Don’t Panic! The Next Steps After Losing Your Job

It’s a sad fact of life that no one is totally immune to layoffs. It doesn’t matter whether you’ve been at your company for two years or twenty, there’s always a certain degree of possibility that you’ll find yourself out of work. Like so many others, you may have found yourself out of work unexpectedly, and may be feeling the panic closing in. If this is the case, here are some financial tips which should see you through…

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Look at your Spending Habits

When everything’s going good, very few people make a point of keeping tabs on their spending habits. Aside from the big ones like mortgages, rent and car expenses, many of us don’t pay enough attention to our other spending habits. What’s your average weekly grocery bill? How much do you spend on eating out? What about utilities, insurance and so on? Now that you’ve lost a major source of income, it’s essential to become more aware of your spending habits as a first step towards repairing your situation.

Look for Ways to Cut Back

If you’ve been laid off or you’re facing job loss in the future, you need to formulate a plan for cutting down expenses. Now that you’ve got a better idea of your spending habits, adjust them to a new budget that will eliminate as many unnecessary expenses as possible. Look for more affordable places to eat out, find days out closer to home, and try cutting your big nights a little short. Read a book rather than paying for another series. You shouldn’t cut out entertainment completely, as you’ll need to keep your spirits up to take a proactive approach to your problem.

Negotiate your Severance Package

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When you’re let go, provided it’s not over any kind of gross misconduct, you’ll be offered some severance pay. Ideally, you would have looked into this when you were first hired, and negotiated it then, as this is when you have the most bargaining power. However, you can still negotiate a better package when your contract is terminated. If you’ve been let go due to an injury, you should also look into negotiating this. Worker’s compensation pay-outs can often become quite complex, and commonly involve legal professionals like Taradash workers comp and injury lawyers. You should always start by talking to your HR department and finding out what your position is.

Find Part-Time Work

Obviously, you’ll start looking for a new position as soon as you know you’re losing your job. While it may not be what you’re capable of, don’t totally neglect the idea of part-time, possibly low-paying jobs. Yes, they may not be as satisfying as your last job or anything close to a long-term solution to your troubles. However, any amount of income will allow you to stretch your available financial resources that much further. While it would be best to find a part-time position that’s in your field, there may be opportunities somewhat tied to your hobbies or interests. Remember though, your main job is to find a new, full time job!

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