Over one million Australians lost their jobs when the pandemic struck, and the impacted households lost over $102 billion in income. The pandemic was a wake-up call, and at least two-thirds of Australians are anxious about losing employment once again as the pandemic continues to live on. Now, more than ever, you should adopt several measures to protect yourself against the loss of income, including life insurance for Australians.
You can do the following to ensure your lifestyle doesn’t take a hit if you lose your job.
Have An Emergency Fund
Create an emergency fund to cover your primary costs, such as your bills and other obligations. This way, should you lose your job, your immediate needs will be covered for some time as you find ways to recover the lost income.
Expand Your Network
The job-hunting landscape has changed significantly over the past few years. Not only are jobs fewer, but you will be competing with other people with the same skill level or even higher. Even worse, in-person interviews and networking are not happening much anymore.
You need to expand your network, but you may have to do it differently. If your industry is facing cuts, and you believe a time will come when it will be your turn, then you should start considering a job change. It is easier to secure references when you are still working, so the time to do it is now.
Find A Side Hustle
One way to ensure you maintain your lifestyle even when you lose your job is to have multiple income streams. It could be one or multiple sources of income. Your side hustle may add to your income for now, but if you lose your job, it will replace your lost income.
Having a side hustle will help reduce your anxiety, especially if you expect to lose your job but do not know when it will happen. Starting the side hustle before you lose your job gives you time to increase your revenue to a sustainable level.
Ensure You Have Health Insurance
Healthcare costs can deplete anyone’s savings. The situation can be worse if you lose your job and still worry about your health and other bills. You can be sure your lifestyle will take a hit when this happens.
Having health insurance will take the burden off your shoulders, so you don’t have to choose between taking care of your health and paying bills. If you have a great policy, you need not worry about health care until you pay the next premium.
Seal Loopholes In Your Finances
Look at your finances and see if you need to avoid wastages. You may be losing money that may eventually affect your lifestyle. If you don’t work with a budget, maybe you should start monitoring your expenses. If you are concerned about losing your livelihood, it is time to protect your money.
You can protect your present and future lifestyle in many ways. You may need to make sacrifices to ensure your future income caters to all your needs. Even if you lose your job, you can take measures to ensure you continue living comfortably.