The number of job losses reported was estimated to be around 701,000 in the beginning of April. However, in the last two weeks of March, nearly 10 million American’s have applied for unemployment (1).
Unfortunately, economists believe that this is just the beginning and it is expected that the unemployment rate can go up to 15% (20 million job losses) for the month of April (2).
The Coronavirus Lay-offs
Not only has COVID-19 become a health crisis but it has also proven itself to be an economic one.The numbers of people who have lost their jobs have been deem extra-ordinary. Many struggling with fear, anxiety, and uncertainty.
The economic hardship is for real and many of us may be consumed with thoughts of:
How am I going to pay for my bills?How about my mortgage?How am I going to pay for rent?Will I get laid off?When it is over will I have a place to come back to?Will my job still be there?When is it all going to be over?
With no job or source of income, our personal sense of survival has become questionable. No one expected this and many of us are entering emergency mode if there is one at all.
According to the Federal Reserve Bank of Saint Louis, about 47 million workers could lose their jobs in the coming months (3).
Businesses, big and small, are significantly cutting down. More jobs are diminishing and it seems like there is no end in sight.
What You Can Do In The Mean Time
Many of us are going through a financial crisis. You are not alone. But rather than let the situation defeat you right now is a good time to re-evaluate the circumstance and turn things around for yourself.
How To Be Mindful In Your Current Situation
- Conserve, conserve, conserve — it is not known when this will all end. Everything thus far is an estimated prediction. Nor is it known when the economy will start to pick back up again. But in the meantime whatever you have at the moment, conserve it. Save it like it’s the last $1 that you have. Don’t pay all your credit cards in full. Don’t make any unnecessary and/or impulsive purchases because this is the worse time to do so. On the other hand, relief is on its way. That stimulus check should be spent wisely. But don’t wait for it. Do what you can now and save your finances for as long as possible.
- Remain employable — While you are unemployed don’t just wait for things to become better. Find ways to improve your skills and/or add new skills to your skillset. Make yourself valuable going into your next job. I know many of us who have been laid off are hoping for the best of circumstances when this situation is over. Such as getting ones to job back. The harsh reality may be that the job that you once had, may not be the job you’ll go back to. Which doesn’t necessarily have to be a bad thing. One up yourself and make yourself more valuable to your next employer.
- Learn new skills — Similarly to remaining employable, maybe use this time to consider a new career. These days there are many remote work opportunities. Consider remote careers such as becoming a virtual assistant, a digital marketer, web developer, a virtual English teacher, etc. just to name a few.
- Keep looking for new opportunities — Even though people are losing their jobs several sectors are actively hiring due to coronavirus demands. Such as Amazon and Walmart, to name a few. The key is to keep looking for an opportunity even when you think that there are none. Search until the right offer comes your way and don’t stop.
Filing For Unemployment
According to CNN, 22 million Americans have filed for unemployment benefits since March 14 and many people aren’t able to get access to it (4).
Unable to file, the unemployment system in the setting of COVID-19 has found itself overwhelmed with people needing to get unemployment.
Wellnite Wants To Help
We know that the COVID-19 crisis has affected us all. With so much uncertainty we understand that your emotional well being may be under stress. We are here for you. We provide the most affordable treatments for anxiety and depression.
For more blog posts related to COVID-19 also check out:
"Stories of COVID: Anxiety, My Old Friend", written by guest blogger June Still.
