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One minute you’re so sure that at the end of the month and many months to come you’re receiving your paychecks. You may have even made plans for the rest of the year on what to do with the paychecks that will come in. And then another minute you’re without a job due to company restructuring, economic downturn, or any other reason. No one prays to be in such a situation but they still happen. While some can bounce back from a Job loss after a few weeks or months, many take longer or never bounce back from job losses. So, just in case you or someone you know has recently been laid off and you’re looking for ways to bounce back quickly, this post will provide you with practical tips on how to achieve that.
Don’t Panic, Take Stock
First things first, resist the urge to freak out or to break down. I know you might say easier said than done, right? But let’s face it, panicking won’t help your wallet. Instead, sit down and take stock of your finances. How much do you have in savings? What are your monthly expenses? Any debts you’re dealing with? Getting a clear picture of where you stand financially is crucial for your recovery plan.Cut Down on Expenses
Now’s the time to tighten your belt. Look at your spending and see where you can cut back. Maybe it’s your DSTV or Netflix subscription, or those ₦2,500 Shawarma you buy every day on your way back from work. Every little bit counts when you’re trying to stretch your naira.Sign up for the Connect Nigeria daily newsletter
Tap into Your Networks
We are each other’s guardian angels or as they say, your network is your net worth. Reach out to friends, family, and former colleagues. Let them know you’ve recently lost your job and are now job hunting. You never know who might have a lead on an opportunity. Don’t be shy about it – people are often happy to help if they can.Consider Temporary or Part-Time Work
While you’re job hunting, consider picking up temporary or part-time gigs. It doesn’t have to be a major gig. Just about one that can take care of basic needs so you don’t draw too much into your savings. If you’ve got skills in writing, graphic design, video editing, or programming, you could score a few gigs here and there, and earn some cash while searching for a full-time role.Negotiate with Creditors
This may not apply to you but if you’ve got loans or other debts, don’t bury your head in the sand. Reach out to your creditors and explain your situation. You might be able to negotiate lower interest rates or a payment holiday. Who knows, some of your creditors may be magnanimous enough to even cancel your debt.Upskill Yourself
This is a great time to learn new skills or improve on existing ones. There are tons of free online courses available on YouTube and a few other platforms like Alison. Improving your skills can make you more marketable when you’re job hunting.Start a Side Hustle
Nigerians are known for their hustling spirit. So, instead of sitting idly indoors each day and bemoaning your situation, find ways to get your hands dirty. You can start a small business based on your skills, such as baking, tutoring, or even selling items online. A side hustle can provide some income and might even turn into a full-time gig if it takes off.Take Care of Your Mental Health
Financial stress can take a toll on your mental health. Don’t neglect this aspect. Talk to friends and family, join support groups, or seek professional help if needed. Many churches and mosques in Nigeria offer counselling services for free.Plan for the Future
Once you start getting back on your feet, think about how you can prevent future financial crises. Start building an emergency fund as soon as you can. Aim for at least 3-6 months of living expenses. It might seem impossible now, but even small, regular savings can add up over time.Register to attend the CN Business Mixer
Concluding Thoughts
Job loss is tough, but it’s not the end of the road. With some careful planning, readjustments, resourcefulness, and a bit of the Nigerian hustling spirit, you can recover and even thrive.Featured Image Source: Help Guide
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