Quick Ways To Make Money After a Layoff

Losing your job is always a stressful event. Especially when it wasn’t due to a lack of effort, skill, or ambition on your part. However, an abrupt layoff for any reason doesn’t have to mean an endless spot in the unemployment line. The modern world provides several quick ways to make money after a layoff that will help you weather the storm and provide the financial support you need. So take a week or two off to clear your mind and decide which one of these money-making opportunities to try before you find your next full-time position.

Drive for a Rideshare Company

The gig economy provides several ways to make money after a layoff. One that doesn’t have many barriers to entry is a rideshare driver. According to statistics, around 1.7 million Americans drive for either Uber or Lyft as a source of full-time or part-time income.

The average income for a rideshare job is right around $37,000 annually. It’s not too shabby considering you make your own hours. On top of that, most drivers get hired in as little as five days, so you don’t have to wait too long to start earning.

Offer Handyman Services

Even if you were an accountant or marketer before your layoff, don’t think any job is beneath you. Sometimes, the simplest jobs are the ones that pay decently and that few people want to do. One of those is a handyman.

You don’t have to be a DIY professional to become a handyman, you just need to see opportunities. After heavy snow, you can offer to shovel driveways. Or if you notice your neighbor’s porch in dire need of a paint job, you can knock and ask. The idea is to turn your mindset from employee to entrepreneur, channel your inner DIYer, and make yourself a few bucks.

Turn Your Extra Bedroom Into a Money Maker

The gig economy can earn you passive income just as much as it can active income. One of the most popular methods is through one of the online marketplaces for accommodation. Sites like Airbnb and Vrbo allow you to list single rooms in your house to travelers and traveling workers. As long as your visitor has a bathroom and a bed, you can earn an average of about $924 a month, all for listing the room and cleaning it when necessary.

Look at Your Company’s Severance Policy

Although small businesses don’t typically offer severance packages, many midsize and large corporations do. You just need to claim it or negotiate a deal to get a bit of money and/or extend your insurance and other benefits.

If your employer has an employee handbook, start reading it. Within these pages, you can find useful information on what to do in the event of a layoff, what your rights are as an employee, and if you’re eligible for any compensation. A quick call to the HR department can also give you some direction if you can’t find what you need elsewhere.

Consulting or Freelancing

With any luck, you probably made a few connections working at your previous job. Now is the time to put these connections to work for you.

Whatever your expertise may be, you should have the skills and expertise necessary to do a small-time consulting or freelancing gig. Contact your previous coworkers, hop on LinkedIn, and start sending messages and emails.

You may not think you have what it takes to become a consultant or freelancer, but don’t short-change yourself. You were initially hired for a reason. That’s reason enough to move forward with consulting or freelancing as a way to make money after a layoff.

Cut Your Expenses and Make a Budget

So you aren’t going to make money after a layoff by doing nothing, but you can certainly reduce your expenses and create a budget as a way to keep more money in the bank.

To create a budget, you simply need to reduce your unnecessary expenditures or pare them down to the essentials. Food (not delivery or dine-in), clothing, rent/mortgage, and car notes are all necessary to live. Anything outside of these categories should be automatically eliminated from your budget aside from maybe a small entertainment budget to avoid burnout.

Sell Stuff You Don’t Use

It seems like everyone has that old treadmill that’s accumulating dust or the guitar that you just didn’t have time to master. If these and other similar items are lying around your house, storage, or garage, now is the time to sell them.

Some of the best seller/buyer apps like OfferUp, Poshmark, and Decluttr allow you to post an item that you don’t want and list a price of your choosing. If you don’t get the price you want, just hold onto it or negotiate with the buyer. You might just be surprised how much people are willing to spend on lightly used items you may have thought were worthless.

Some things around your home to consider selling to make money after a layoff include:

Dip Into Your Emergency Savings

Many people are hesitant to dip into their savings after a layoff and instead go the debit or credit card route. Unfortunately, this is just asking for trouble. The more debt you accumulate, the more you have to pay back in the future — including interest.

So rather than rack up charges, don’t be afraid to go into your savings. After all, that’s what it’s there for.

Looking for Something Long-Term to Make Money After a Layoff? Virtual Vocations Can Help

Now that you have a bit of extra cash in your pocket, you can hopefully pay your bills and have a little left over as part of your emergency fund. But at some point, you’re going to need a long-term solution.

One silver lining is that a layoff can give you time to think about what you really want to do. That just might include flexibility, work-life balance, and cost savings you can only achieve with a remote job.

If you’re serious about going remote or you just want to see what’s out there, Virtual Vocations has all the tools and resources you need in one place. Sign up for Virtual Vocations today for access to a jobs board with tens of thousands of listings, career services, career resources, and more. If something positive comes out of your layoff, it just might be that you land your dream job. You can’t argue with that.

Which of these tips are you going to use to get a handle on your finances? Connect with Virtual Vocations on Facebook, Twitter, LinkedIn, Instagram, and YouTube to share your thoughts. We’d love to hear from you!