Losing your job suddenly can cause a cascade of effects that you’re not prepared for. You have to deal with the reality that getting a new job might take a while. If you find yourself in this situation, here is what 2. you should do:
1. Resolve Any Legal Issue
Sudden unemployment can be caused by legally ambiguous situations involving wrongful termination. It’s best to consult a law firm like Marc J. Bern & Partners to make sure that you understand your employment rights. Write down all the details you recall and gather all possible corroborating evidence. This will help your lawyer understand your case better.
2. Be Strict with Your Money
You might be fortunate to have stashed a couple months’ worth of expenses in your emergency fund. Even so, this is the best time to cut down on spending and tighten the budget where possible. Look at all your fixed expenses and see what you can do without for this period. Call up all your utility companies and ask to downgrade your plans. Go basic for your cable package, and if you can, switch to pure streaming to do away with the cable bill. It’s also time to start paying the minimum on your credit card debt. While paying off debt is ultimately the wiser choice, you need the cash buffer right now. The peace of mind will be worth it. You can easily bounce back to more aggressive repayments when you’re back on your feet.
3. Find a New Job
Many people struggle to find jobs because they fail to spend enough time and effort on the search. It’s daunting and exhausting, but your best bet is to treat your job search as your current job. Spend your 9 to 5 scouring online job boards and contacting recruiters. Customize each cover letter you send to prospective employers. Call up references to make sure they know you’re looking for a job and should expect calls. Taking the job search lightly will only make you feel more miserable and helpless. It’s better to be proactive.
These three tips should help you make it through this change with a more positive outlook. Your next job might be just around the corner, so don’t give up. Good luck!