7 Ways To Pandemic-Proof Your Finances
No one was ready for this. We find ourselves in a world where employment is more precarious than ever before, where entire industries seem to be vanishing, and where no one takes their job for granted. That doesn’t mean you need to panic. What you do need to do, however, is start thinking differently about your career and future planning. Here are seven steps to help you survive the new normal.
Be adaptable Industries such as tourism or hospitality are hurting badly and a lot of people have lost their jobs. While your career path may have may have disappeared, that doesn’t mean you don’t have a future. Your skills may be more adaptable than you realise. If you have worked with budgets or in customer service, for instance, these skills are transferable across various sectors. Do some brainstorming to find which industries may be able to use your particular talents.
Use your network We all know that many jobs aren’t advertised, so if you’re not using your network you are cutting yourself off from potential jobs. Different people network in different ways. Some love a coffee catch-up, others prefer to touch base on Facebook, so find a method that works for you and start connecting. Remember that the most effective networking is a two-way street. Let generosity be your guiding principle and keep an eye out for ways to help other people, whether or not they are able to help you.
Don’t get hung up on status A permanent role is always better than a contract role, right? Not necessarily and especially not in times when so many companies face an uncertain future. Look for positions that will give you income and experience, and keep your career moving forward.
Ask the big question Another misconception you may have is that a pay rise is out of the question. If your company is haemorrhaging money, then yes, it’s not a great time to ask. But if you are in a more stable industry – and there are still plenty of those – and you can make a case that you have taken on a larger workload, more important responsibilities or helped generate higher profits, then it is not outrageous to ask for fair remuneration for the work that you do.
Plan ahead If you are in an industry where job security is a concern, set up a savings program to ensure you have emergency funds should you need them. Consider opening a savings account where you put aside as much as you can afford each week.
Be a multi Multi-skilling and multi-tasking are great ways to make yourself indispensable, particularly if you can score a role on important projects. Before I started working for myself, I always looked for project work that sat outside my day-to-day job. It not only gave me a broader view of the business and added to my skill set, but also provided me with the skills and experience to move to another part of the company if need be. Along the way I met a broad range of people in the company who could vouch for my good work.
Know your rights If you are unsure of your rights and entitlements at work, your union can be a great source of support. Even if you don’t work in a highly unionised sector, there may be a relevant union that can offer resources and support.
Kate McCallum is a financial adviser and author of The Joy of Money.
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