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If you’ve just been laid off, you’re likely feeling pretty overwhelmed by the task ahead. Suddenly losing your income is tough. It’s even more stressful when it’s unclear where the economy is headed and who else is hiring — especially if you’re the main breadwinner. But plenty of people have successfully weathered a job loss, and you can too. Some are even better off because of it. As you navigate this difficult period, remind yourself that you control more than you think. And having a plan for both your bills and your mindset is key. Here are five important steps for coming back from a layoff.1. Tell everyone: Even if you don’t feel like broadcasting it, don’t be shy about telling people you lost your job. There are often accommodations that can be made, but only if you ask.
◦ Check to see whether you’re eligible for government assistance like unemployment benefits, SNAP, or Medicaid. (Even if you have a house or a retirement account, you may qualify for more than you think.) Here’s a good place to start.
◦ Reach out to your lenders to explore temporary support like lowering your interest rate or deferring your payments.
◦ Before you pay full price, especially to a civic organization like the YMCA, ask whether they have need-based financial aid. You might be able to get help with your gym membership, your kids’ summer camp, or even your Amazon Prime subscription.
2. Shift into triage mode: Now’s the time to hunker down. Comb through your bank statements or budget app line by line to figure out which expenses can go. And challenge yourself to think outside the box. (Eating out is a biggee, but how much can you cut from your budget if you buy generic brand groceries, cut your own hair, or take the bus instead of driving?) When you’ve got a ballpark survival budget, take stock of your savings, unemployment benefits and any other income (child support, investment income) to gauge how long that money will last.
3. Establish your Plan Bs: Hoping for the best but planning for the worst means having a Plan B if you run out of money before you find a new job. To ease your anxiety, maybe come up with Plans C and D too. Could you take a temporary job outside of your field? Move to a cheaper location? Although you’d like to avoid tapping into your retirement fund, it is a viable last resort if you can accept the costs. Same with borrowing on your credit card or taking out a personal loan. Come up with timelines and triggers as you consider these options.
4. Take a breather: Research has shown that unemployed people facing economic pressures are particularly vulnerable to mental health declines, which doesn’t help your chances of getting a new job. And anger, sadness, frustration, confusion, and fear are all totally valid emotions right now. So let them run their course. Do what you need to do to process them. (Tetris, anyone?) Then you can move on to your next step with a clear head.
5. Make lemonade out of lemons: Nobody’s job is perfect. And when each day is a grind, it can be hard to zoom out and consider the big picture. Use this break to take stock of what you liked and didn’t like about your old job so you can figure out where to go from here. Maybe that’s leveling up your skillset, switching careers, or going freelance. And while you’re doing that, take advantage of the reprieve to get more exercise, reconnect with friends, or enjoy a hobby. All of these things will help you feel recharged once you’re back on your feet.
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