Facing job uncertainty can be a major stressor. Combined with the responsibility of raising a family, it can present a real concern to parents. If you’re uncertain about the future of your job, it can be beneficial to take steps to build your cushion of savings, protect your income and find work for the future.
In this article, we will explore some of the key ways that working mums can help protect themselves and their families in the event they lose their jobs.
Look For Remote Work Opportunities
Remote work can be an excellent choice for working mums. It can allow you the flexibility that can be invaluable when juggling childcare and work. You could consider looking for a role that allows remote work on a part-time or freelance basis. This will enable you to supplement your primary income and build up a stronger safety net of savings.
Continue Your Professional Development
Your professional development can help keep you employable and allow you to find another role if you need to. You should work on your professional development as often as possible. There are plenty of online resources that you can use to help you grow your skills, with both free and paid courses available.
Build A Strong Safety Net Of Savings
It is a good idea to have at least six months of savings as a safety net. This is crucial to ensure you and your family don’t struggle if you lose your job. There are plenty of ways you can save more each month. For instance, you could consolidate any loans or credit cards into a lower interest loan.
You could also cut costs on your groceries by switching from branded to generic products. It may help to keep a budget and track your expenses so you can identify areas for improvement.
Keep Track Of Changes In The Business And Industry
It is essential to be aware of any changes in your industry that may impact your employment. For instance, new regulations or innovations in automation may threaten your job security. The more you know, the better you will be able to prepare for future challenges.
Consider Appropriate Insurance
Insurance can be an invaluable safety net for anyone concerned about their job security. You could consider income protection insurance that can payout up to 70% of your gross income should you lose your job.
This can be particularly beneficial if your concerns about job security are because of a health concern or injury. Check out the information from industry leader Drewberry for more details on how this insurance could benefit you.
Increase Your Networking Efforts
Networking can boost your chances of finding work. The more people you have as professional contacts, the more likely it is that they will be able to help you find employment. You should always be careful to present a professional and competent image when networking. You could attend networking focused events such as conferences, trade shows and conventions to help build your network.
Start Investing And Diversify
Investing your money can help put you in a stronger financial position. To begin with, you could consider investing in stocks and bonds. Ensure you find help and advice from experts and professionals if you haven’t invested in the stock market before. You should also ensure your investment portfolio is diverse so that you won’t be badly impacted by shifts in any one market. For instance, you could invest in property as well as the stock market.
Consider A Side Gig
If you have any hobbies or skills that could earn you some extra cash, you could consider setting up a side business. This could be on a freelance basis, or you could open an online store selling products. Some skills that are sought after include proofreading, copywriting, coding and web design. There is also demand for handmade goods such as knitted items, embroidery, wood carvings and more.
Take Care Of Your Mental Health
Uncertainty about your job security can cause major stress. It is vital to take care of your mental health during challenging times. It may help to find healthy ways to manage stress, such as meditation, yoga or relaxation techniques.
If you are concerned about your mental health, it may also help to talk to a mental health professional such as a therapist or counsellor. You could also talk to your doctor about medication that could help.
Refine And Improve Your CV
It is important to always have your CV up to date and ready to go. It is a good idea to carve out time each month to tweak your CV and ensure it has all the correct information. You could also consider talking to a jobs coach or career advisor to help you improve your CV and ensure that it shows you and your talents to the best possible advantage. Many people struggle with CV writing out of a natural dislike of talking themselves up, so help from a professional can be invaluable.