How to Provide for Your Family if You Lose Your Job
The pandemic caused by COVID-19 has impacted individuals in diverse manners. Several individuals have witnessed their loved ones suffer, and ultimately, succumb to the disease. Many have been forced into unemployment, leading to unplanned shifts in their career paths. Numerous people have been displaced from their homes, uncertain about securing a warm and safe shelter.
This means some people have had to move in with other friends or family members, or even lived in their car for a stretch of time until the pandemic ends. How can you overcome these trials and come out stronger because of them? Homeless auto insurance is important to look into if you are forced to live out of your vehicle.
Getting health checkups for your kids if you’ve lost your job and your insurance is extremely crucial. We’ll help you figure out the best ways to provide for your family if coronavirus caused you to lose your job and your way of life. There are no easy answers, but there are always ways to make it slightly better or more bearable.
Getting Odd Jobs and Using Passive Income
If you lose your main source of income, you may have to start thinking about how to get other jobs that are flexible in scheduling. This means you can juggle two or three passive income streams that can add up to your original main income.
If you always enjoyed selling things as a kid, imagine what you can sell in your current situation. Does your mother have the best snickerdoodle recipe in the world? Get out there and knock on doors with a fresh batch of cookies. It may feel demeaning, but you need to keep money coming in, and it’s putting a skill of yours to good use.
Consider cashing out your retirement savings to get some immediate money in your pocket. There will be higher tax rates on 401{k} accounts when they are cashed early, so understand that this is a desperation move and sacrifice is necessary.
Alternative Housing Options
We all know our home is so much more than the shelter it gives us. Houses can be relaxing sanctuaries to come back to at the end of a long day at work or school. Having the nicest place to live that is affordable will help your mental health and improve your performance and outlook during many different tasks.
Consider refinancing your home for a cheaper monthly rate. Taking more years to pay off the loan makes the payments easier to handle. It does force you to pay more in interest fees, though. If you are confident you will have more money down the line, refinancing might be the best option for you.
Unfortunately, losing your job may make it impossible to keep paying your mortgage on your house, even if it is refinanced. If you can’t handle this type of responsibility, ask a family member for a small loan until you can get back on your feet with a new job or alternative source of income.
Not everybody will be able to help you. They may be experiencing their own problems during the pandemic, and it’s important to remember that. If you are facing this situation, you might have to sell your home and find a cheaper housing alternative. Look for a small apartment with rent that amounts to less than your previous mortgage costs.
Choose a two-bedroom unit and have kids bunk in one room while parents bunk in the other. Sharing your living space is a necessary evil of not having enough money.
See if your family members or friends can let you stay with them for a few weeks until you can afford to move into another apartment.
Living in Your Car
If nothing else is available to you, there is the option of living in your vehicle. This is incredibly difficult to sustain. There is no place to work a remote job, and there are many laws against parking and leaving cars vacant for hours at a time so you can go to work.
Still, some people have to make it work for a temporary time. One thing you can do to make your car hospitable for your family is to make sure you have adequate auto insurance.
Let your agent know you are now living out of your car and they may be able to help you with the best policies for your situation. Anti-theft insurance is very important in this case, as is rental car insurance. Getting into an accident would mean you would have nothing else to call home. Your car would be in the shop.
Rental car insurance may help you pay for a rental substitute while your main car is in the shop getting repairs. Communicate these issues with your insurance company. They may be able to help you find the most realistic rental option for your family.
One of the hard parts about getting homeless auto insurance is you don’t have a permanent address. Communicate with your agent about what can be used as an alternative address. Other family members can co-sign the policy, or you can use your P.O. box as the address.
Talk about these alternatives with your insurer, though, so you don’t get in trouble for fraud or other deceptive practices.
Taking Care of Children
The most important thing you can do during rough times is put your children first. Kids can’t choose their family or the problems that come from it. Whatever you do, put their happiness first. You need to find enough money for food so they won’t go hungry. When clothing for the winter is on the list, they get the coat and you can wait a little longer.
If you can, try to get life insurance so your family can survive if you die. You may be able to get free life insurance for a low-income family.
If your kids are older and they feel guilty about all the work you are putting in to maintain your family life after losing employment, they might just chip in to help. Teenagers are resilient and capable of so much more than most people realize. Ask them if they want to get a part-time gig after school at a place that interests them.
The job will serve a dual purpose. They will explore their interests and take care of their loved ones during rough situations. Don’t force the issue. Instead, treat them with respect and allow them to figure out their place in this new normal during the pandemic.
Whatever happens, you know your family is working as a team to overcome this horrible time in our world’s history. Working together, anything is possible.
Shawn Laib writes and researches car insurance for the car insurance site, CarInsuranceComparison.com. He wants to help families understand the best ways their cars can help them overcome the troubles caused by the pandemic.
