It’s a tough economy out there. I know recent college graduates that are still looking for jobs. Sometimes being unemployed can hit you when you least expect it. Other times you might see it coming but you may still not be prepared.
If you’ve recently lost your job, it’s time to get your finances in order. Here are a few tips to help you out while you work on getting back on your feet!
Don’t burn bridges.
Don’t take out your frustration on your boss, you will probably need him for a reference for your next job! He or she may be able to hire you for part-time contract work. Stay professional!
Get help from your former employer
Your company may offer a range of services to help you get back on your feet. Take advantage of any workshops or help in retooling your resume.
Apply for government benefits
If you’ve lost your job you may be embarrassed to go to the unemployment office. Don’t delay, you’ve worked hard and you’ve earned it. Plus many unemployment offices offer other services to help you find that new job.
Cut back
This may sound obvious, but look for ways to cut back. Drop your cable, cut back on cell phone minutes, and search for other ways within your budget to save a little money.
Prioritize your bills
It’s never wise to leave your bills unpaid however if you’ve lost your job you will need to prioritize your bills. Your prioritizes should be your rent or mortgage, utility bills, food, insurance and medicine.
Create a weekly cash flow plan
Once you’ve determined what expenses are a priority you can come up with a weekly cash flow plan.
Call your creditors
As soon as you loose your job call your creditors and let them know you’ve been laid off. Be proactive and discuss with your creditors some type of minimum payment.
Resist overspending
Don’t be tempted to buy a new suit or an expensive haircut to land a new job. Instead of meeting at a business lunch consider meeting for coffee instead.
Network wisely
Get in touch with people who may be able to help you, but don’t take up a lot of their time. Be efficient and have a resume available to give them.
Stay away from your 401k
Unless it is an emergency stay away from your 401K. You will not only pay a hefty tax as well as a penalty. Once you take that money out you can’t put it back unless you take it out as a loan. The last thing you need when you are unemployed is another loan.
In our 34 years of marriage we have survived three job losses, some were totally unexpected others we knew they were coming. It is never easy but you will get through it and be wiser for the experience.
Have you ever experienced a job loss?
Nancy on the Home Front 