How to Financially Cope after being Laid off
After being laid off, it can be confusing and frustrating trying to figure out what to do next. You have the emotions to manage, the shock to get over and then the stress of financial obligations begins to set in. Take a deep breath and try to relax a little bit, there is a light at the end of the tunnel. Read on for some soundfinancialtips.
Budget
Sit down with a good cup of coffee, pad of paper and a pencil. Calculate your monthly expenses and then figure out what can immediately be eliminated or at least reduced. Do not allow yourself to feel bad about cutting back, you are helping yourself and your family by saving as much money as possible. By re-figuring your budget, you will have a better understanding of where you are financially and what needs to be covered (rent, utilities, etc) soon. Tip: even after you are back on your feet, keeping a tight reign on your budget each month can help prevent panic should something happen in the future.
Start making some extra money
Look in your local paper and online for ways to make some extra cash. Ideas for temporary cash earners include freelance work (photographer, writer, editor, etc), virtual call center, babysitting, yard work and even hosting a couple of yard sales. These are ideas for bringing in some quick cash, while you are looking for a new full time job. The reason you want to immediately start looking for ways to earn some quick cash is so you can feel better and because you never know what kind of professional connections you can make in the process.
Put yourself out there
Update your resume and start applying for jobs that you are qualified for. You cannot sit around and expect a job to find you. Besides, it is better if you get out and about rather than sitting at home stewing on the lay off. The best thing you can do for yourself is to keep busy and keep a positive attitude. Do not make the mistake of applying for a couple of jobs and then sit back and wait for an answer. Hit the news stand and online job boards every day until you start hearing back from potential employers.
Dealing with the aftermath of being laid off is not easy for anyone. Unfortunately, bill collectors do not care what the situation is, they just want their money. Therefore make a nice pot of coffee and start putting together your financial game plan for dealing with less money coming in right now. The next thing is to find ways to get some money coming in again as soon as possible. The most important part: do not allow yourself to get discouraged, things will pick up, it just takes time for things to fall into place.
