Lost Your Job - What to Do

 

In today's fast paced business world, there is no such thing as lifetime employment. In fact, the average worker changes jobs more than six times in their career. There was a time when an individual would join a company after completing their education and stay there until retirement but those days are long gone. With corporate re-engineering and downsizing, these words often translate into one thing, layoffs. The threat of losing your job, with little or no warning, has become a reality that must be prepared for. Begin your planning now so in the event a layoff occurs you will be ready. Not doing so can leave you with limited resources to meet their monthly expenses. This scenario often leads to an accelerated use of credit, increased levels of debt, and damaged credit.

Prepare your resume in advance. This will save you valuable time once it becomes a reality and immediately begin to search for a job is more than appropriate. Prepare an emergency savings fund with a minimum level equal to 3-6 months of living expenses. This step is crucial to many aspects of financial planning as it provides funds to pay the bills so that do not go into debt while looking for another job.

Continually network within the business community as you never know when someone you talked to a few months back will end up recommending or even hiring you. Learn new skills if you expect that they will be required in your profession. This will make you a more valuable company resource and reduce the likelihood that you will be laid off. Even in the event that you are let go these new skills may assist you in finding a new job.

If you are laid off, begin looking for a job immediately and do not take a break to regroup. The quicker you begin looking the quicker you will find something. The less time you spend without a job, the less likely you will begin to accumulate new debt. Take advantage of resources the internet and professional recruiters and always file for unemployment. Get this process started quickly just in case it takes a while to find a new position.

You might need to consider relocating or if your financial situation is dire enough, consider moving to more affordable housing. You should consider a part time job since working morning or evening hours will leave plenty of time during the day to look for something permanent. This could help you to pay the bills without relying heavily on credit.

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