During the COVID-19 pandemic, many employees have been asked to take unpaid leave or a pay cuts, or worse still have found themselves out of a job. Imagine how financially distressing it can be when a stable source of income is cut off. Don’t let a pebble in the journey become a hurdle. Here are 9 tips to manage your financial, physical and mental health proactively while overcoming these difficult times. Remember that every cloud has a silver lining.
1. Spend less and fine-tune the budget
You may need to change your current lifestyle to make your savings last longer. While expenses for necessities are inevitable, you could cut back on the non-essential ones, such as “nice-to-have” online subscriptions and streaming services. Among everyday expenses, it’s probably easier to curb spending on shopping and food.
2. Repay on time to avoid penalty
Remember to pay your monthly mortgage and bills on time. Never make a minimum payment for credit cards to avoid interest or penalties.
3. Being honest with your family
Your family is your best support. Let them know your situation so everyone can be on board to make the necessary adjustments to help lighten the household expenses while you look for a new job.
4. Avoid speculative investments
Do not use your severance pay to invest in the hope to making quick money or you could end up with substantial losses. If you are in need of money, you may want to consider selling off some of your investments that do not incur penalties or heavy losses.
5. Make use of insurance grace period
If you have an insurance policy in place, you may check with the insurer if you can be granted a grace period on your insurance plan premium payment during unemployment to relieve your financial burden for the time-being.
6. Make money through a clear out
In addition to job searching and learning new skills, you can also clear out any unwanted items in your home or closet, and sell them online to make some extra money.
7. Be resilient and find a part-time job
Bee patient during your job hunt. Keep an open mind and stay connected with your friends and contacts, and hopefully they may be able to alert you to any suitable roles. Consider taking on a part-time job or freelancing to bring in some income. Upskill yourself by enrolling in a class or training programme that can give you an edge when job hunting.
8. Stay healthy, mentally and physically
It can be quite normal to feel frustrated, but you should never allow yourself to fall into depression as it can be harmful to your health and well-being. Try opening up to some close family members or friends who can give you some encouragement and emotional support.
9. Explore external support
Find out what support programmes, such as financial allowances and training courses are being offered by the Government and social welfare groups, and see if you are able to apply.
Here are some unemployment support programmes offered by the Government and NGOs:
- Unemployment Support Scheme:
The Unemployment Support Scheme under the Comprehensive Social Security Assistance framework relaxes the asset limit by 100% for six months. It will be open for application from June 2020 till end of the year.
For details：Social Welfare Department - Community Care Fund
Cash allowance for unemployed or underemployed applicants. The scheme is still under planning.
For details：Community Care Fund - The Community Chest Anti-NCP Rainbow Fund
It supports individuals and families suffering from sudden hardship inflicted by COVID-19. Those interested can contact social workers of the assessment centres in their neighbourhood for more application details. The fund is now opened for applications.
For details：Assessment Centres - “Love Upgrading Special Scheme” by Employees Retraining Board
Various 2-3 months long training courses are available, and eligible trainees are entitled to special allowances. Enrolment period closes on 30 June 2020.
For details：Employees Retraining Board - Emergency Unemployment Support Scheme
Families who have lost their source of income due to the outbreak may apply for allowance from now on, subject to availability of funding.
For details：Power of Love - Emergency Unemployment Fund by FTU
Offers financial assistance to persons from different industries in need. Applications are open now till 15 September 2020, subject to availability of funding.
For details：The Hong Kong Federation of Trade Unions
