How to achieve long-term goals as an unemployed?

Every individual owns a dream. Whether it is about starting a business, buying a franchise, or enjoying retirement. However, finances may surprise you anytime. You may have been saving for your goals for a long but now you cannot. Why? Simply because- you lost your job.

Unemployment means slashing down your lifestyle. It implies:

  • Reducing expenses
  • Just marking essentials
  • Avoiding overspending
  • Zero or minimal savings

Therefore, the very first question that strikes the mind after losing a job is –

What about my life goals? How will I achieve them?”

It is especially scary if it’s already 12 months of unemployment.

You cannot dedicate towards every goal with your present financial situation. That’s a fact. However, you can prioritise your long-term goals as per your finances and risk-taking abilities.

If you find yourself on the fence regarding re-tracking your lifestyle goals in unemployment, the blog may help. It lists some ways to dominate finances and move ahead with your goals. Of course, without impacting the minimal bottom line.

However, let’s first understand the insecurities unemployment grips an individual with.

What are the top insecurities of unemployed people?

The unemployed suffer from a million thoughts in just a row.  From the rent payments topping up the anxiety table to the child’s education, one stays insecure throughout unemployment. Here are other insecurities that you may relate with:

  • Moving places to a cheaper rental
  • Meeting the groceries necessities
  • Insecurities about qualifying the benefits and heartbreaking rejections
  • Mounting electricity and utility bill payments
  • Halting the car loan payments and losing one
  • Fear of the dreams getting delayed

The article focuses on the last insecurity of the unemployed- Fear of deferred dreams and how to counter that. Whether you fear losing your car on finance or inflexibility to provide your child with the best education, you can achieve it. Here is how:

7 Ways to achieve your goals as an unemployed

While this guide may not assure success, it will surely provide en-route to your achievements. If confused about where to begin, read ahead:

1) Analyse your savings

While most unemployed people run out of savings, some still have a sound share. Explore it. You can take investments, emergency funds, and cash savings into account to calculate. Identify the total number.  Calculating the money would help you plan your expenses ahead. If your savings are small, you will have to prioritise goals accordingly.

2) Identify the existing income (in any form)

While you may not have a regular income source, part-time and income from benefits counts as income. Thus, analyse the income you have. If you find it insufficient, check whether you can increase it.

You can spot different government grants for children, groceries, rent and education expenses with the government. It can help you stay afloat in unemployment and avoid debt like- pending rental payments.

  • Prioritise goals with income available

Falling finances does not imply compromising on goals. Instead, you can take charge of it yet again. You need to prioritise your goals practically.

Precisely, analyse goals you can still achieve with your available income and finances. Alternatively, think- about how to get additional cash to support one of your goals.

For example- If you hold £10000 in total by combining income and savings, you can use it only to clear the pending utility bills. However, if you also have an upcoming wedding event. You would need more cash flexibility.

Here, options like long-term loans for the unemployed with no guarantor can help. It may help you cover the minimal amount without any guarantor. You can use it for short-term wedding expenses like wedding cards by providing a relevant income source.

However, it is just an example. This situation is ideal for the one having too many debts. You can use the money for your most urgent goals.

4) Seek ways to maximise income

Once you get going, you can hop over to the next big event just as easily. Identify the next big goal and analyse some earning ways.

Of course, you cannot go further with minimal backup!

Here you may find yourself at crossroads:

  • Paying off the short-term loan you just took
  • Saving for the next big goal without affecting the minimal lifestyle costs

The only solution to both of these issues is- ALTERNATIVE INCOME SOURCE.

Explore the online growth opportunities, and list your job requirement on some of the top job portals. While you may not get a regular job quickly, part-time ones are easier to find.

You must identify the next goal, the amount you need, and the timeline before seeking and getting a part-time job. It would help you avoid walking towards your goal without leaving it on hold for years.

Identify if you are comfortable with 4-5 part-time jobs.

Although it will help you cover your goals slowly, it must not hamper your health. Be watchful of that and adopt a healthy lifestyle. Do not worry much about the finances here.

5) Track your goal performance and timelines

Well, how is it going?

Yes, you should ask yourself often:

“Am I leading this the right way?” 

“Do I have a good grip over my finances and goals simultaneously?” 

It is important in case you took up business set-up as a prime goal. It could be really difficult for an unemployed. From designing a business plan, registering a business, and patenting the business idea to seeking investors, you need constant capital through the pipeline. You may have got one lump sum off 401k, but what if- an emergency expense drops in between?

How would you move ahead with your business here?

Don’t worry, if you have been investing hard in your business and the efforts are visible, do not have to give up. Just check a business loan with no credit check in the UK area. It would help you cover up business shortfalls. Although you can get these loans without a detailed credit screening, you can use them only for the short term.

For example – you can update the inventory, work on last-minute product development, or bridge costs to business trip bookings.

6) Improve your financial standards

While the above aspects may help you keep going with your goals, nothing can substitute full-time employment. Search and update your profile accordingly. You may get one if your profile looks good and you share the necessary skills. Moreover, apart from spending your time hitting goals, upgrade yourself. It would help improve your resume and help you get a good-package job.

Bottom line

So, yes, you can work and achieve your goals despite unemployment. However, consistency, money flow and prioritising goals are critical in the process. One must work towards improving income while working on your long-term goals. You can get a hand over the finances and your goals alike.

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