This year, the coronavirus pandemic adds a new layer of stress.
Can I Take Paid Leave?
Before quitting your job, you might want to look into taking a leave of absence instead.
Feeling overwhelmed? Create a budget that works for you with ourbudgeting bootcamp!
7 Ways to Make Money if You Hate People
Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
Talk to your boss about your situation and see what accommodations can be made.
Can I Adjust My Schedule?
That could mean working virtually (if you arent already) or adjusting your schedule.
You might be able to reduce your hours or switch to part-time work.
Can Our Family Live Off Less Income?
Did you know?
Compare those necessary expenses to the household income youll be left with if you quit work.
Does [your remaining income] fully meet the expenses?
If it does great.
If it doesnt, how much is needed to supplement, to make those ends meet?
Create abare bones budgetto find out how much money you absolutely need to bring in to cover everything essential.
What Expenses Can I Cut?
Living on areduced incomeoften requires significant reductions in spending.
Another thing to scan your bank statements for are monthly subscriptions you’re free to do without.
Subscriptions may seem inexpensive on their own, but collectively they can really add up, Hemphill says.
Also, just because a bill is essential, doesnt mean you cant change how much youre spending.
Look at all your bills, Hemphill says.
Dont be afraid to call and negotiate.
Cell phone service is a must, but can you switch to a cheaper provider?
How Long Will My Savings Last?
Before the pandemic, having an emergency fund to cover three to six months of living expenses was great.
Now, that may not be enough to keep your family financially secure.
That can be a major challenge especially for families living paycheck to paycheck.
And not all savings sources should be treated equally.
Hemphill recommends against tapping into retirement savings or your home equity unless its the last resort.
Your emergency fund, however, is fair game.
If a pandemic and shuttered schools dont qualify as an emergency, what does?
How Can I Make Money During My Career Break?
Saying goodbye to your regular paycheck doesnt mean you cant find creative ways to bring in extra cash.
In addition to schooling your own child,helping their classmates with schoolwork can be a profitable gig.
The rise of online learning and homeschooling has created an increased need for tutors and leaders of pandemic pods.
Of course, there are other money-making opportunities that dont involve watching other peoples children.
Snag a remoteside hustleas a freelancer, virtual assistant, bookkeeper or transcriptionist.
Or when youre done with the homeschool day, you coulddeliver groceriesor doodd jobs through TaskRabbit.
Bringing in extra cash after leaving your job will help make the adjustment less financially taxing.
Nicole Dow is a senior writer at The Penny Hoarder.
It sounds appealing right?
Check it out here!
