NOTE: This is a part of a new series of articles about money and stress, which has been a big concern for readers here. For more help on the subject of bringing more money into your life, using the Law of Attraction and EFT, read 10-Day Money Makeover.
In today’s economy, you can hardly turn on the news without hearing about another company threatening layoffs. Unemployment is becoming a bigger problem than ever as unemployment rates rise nationwide. If you or your spouse have lost your job recently, you know that it can cause a significant money stress for your household.
When you’ve lost a job, there are many things you need to do to keep from going under financially. The very first thing is to find out what kind of severance benefits will be available from your company. Not all companies will offer a severance, but if you’re lucky enough to work for a company that does, you need to find out exactly what they will be offering to you.
Find out if the severance package includes an extension of health benefits and other types of insurance benefits. You should also find out if you’re going to receive a lump sum or extended payments. This will help you to make a decision about what to do next in your situation.
Next, you’ll need to talk to your local unemployment office. The phone lines for these places are usually very busy and you may find yourself on hold for a long time. Take advantage of online claims you can file at the websites for state unemployment offices. You may even want to go in person if you have a question.
You also need to decide how you’ll spend your time. For some people a job loss provides an opportunity to go back for more job training. It can also give you the chance to find a job you like better or that fits with your skills. Many people stay in a position for years when their skills and qualifications afford them better work. In this situation, a layoff can be a blessing in disguise.
If you haven’t lost your job yet, but you think it could happen in the near future, it’s time to start preparing your household. Begin eliminating unnecessary expenses from your budget and put those funds aside. Just having a small emergency fund can help to supplement an income loss.
Start looking for a new job before you lose the one you have. It can sometimes take weeks or months to get a new job and you need to prepare early for the possibility of a job loss. Get your resume polished and start looking online to see what’s available in your area. You should also begin networking with everyone you know to see what possibilities are available.