In light of recent events in our country, do you have suggestions for things people should think about and plan for if they get laid off from their jobs?
Itís no secret that things are shutting down all across the world. If your workplace has closed its doors and isnít offering pay, then itís time to regroup and get some things in order. The thought of being without a paycheque can be overwhelming, but a little thought and planning can help you get though times like these.
Start living on a budget, if you arenít doing so already. Making a monthly budget will show you exactly where your money is going. Without it, you canít use every dollar to its fullest potential, because you donít even know how much money you have to work with. Plus, your budget will show places where you can cut back and save money.
If you donít have any income right now, make a budget based on the amount of money on hand. If you have $600 left to your name, budget out exactly where each of those dollars will go. Itís time to squeeze every last penny out of what youíve got. If you still have cash coming in from a spouseís job or some other source, then adjust your budget to reflect that. Maybe the two of you usually bring in a combined $5,000 a month. Adjust your budget to live off that one income for the time being.
When the going gets tough, you need to focus on the things you really need to surviveófood, utilities, shelter, and transportation. I call these the Four Walls. If thereís any money left over after you take care of the Four Walls, make a list of what else you need to pay, and tackle those in order of importance. Reach out to anyone you canít pay, and explain the situation. They might be able to work something out, but they canít help if they donít know. Be up front with them, and pray for the best.
When youíre just trying to make it to another day, you donít need to pay extra on debt. Instead, focus on piling up cash. Once life gets back to normal and everything is okay, you can pick up where you left off with your debt snowball. If itís within your budget to keep making minimum payments on your debt, go for it. But the Four Walls come first. This is also the time to sell anything and everything you donít need to make some extra cash.
With so much being shut down right now, there might not be as many traditional ways to make extra money. So, look into driving for Amazon, delivering takeout food, or dropping off grocery orders. Even if one of those doesnít work out, you can still take up odd jobs around your neighbourhood. Be on the lookout for opportunities that will add a few extra bucks to your pocket. Donít forget to cut back on unnecessary expenses, either. Stop or pause your subscriptions. Call your cable, internet, and cellular providers to see if thereís anything theyíll do to work with you.
Finally, in times of real need, donít be too proud to ask for a helping hand. Many churches and community groups in your area exist for situations just like this.
God bless you all!
Dave Ramsey is CEO of Ramsey Solutions. He has authored seven bestselling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 16 million listeners each week on 600 radio stations and multiple digital platforms. Follow Dave on the web at daveramsey.com and on Twitter at @DaveRamsey.