Losing your job can be a huge shock and upheaval in your life. Figuring out what to do next, how to pay your bills and finding the motivation to get yourself back on track all feel like insurmountable tasks.
However, there are ways to handle losing your job like a pro – in ways that will help you manage the financial repercussions, give yourself space to heal and get the ball rolling towards a new job ASAP.
Figure Out Your Finances
First of all, the most important thing you need to think about is paying the bills. The very first thing you need to do is file for unemployment benefits if you know that you’re eligible. However, if you file for unemployment and find that you are denied, you can seek out legal advice on unemployment appeals.
On the other hand, you might have an emergency savings fund built up, a side hustle to keep you going or even a family member willing to help you out. Make sure you know how much you have to work with and how long it will last you.
Take a Minute to Breathe
Once you know how to handle the financial blowback of this issue, take a moment to breathe. Losing your job is a huge blow and will have emotional repercussions too. Allow yourself time to feel what you need to feel, process what has happened and figure out how you can heal – coping will look different for everyone.
Although this is a turbulent time, things could still work out for the best. Keep in mind that this could be an opportunity to land your dream job, pivot your career or start that business you’ve been dreaming about.
Work on a Personal Budget
Next, since you already know what funds you have to work with until you get a new job, it’s time to figure out how to allocate them. You’ll need to get serious about your monthly budget and start planning your finances more strictly.
Nobody really knows how long it might take to find a job, so you have to be prepared to work with limited cash flow for the next while. Look at cancelling unneeded subscriptions, putting gym memberships on hold and figuring out where you’re able to reduce your spending to accommodate your current situation.
Work on Your CV
Now that you have some time on your hands, there’s no better time to update and improve your resume and CV. Include all your relevant experience and skills and make sure that it’s appealing to the types of companies you’ll be applying to.
With a jazzed-up resume, you can start applying for jobs or start thinking about launching a new business venture. You might even want to look into an easy part-time gig like a waiter job until you manage to land something more permanent. Don’t let the job-hunting journey overwhelm you. Put yourself out there and be open to the new experiences that are about to come your way.