What Should You Do If You Lose Your Job?

It can be an emotional jolt if you’ve recently lost your job. A job loss might also cause short-term and long-term financial worries.

Being laid off is an emotional and terrible experience, and being fired is far worse. You’re out of work, out of a paycheck, and you’ll lose your link with your coworkers since it’ll never be the same again, even if you swear to stay in touch. It’s excruciating.

Experts advise that by taking specific steps sooner rather than later, you can limit disturbance and increase your chances of a pleasant next chapter.

1. If necessary, apply for federal or state unemployment compensation

If you lose your job through no fault of your own, you should be able to get unemployment benefits. Even if you were fired, you might still be qualified, depending on what happened.

2. Consider your health insurance alternatives

Consider:

• A strategy for your spouse/partner. You should sign up within 30 days of your last day.
• Discuss possibilities for ongoing health insurance coverage with your manager or Human Resources department, or look into getting a new policy to cover you while you’re out of work.

3. Create a personal budget

Because your unemployment payment will be less than your paycheck, consider ways to save money. It will also be a lot shorter because a lot of states have cut the number of weeks of unemployment benefits they give.

4. Invest in your personal growth

It may be paradoxical to spend money when little comes in, but remember the ancient adage, “It takes money to produce money.”

If taking a few classes will make you more employable, and you can afford it, do it. During my leisure time, I attended many writing seminars, which enhanced my self-esteem and provided me with a constructive outlet. These also provided an excuse for me to get out of my jammies and practice looking respectable again.

5. Update your resume

Before you start applying for jobs, make sure your resume is up to date. The applicant tracking systems (ATS) that companies and hiring managers use will read your resume. Include your best skills and qualifications and explain how they fit the job. This will make it more likely that you will get an interview.