In this job market, it’s hope for the best, prepare for the worst. Companies are reporting layoffs daily. Unfortunately, job security isn’t at its peak right now. You should always plan for the unexpected, no matter how unlikely you think it might be, and that includes a layoff.
Update your resume. Make sure you’ve updated your resume to reflect your latest duties and accomplishments. If you wait until after you’ve left your job, you forget to add something important. Having your resume updated gives you one less thing to worry about as you search for a new job.
Network. Connect with friends and relatives who work in other companies. It’ll be easier to ask someone for a job favor if you’ve recently been in contact with them than if you haven’t spoken to them in years. Always look for opportunities to talk to new people. You never know who’s going to help you get into your next job.
Build an emergency fund. You can’t predict how long you’ll be looking for a new job. In the meantime, you’ll need some money to live on. An emergency fund will help you pay the bills until you get a new job. Put enough money in your emergency fund to pay three to six months of living expenses.
Pay off some debt. If you can get rid of some credit card debt while you’re still gainfully employed, you’ll have fewer bills to worry about if you lose your job. Build your emergency fund first, though. You can always float on minimum credit card payments until you’re able to pay first.
Get to know your unemployment laws. In the event of a layoff, new legislation could allow you to receive up to half your income for 39 weeks. Check with your state’s unemployment agency to find out more about the unemployment laws where you live.
A layoff is most painful when you’re unprepared for it. Take a few steps to stabilize your financial life and a layoff won’t hurt so badly.
To learn how to manage your debt, click here.
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