Losing your job can be one of the most frightening experiences of your life. If you’re like a lot of people, you probably don’t have a tremendous amount of savings stored away for a crisis like this. However, if you keep your wits about you and follow a few simple steps, you can navigate these rough waters and come out on top.
Take a Financial Inventory:
You will need to take a long, hard look at every financial tool available to you. This includes severance packages from your previous employer, unemployment benefits in your area, savings and earning opportunities that are available to you. Once you’ve taken an inventory of all this, you will better know what your plan for job seeking or retraining must look like.
Make Changes to Your Cost Structure:
In times of economic hardship, sacrifices must be made. Every extraneous expense in your budget needs to be dealt with so that you can exist on the least amount of money per month. You should definitely cut back on any utility and phone plan that allows you to do so. Developing and adhering to a strict food budget is also a good idea.
Obtain Legal Advice:
If your situation is particularly dire, this would be a good time to seek counsel from a legal professional. Major cities often have quite a few options for people seeking bankruptcy counseling, like a Chapter 7 attorney. Sacramento is no exception. By getting in contact with a legal professional at an early point in the process, you can maximize the effect that legal strategy can have on your circumstances.
Pound the Pavement:
It can be difficult to put yourself out in the job market right after dealing with the loss of your previous job. However, there is no time to waste. You must get back out there immediately with a newly revised resume and knock on doors! Refresh your network, use internet sources of network opportunities and apply! Even if you have the financial ability to weather a year’s unemployment, time is of the essence.
While it will probably feel like your world has been turned upside down, by staying calm and following these guidelines, you can get through the tough period immediately after losing your job. Just remember that if you take a hard look at your finances ad ask for help if you require it, things will work out.