment portion is reduced to zero, and that can make life pretty boring and uneventful. If it’s necessary, however, it’s a good thing to do.
Plus, there’s a lot of ‘free’ and/or inbuilt entertainment you can rely on. For example, if you’re already paying for wifi, you can use free streaming services and video sharing platforms like Youtube, instead of paying for Disney+ or Netflix.
Consider a Side Hustle
If you have the time, energy, and capability, why not consider starting up a side hustle? This will allow you to diversify your income, and even if you only make up 20% of your usual incomings from it, you still have some money coming in from another source. If this source can’t be affected by losing your ‘day job’, the more the better!
There are a lot of potential side hustles out there, meaning there’s something for everyone. This also means if one hustle idea doesn’t work, you can invest in various different methods to bring money in on a regular basis. Indeed, if you can net an extra $100 each month just to begin with, that’s the kind of money you can start putting away for a rainy day.
This can also be used to pay off debt, if that’s been accumulating at a steady rate in your life recently. When you’re living on a lower income, resorting to your credit card for regular purchases is a very common thing.
Don’t Struggle in Silence
When your career has been impacted, don’t let yourself bottle things away and get tied up in knots without anyone else knowing about it. Talk about what’s going on, and share the pressure with someone who cares about you.
The more you do this, the less you’re going to feel overwhelmed by your work issues. And you never know, someone close to you might have some worthy ideas for you to consider!
Managing Your Career During a Hard Time
When your life feels like it’s gone sideways, staying on top of your career feels like the hardest thing in the world. You’re not sure what you’re going to do next, but it doesn’t feel like you have many options.
Because of that, it’s best to have an idea of where you can turn and what you can do before anything really ‘goes wrong’.
When life has an impact on how well you can do your job, don’t let the stress overwhelm you. You’re still the one in charge, and there’s a lot you can do to ensure your stream of income doesn’t go down too far.
And whether you can one day get back into work or not, the earlier you set your sights on your path forward, the clearer the future is going to look.
