Have you ever received an email from HR that made your heart skip a beat? Losing a job is perhaps one of the scariest experiences in today’s Nigeria.
But while it’s nice to pray against losing your job, is it not better to prepare for any eventuality that may arise?
Well, this is why people talk about preparing for the sudden loss of your job, and that’s what this article is about.
Being prepared does not remove the pain, but it gives you the strength to survive and recover more quickly.
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Here are practical ways to prepare for sudden job loss.
Build an Emergency Fund Before You Need It
An emergency fund is like a safety net. If you lose your job today, you should have money set aside that can keep you afloat for at least three to six months. This money should cover basics like food, rent, transport, and bills.
It doesn’t have to be a considerable amount saved all at once. Start small. Save a fixed percentage of every salary. Even if it is just 5,000 naira monthly, consistency builds a cushion that will protect you when life throws surprises.
Diversify Your Income Streams
Depending on only one salary is dangerous. Your company could close down, your boss could change plans, or the economy could crash. This is why you need extra income streams. Fortunately, there are so many things you can do outside office hours.
It could be selling thrift clothes, baking, tutoring, photography, or running small online services. Technology has even made side hustles easier to manage. When one stream dries up, the others keep you going.
Upskill Continuously
The job market is like Lagos traffic – constantly moving and unpredictable. If you’re not upgrading your skills, you’ll be left behind. Don’t wait for your company to send you for training. Take online courses, attend workshops, or learn on YouTube.
Skills in tech, communication, project management, and digital tools are in high demand. Every new skill is like a weapon in your arsenal. When you lose one job, those skills can open the door to a better opportunity. See it as an opportunity to stay ahead and stay relevant.
Reduce Debt and Live Within Your Means
Imagine how stressful it will be to lose your job and still owe half your salary to a loan app. Debt makes job loss a nightmare. To prepare, reduce unnecessary borrowing and pay off high-interest loans as soon as you can.
Also, resist the urge to impress others with a lifestyle you can’t maintain. That new phone, car, or aso ebi may look tempting, but ask yourself if you could still afford it without a salary.
Build a Strong Support Network
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When you lose a job, money is not the only thing you need. Support from family, friends, and professional connections is just as important. These are the people who can recommend you for new jobs, share freelance gigs, or even help you stay afloat for a while.
Don’t wait until you’re desperate before reaching out. Build genuine relationships now. Offer help to others when you can. The network you build today can be what turns your period of unemployment into a bridge to better opportunities.