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4 Tips to Help You Survive Financially When You’re Out of Work

Being unemployed can be extremely stressful in many ways, but it is fair to say that money worries are at the top of the list.

If you are out of work right now, or you simply want to plan should you ever experience unemployment in the future, here are a few tips that can help you to survive (and be less stressed) financially:

unemployment - 4 Tips to Help You Survive Financially When You're Out of Work - coins in piggy bank image
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1. Check if you’re entitled to any help

Depending on where you are located, you may be entitled to various government unemployment benefits that will help to keep you afloat when you are out of work. Local government sites are usually the best places to find information about this kind of thing, so be sure to check them and apply for any financial assistance you may be able to access.

If you are out of work because you have been injured, if it was not your fault, you may also be able to claim compensation, and finding an injury lawyer with the qualities you need to make your case would be sensible. If you are entitled to money, then right now you need to do everything you can to access it.

2. Draw up a budget

When you’re out of work and your income has dropped, it is even more important than ever that you draw up a budget that clearly outlines all of your incomings and outgoings. Once you know what you have coming in and going out each month, go through everything to see if there are any areas you can cut down on. Ending subscriptions you don’t need or use, switching to a cheaper utility provider, and shopping at a cheaper grocery store are all simple changes you can make that will help to keep you afloat, but there are many more to consider too.

unemployment - 4 Tips to Help You Survive Financially When You're Out of Work - takeaway delivery rider image
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3. Look for temporary work

It’s not always easy to find, but if you can try to look for a part-time role, temporary contract or even a few freelancing gigs, this will really help to take the pressure off. Sure, it might not be a secure job in your chosen industry, but it will help you tide you over. The gig economy is pretty strong right now, so it could be the ideal solution while you apply for something more permanent.

4. Declutter your home

If, like most people, you have accumulated a lot of stuff. Much of which you do not need, over the years, then selling some of it to tide you over is sensible. Just don’t sell anything that is actually useful to you because you will just end up having to buy it back eventually and the temporary cash injection will not be as beneficial. Selling locally is typically a better idea than using sites like eBay because you can shit stuff faster and you don’t have to pay any fees, but eBay is fine if you don’t have an easier way.

Surviving unemployment can be tricky, but hopefully, these ideas will make it, at least, a little easier for you.

Key Considerations When Emigrating

Moving countries can be both exhilarating and daunting. While the call of adventure and a new life is exciting there is some serious preparation and hard work that goes into making the transition from one country to another successful. 

Firstly, and perhaps most importantly, you will need to consider your visa options. Every country has a different set of rules and requirements when it comes to visas and in order to be granted temporary or permanent residence in a country, you will need the appropriate visa to do so. Obtaining a visa can be a complex procedure that requires a lot of skill to complete correctly and to avoid having your application refused. If you are looking to emigrate it is always advised that you consult with immigration experts from your potential host country. This is now particularly prevalent in countries such as the UK following the UK’s decision to leave the EU. Whether an EU or global citizen if you are looking to emigrate to the UK then it is recommended you consult UK immigration lawyers when applying for your visa. You will also want to ensure that your visa grants you the rights you need, whether it be to work, study or stay indefinitely, seeking advice is paramount. 

Key Considerations When Emigrating - man signing a contract image
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When moving countries it is equally important that you are aware of your tax liabilities. Moving countries will make you a tax resident in your new country and is likely to mean that you have different tax obligations to meet. This can get particularly complex if you are selling property in different countries or receiving an income from a different country. There may also be other implications. If for example, you are a UK national leaving the UK and therefore your tax obligations this could affect your entitlement to your state pension. It is always best to consult with the experts to avoid any unforeseen complications. Furthermore, seeking advice is key to ensuring you do not overpay or underpay on your tax requirements. 

Once you have considered and researched your right stay and the requirement to pay tax you should then consider your access to healthcare. Every country has a different system when it comes to healthcare and you need to be familiar with what you can expect from your new home. The UK is one of the few countries that provide state healthcare but if you are emigrating to somewhere such as the USA or Australia you may need to take out private healthcare insurance to protect yourself from unwelcome medical bills. What is more, taking out private healthcare may be a requirement of your visa. You will need to thoroughly research the healthcare system before undertaking your move. 

One final big consideration you will need to look into is your ability to drive in your new country. Particularly if you rely on a car daily. Some countries have mutual agreements in which you can exchange your national licence for that of your new country, whereas others may require you to pass their driving test. A working example of this is that since the UK has left the EU UK nationals looking to reside in Spain no longer have the right to drive and are required to pass a Spanish driving test. 

Taking Care Of Your Vision With The Right Insurance

There are few things more precious in this world than being able to see. If you wear glasses, or you use contact lenses, you may have been offered vision insurance or benefits as part of your employment package. While vision insurance may seem like a perk worth having, there are potential drawbacks. As the infographic below shows, not all insurance policies represent the best value for money.

If you’re an employee, and you wear glasses or contact lenses, you’ll probably be thrilled that vision insurance is part of your employee benefits. The trouble is that policies that are offered to employers often make it difficult for employees to source affordable glasses. This is largely due to the fact that insurers provide access to in-network stores, which are often more expensive than out of network providers. If you shop online, for example, you could save up to 50% on prices for similar or superior products. The range of free frames and lenses may also be limited, and therefore, unsuitable for individuals who need better quality glasses due to their prescription. There is also a risk of losing out on benefits if you don’t use them before a specified deadline. 

For those who do have vision insurance as part of their employee package, it’s advisable to set a reminder to make sure you use your benefits and to consider the option of buying out of network to save money and access a wider range of products and services. Employers may also wish to think about switching flexible benefits to Health Savings Accounts. This prevents business owners from paying for benefits that will expire. 


Infographic Created By Eyeglasses.com

3 diagrams that can change your life

That’s a bold claim, but by studying these diagrams and reading their meaning you main gain some new ideas or distinctions which may influence your choices, which will change your outcome and ultimately change you life.

3 diagrams that can change your life - passion competence and demand image

Diagram 1 considers the possibility that Passion alone is not enough. We can be passionate about art or music or being a sportsperson but if we lack the competence to make it as a professional in these areas then we need to consider other options.

A football mad teenager with a competence in Maths could become a data analyst for a sports team. Or someone with a passion for music but a talent for tech could end up as a producer.

The third sphere to consider is whether there is a demand for your skill and talent. Is that sufficient to become a full time career? A passion and talent for poetry may not be sufficient to make a successful career, but can still be a fulfilling hobby and creative outlet.

Think about what you love, what you are good at (or willing to develop) and then see how that can also earn a good living.

3 diagrams that can change your life - happiness in the now vs vision for the future image

Diagram two. This one came courtesy of Vishen Lakhiani, founder of MindValley. On one axis is Happiness in the Now from low to high, and on the other is Vision for the Future, again from low to high. So if you were to score yourself out of 10, how happy are you in this moment and what is your strength of vision for the future?

If you find yourself in the bottom left hand box, with a low score for each, you’re in what he calls the negative spiral. So you’re unhappy now, you don’t have much of a vision for the future, you’re just going to stay stuck and feel pretty down about things.

If you’re finding yourself quite happy now, but again, with no vision for the future, I’ve coloured that one pink because of rose tinted glasses. You might think everything’s okay, but unfortunately things external to us can change, which is going to affect how we feel. So that might be loss of a partner, it might be illness, it might be losing your job or a global pandemic. So, being happy now but with no vision for the future while it might feel ok short term is not necessarily a safe place to be.

So, what about a strong vision for the future but not very happy in the moment? Well, that way leads to stress and anxiety. You set goals, you have visions, you’re ambitious for the future, but you’re discontent in the moment. And that negativity you experience now is not going to help in fulfilling that vision for the future. So what it means is you suffer from stress and anxiety in the present time. Which is why expressing gratitude is such an important aspect of many self development teachings.

So where would we like to be? We’d like to be happy now, grateful and accepting of our situation, but also have a very strong vision of the future to pull us forward. And that Vishen calls bending reality. Other people call it the flow. This is where you’re able to draw the people, the circumstances, the resources you need to you. You are happy in the moment and even happier when the reality comes to fruition to change your life.

3 diagrams that can change your life - cashflow quadrant Robert Kiyosaki

And finally, diagram number three. This one comes from Rich Dad, Poor Dad author, Robert Kiyosaki. He looked at different ways in which people earn money. So to begin with, in the top left, we’ve got the employee. That’s people who spend their time at work and they’re swapping their time for money. Their conditions and their pay is largely controlled by somebody else.

Then, bottom left, we’ve got those that are self-employed. They run their own business, they work for themselves. And that covers a whole spectrum. That could include trades people or it could be self-employed sports stars earning a lot of money. Regardless in this category they’re still effectively swapping their time for money even though they’re their own boss.

Over the other side, in the top right we’ve got the business owner. That’s different from being self-employed because they’re leveraging other people’s time, other people’s skill, other people’s resources to run a business. And that business may exist with or without them. So they’re in a stronger financial position as they are not restricted to swapping their time for money.

But ultimately, the investor in the fourth quadrant is where the wealth gets made. Here these people are not limited to owning one business. They may have stakes in multiple businesses. They may invest in property or real estate. They may have stock market investments. They may have other investments, which all bring them money from different sources.

So there you have it, three of my favourite diagrams, which can change your life by making a big impact on how you feel about money and your choices about being successful in life.

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Here’s What You Need To Know About Income

When it comes to your work, you may find that there are different things that you need to prioritize. Not only things like getting it done on time, but actually enjoying it and making sure that you’re getting what you want out of it too. One of those things is compensation. It’s always so important that you are paid what you want. Let’s take a look at what you need to know here.

Setting Earning Goals

To start with, you’re going to want to make sure that you are setting earnings goals for yourself. Because if you want to earn more, you need to be proactive about it. Setting the intention helps first, and then you can take action to make it happen.

Diversification

The next thing that you’ll want to be aware of, is how to diversify your income. Sure, there’s a lot that you can do grow your current income, but it’s also smarter to gain a range of different incomes if you can. Starting a side hustle or looking to get passive income is often a good idea here, along with investing.

Understanding Equality

But then also, it’s important for you to understand income equality. There’s definitely a lot to say about fair earnings – and not just between the sexes, but across the economy as a whole. And so, it’s for this reason that you may want to get to know all about economic equality around the globe, to put where you’re at into perspective. Take a look at the infographic below to find out more.

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Infographic Design By Norwich University http://credit-n.ru/debitovaya-karta.html