Lately you hear a lot about people being laid off. That is because right now, layoffs are sweeping the U.S., from Twitter and Meta to Alphabet and Amazon. If you happen to be one of the people caught up in the cuts, take a deep breath everything will be okay. Right now, there are a lot of questions going through your head like “How will I pay my rent?”.
The next thing you should do l is taking a minimum of 24 hours to process this shocking change to your employment status. After that its time to get make sure your house is in order and to job hun. So here is what do to next:
What Exactly Does Being Laid Off Entail?
In the event of being laid off, it’s crucial to recognize that it’s not a consequence of your actions. It signifies that your employer was forced to release team members. The bitter truth is that during an economic downturn, like the one experienced in recent years, companies struggle to cover salaries, leading to job cuts. Regrettably, most businesses don’t let go of employees willingly, but due to necessity.
File For unemployment
Filing for unemployment should be the number one thing you do after you take a second to breath and collect yourself. The reason is, it takes a while to get unemployment after being laid off. And in this case you will need to stretch every dollar and every dollar counts. The sooner you file, the sooner you can get your money. Not only that but if a lot of people get laid off and file that will take that much longer to start receiving benefits.
Make a new budget
It is desirable that you have set aside an emergency fund equivalent to 3 to 6 months of your living expenses to tide over challenging circumstances. Nevertheless, regardless of whether you have an emergency fund or not, it is imperative that you create a zero-based budget considering your current income level.
Upon devising a spending plan, it is advisable to temporarily halt all non-essential expenditures such as gym memberships and streaming services, until your income level is restored to its normal state.
If you need some budgeting tools check out this article if you just need to start a budget, now is the perfect time, check out some tips and tricks here.
Establish Fresh Daily Routines
Given that your schedule has been rearranged, it’s important to make the most of your available time. Your foremost objective should be to seek a new job (which we’ll discuss later). However, if you find yourself with some extra free time presently, it’s an opportune moment to finally read that novel you’ve been wanting to or volunteer in your community, or even spend more time strolling around your neighborhood.
It’s vital not to neglect your personal hygiene, waking up at a reasonable time, or exercising, simply because you’re not going to work. It’s essential to prioritize your mental well-being during these uncertain times.
Start looking for a new job:
Surviving on severance pay or unemployment benefits for an extended period, especially with a family to support, is not feasible. Therefore, it’s vital to get back into the job market as soon as possible. Here are three practical approaches to aid in your job search:
1.) Update your resume. Hiring a resume write can pay off dividends. One of the few things I would recommend to spend money on during this time.
2.) Reach out to anyone in your network and see if they are hiring. Sometimes its not about what you know but who you know
3.) Check online job boards for contract and part-time work. Anything will help, and may who know through doing this you may even find a job you will love.
Conclusion:
Being laid off can be a challenging experience, but it’s important to remember that it’s not a reflection of your performance. Take a moment to collect yourself and file for unemployment immediately, as it can take some time to receive benefits. Creating a new budget and cutting back on non-essential expenses can also help you manage your finances effectively during this time. Establishing new daily routines and taking care of your mental health is equally important. Finally, make job hunting a priority and keep a positive attitude – things will get better eventually. Remember, you’re not alone in this, and with patience and perseverance, you’ll overcome this obstacle.
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