10 Things to do after a job loss
If, like a lot of people, you have enjoyed steady employment, and a reliable income, you have built a lifestyle and entered into a comfort zone associated with that lifestyle that may come with a hefty price tag. We have ways of justifying our activities, particularly the high end activities such as travel, entertainment, clothing and personal luxuries such as massages and mani/pedis.
So now there you are. Out on the street with your box containing your coffee mug, the contents of your work cubby and your layoff notice. Job loss can happen at any time, for any reason. It may be as a result of economic downturn, sudden illness or disability, or in some situations by choice. Whatever the reason, whether it be by circumstance or by choice, how prepared are you to be suddenly without all or a significant portion of your income?
Loss of income brings personal stress, financial stress, relationship stress, loss of confidence, hopelessness and nights spent tossing and turning while trying to figure out how to handle the situation and how to move forward.
So how can you prepare for this? The experts suggest that you have enough savings to cover basic expenses for 3-6 months set aside in an emergency account. Most people don’t. If you find yourself suddenly out of work with in an emergency situation with no income source, no severance pay, no savings, no plan and only the money in your pocket, here are some ideas for you.
1. Revise your monthly budget or create one if you don’t have one. List all of your absolutely non-negotiable monthly expenses. Remove any unnecessary expenses that constitute wants and not needs. Pare your expenses down to bare minimum to determine the least amount of money that you can survive on.
Gather enough money to hold you over until the Unemployment insurance comes in and recognize that when it does come in you will be living on a reduced amount of money. With a straightforward claim it may take 6 weeks to receive the first cheque after filing. Calculate how much you will need to just get by until the first payment comes in. The most important priorities are the roof over your head, food and medicine and transportation to look for work or to get to work once you find a new job.
2 Contact your local food bank and social service agency to determine whether you may qualify for any financial assistance.
3. If you have things that you don’t need or use that you can sell on online or by any other means, gather them together and find a way to sell them. Online selling sites, garage sales, pawn shops and social media are all good places to consider if you have things that you can sell and need to to sell them quickly to raise cash.
4. Contact your bank to see if you can skip one month mortgage or car loan payments. If you have to be late with your rent your landlord will serve you with a 14 day eviction notice, but the notice is void if you pay the rent within the 14 day period.
5 .Check to see if you have any points on any of your credit cards or points cards that you can cash in use to cover expenses. If you have loyalty points with a grocery chain, now is a good time to use them to stock up on food essentials.
6. Get your resume in order. There are different types of resumes. If you are a professional and know that you will be competing for entry level retail positions with hundreds of other people, you need to “dumb down” your resume. Walmart may not want to hire you to stock shelves if they know you are going to bolt back to your old line of work as soon as the economy picks up. Update your Linked in Profile. Contact the people on your contact list and let them know you are looking for work.
7 .If there is a neighborhood Facebook page or website, put it out there that you are looking for work.
8. Contact and register with Temporary “Temp” work agencies.
9. If your Unemployment Insurance claim is denied, appeal the decision.
10. Revise your priorities. The immediate period after layoff or job loss is about survival. It is a time and find a way to create a plan B. If there has to be a silver lining let it be redefining the way that you thought that you had to live in order to live dream or keep up with the Jones or just to live within your own comfort zone.
With creativity and a new plan based on info that you were unaware of or never has a reason to pay any attention to, there are alternative ways to rebuild your life and to fulfill your wants and needs.
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