Have you ever been laid off from your job? Job loss is can be extremely debilitating, and it’s a truly scary experience, especially if you don’t have a savings set up to sustain you in the meantime.
Losing your job is one of the most traumatizing experiences anyone can ever go through. You lose your benefits and income, job identity, and sense of security, all at once.
You may have a morning routine you follow every day, but the day after you lose your job, everything changes. It may seem like planning for job loss is not practical, but it’s actually one thing you can do to help yourself in case this happens to you. Read on to learn about how you can plan for unexpected job loss.
Confront the Situation
If you just lost your job, you must be going through a very trying moment. It’s understandable if you are angry at your boss or whoever you think was behind it. Some people even go through depression, especially if they have a family to take care of.
You might even be wondering what could possibly be next for you. How will you pay the bills? What about your savings? However, if you are ever handed the walking papers, remember to do the following.
Accept your situation and know you are not the only one going through it. Embrace it as a phase that will pass. It’s perfectly okay and understandable to vent to your family and friends, but limit the amount of time you spend negatively associating this event with your life. Do not think of lashing out at your boss or even your coworkers. Remember that your situation is real and that it’s up to you to do something about it.
Take Your Time and Think Things Through
Since most people are not in their right state of mind at this point, you must take a short break to evaluate the whole situation. Remember, it doesn’t help you at all to have a pity party; they cast everything you do in a negative light.
Give yourself a few days to take it in and then start planning for your next move. You have a lot to prepare for, including how you are going to survive monetarily. If you have a family, how will you provide for them? How about the insurance? Are you able to continue paying for it? Do you want to switch careers or not?
Consider Your Options
The moment you are handed your walking papers, find out whether you qualify for government unemployment benefits. If you are in the U.S., this will depend on the state where you live. You can learn about unemployment benefits eligibility here.
If you have savings or some resources on you, depending on your expenses, find out how long they will last. If possible, avoid going into debt, as paying it back might be a bit complicated. Cut down your costs as much as possible, and learn to live within your means.
If you before relied on employer-provided insurance, now is the time to devise means of paying it for yourself. Job loss can quickly swipe all your savings. As such, shop around for affordable insurance that you can pay for comfortably.
Furthermore, during this period, spruce up your skills. If you are switching careers, find out which of your skills are more marketable and work on them. You can even sign up for classes or take free online courses to network and also improve your skills.
Find a New Job
Unless you still want to take some time off or switch careers, your primary objective should be finding another job. Update your resume and highlight all the skills that you have learned. Let your family and friends know that you are looking for a job. If you are called for an interview, be sure to review interview questions and dress appropriately.
Whereas a sudden job loss hits people hard, it is usually possible to recover quickly and even successfully getting yourself a better paying job. Hang in there, for now; it will be okay! And if you struggle to find a brand new job in the meantime, consider seeking out short-term options like home-based or remote work.