How To Survive Financially After Losing Your Job

by Leon on March 18, 2013

how to survive after losing your jobLosing a job can be devastating, but it’s an experience that just about everyone has to go through at some point. Perhaps you were fired for a critical mistake, maybe you were replaced by another ambitious professional, or it’s possible that you’ve simply been laid off as a result of company-wide downsizing. There are a million and one reasons why you may have lost your job, but that’s not important now. The past is over and done, and you need to focus on making progress in the future. Financial survival after job loss should be your first immediate concern.

Begin by taking stock of your finances so that you can figure out where you stand in the world. Calculating your income should be relatively simple at this point. If you have any future pay coming to you, in uncollected checks or severance pay, include those figures in your calculations. Figure out how much money you have in your savings, credit, and assets, and then start looking over your expenses. Prioritize your bill payments and spending to put the most essential expenses first. You may have to make some sacrifices in the near future, but cutting frivolous expenses out of your budget can help greatly in relieving your present financial strain.

After figuring out a budget, you’ll need to start thinking of ways to generate income. The first option, though not always desirable, can be a great help–unemployment benefits. Put your pride on the shelf for now and find out if you’re eligible to collect unemployment. Some individuals find this prospect embarrassing, and try to stubbornly push their way through rough patches without assistance. However, these benefits programs exist just for people like you and you should take advantage of them, especially if you have a family depending on you.

Of course, unemployment is only a temporary solution and not the most ideal prospect for many people. You’ll want to get back to work as quickly as possible, so be sure to take the job search seriously at this time. Do not, however, forget the necessity of frugal living. Buying a new suit and getting an expensive haircut before a promising interview may seem like a good idea, but remember that you don’t have money to spend on such things right now. Brush up your resume, start perusing online job postings, and make the job search your full-time job until your prospects start to bear fruit.

Throughout your job search, as you budget your time and money to make financial survival as easy as possible, remember to look for permanent solutions rather than temporary fixes. Accepting a job that doesn’t suit you may be tempting, but it’s usually not a good idea. It’s going to become more difficult to continue the job search once you start working, and you may find yourself stuck in a job that you hate if you decide to compromise now. Remember what got you into your chosen industry in the first place, and set your sights for success.

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