5 Ways You Can be Prepared When Facing a Job Loss
When you do get laid off, it’s easy to feel panicked. You have bills to pay and kids to take care of and a family that relies on your income. What are you going to do? Now more than ever, people need practical advice about unemployment, especially if their job is in an industry that could disappear overnight due to new technologies or global trends.
In the following article you will learn how to prepare yourself for job loss and the type of things you can do make it easier on yourself.
The first step is to plan for job loss. Grabbing a pad and pen, write down everything you need to focus on during that time period, from bills/fees to childcare, groceries to a doctor’s appointments. Knowing what your family needs could save you thousands of dollars in the long run.
A wise man once said that a person needs but two things in life: food and shelter. This is especially true when you are unemployed.
One of the biggest mistakes anyone can make is to live beyond their means while they are employed, taking on unnecessary expenses, such as luxury cars or vacations to fancy resorts. If you are laid off, where is that extra money coming from? It isn’t and this is why you need to use wisdom when acquiring new items for your home.
If your refrigerator breaks down, consider purchasing a used one from Craigslist instead of buying a brand-new one from the store. It will save you money and you can use that money to pay for something else important that you would have otherwise left out.
Buying in bulk from grocery stores will allow you to save more money, which is essential while your former employer is paying your bills. You’ll need the extra cash in order to pay the rent and keep food on the table. This is why it’s important to always plan ahead.
In addition, making sure that you have all of your documents up-to-date could help make things easier on yourself once you receive a layoff notice or when you apply for unemployment. You should have copies of your resume and cover letter with you, as well as the names of people that can attest to your work ethic and skills.
It’s also smart to keep a list of your accomplishments and a reminder that you are good at what you do. This could be the difference between getting a job and being overlooked by others, so make sure you are prepared when it comes time to face an interviewer.
When it comes to finances, don’t forget about the bigger picture. Even if you receive a severance check from your employer, you’re still going to have bills due while looking for another job. But have faith that you can pay your bills and be prepared for unemployment.
Steve
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As a job-seeker, it is inevitable that at some point in your life you will lose a job and have to look for a new one. If you happened to be laid-off, then it is still important to keep yourself looking professional and active on the job market. Here are 5 ways you can do this:
Embrace your unemployment. It doesn’t make sense. But let me explain… When I was laid off from my previous job, I was devastated at first. I thought it would be the end of my career and that I would never work again. But a few months passed and I realized that my unemployment was actually a blessing in disguise because it forced me to conduct a lot of updates on my resume, search for new job opportunities, look into what I actually wanted to do next in life and be more proactive about finding it. Now, after almost three months of unemployment, I am back at work as an in-house lawyer at a marketing company.
Get rid of all your credit cards. What do you do with them? You use them. And what do you buy? Whatever you want. And we spend an inordinate amount of money on those things, take them for granted and then throw them away without a second thought. Now that you’re unemployed, why not use your unemployment to not just think about the future but to really make it happen as well?
Accumulate cash. Speaking of credit cards, get rid of all of them except one. The ones you need. Keep only one credit card that has a low limit (less than $1,000) and only used it when necessary. Instead, apply for a cash advance at the bank so that when some emergency comes up (i.e. unemployment), you’ll have some cash in hand.
Don’t go out often. If there is a particular store that you like to frequent, or a certain restaurant or bar, don’t go there for a few months and utilize the money you have instead on paying bills and other financial commitments. Yes, it does hurt. But do it for the sake of your future.
Focus on getting back to work. Don’t think about the negative things that you will be saying to yourself. Keep in mind that you can only be unemployed for a limited time, so use this downtime to re-evaluate what you want to do next with your life. Like I said earlier, it is important for job-seekers to keep themselves looking professional and active on the job market by embracing their periods of unemployment.
Fabella Papapetrou S.A.| PISMA Business