Job loss in the family is always worrying. Whether it’s you or your partner who falls out of employment, the effects can be devastating. Worse, it can happen at any moment, through no fault of your own. Once upon a time, job security was such that you would only become unemployed through bad work, and constant mistakes. But, those merry days of the past are long gone now.

Zero hour contracts mean many of us face uncertainty. And, we still haven’t entirely forgotten the days of 2008 when redundancy was rife. It’s enough to stress anyone out. That’s not to say, of course, that your job won’t last through hard times. Some careers are set in stone, and good work ethic should still take you far. But, if the dreaded time does come, it’s useful to have a contingency plan. That’s why we’re going to look at the where, what, and how of losing your job.

THE WHERE

The where is a simple one; where will you compromise? With half your household income gone for the foreseeable, you’ll need to compromise somewhere. What’s not so simple is working out where. None of us want our kids to go without. Isn’t that why we work so hard in the first place? But, failing to cut out unnecessary expenses could lead you to debt in no time. The chances are, your kids would rather go without their favourite treats than see you struggle.

Food budget is often a good place to start cutting. That’s not to say your family needs to go hungry, but that you should curb your spending here a little. Make lists and stick to them to stop you overspending. Other areas to consider are subscription services like Netflix. Yes, we all love watching our favourite shows when it suits us. But, none of you are going to perish without it.

To make these changes easier on your kids, talk things through with them. Be honest about the situation and explain why things are changing. It’s a tough conversation to have, and you don’t need to go into the nitty gritty. But, a brief understanding will ensure you get them onside.

THE WHAT

What could tide you over? You’ll spend large portions of your day job searching, but that’s not a full-time job. The applications will run out, and you’ll have at least some level of time on your hands. As such, you can turn to other ideas for tiding yourself over. Small money making methods may not save the day, but they will make the pinch more bearable. If you have a blog, focus your efforts on that to receive more revenue. If you have a hobby, is there any way you could turn it into a career? Selling crafts, for example, could be a good way forward. Plus, all that crafting will ensure you stay busy.

Money matters aside, staying busy is important. If you wallow in what’s happened, you’ll find it harder to get out of that hole. You need to keep your mind active and willing to work. If you have no money making methods to speak of, focus on other things. Decorate the house if you want to. Learn a new language. Just keep busy!

THE HOW

How are you going to pay the bills and mortgage? We had to get here eventually. There’s no way around this reality, and no amount of skimping and saving is going to help. With a bit of luck, your one remaining income will be enough to see you through. If not, it’s time to consider other methods. You could turn to bridging brokers who can take care of financial matters and mortgage payments for the short-term. This will take an enormous weight off, and buy you a little time. Bear in mind, though, that this is a stop-gap option. Such companies work fast, but you’ll pay for it down the line. The sooner you can start paying back, the better.

If this isn’t an option, the person still in employment could attempt to get a loan. Again, it’s a short-term option. But, you’ll likely be dealing with smaller sums of money and longer repayment terms. What’s best for you all depends on your needs. Make sure you know what those are by sitting down and considering your finances. How much do you need each month and how far off are you? Once you know that, you can make an informed decision about what steps you should take.

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