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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.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

See if this feels familiar: You were excited for this year’s tax refund, but now that you’ve used it, the next one feels a very long way off.

Or, you just swallowed a nasty tax bill that’s going to take you months to recover from.

If you can relate to either of these scenarios, it’s probably time to update your tax withholding. A big refund typically means that you’re significantly overpaying the IRS throughout the year, and a big bill means that you should have been paying more.

Updating your IRS Form W-4 with your employer can correct for either, raising or lowering your paychecks accordingly.

(If you’re wondering why in the world you’d want to give up a tax refund, read this.)

But taxes are such a black box that it can be hard to know what to change. That’s where the IRS’s Tax Withholding Estimator comes in.

By filling in some basic pay stub information, this online tool will not only estimate how much you would owe or get back if you don’t change anything for the rest of the year, but will also fill out a new W-4 with recommended figures for eliminating any bill or refund. (Don’t worry, it doesn’t ask for your name or record the information you input.)

Now, if you want to tinker with the amounts the tool spits out, then it gets a bit trickier.

But in short, increasing Line 3 on your W-4 will reduce the amount of tax withheld and increasing Line 4(c) will increase it. (Pro tip: If you want your take-home pay to be bigger, increase the amount on Line 3. It looks like it’s just for people who claim dependents or other credits, but it’s not.)

So what? Your W-4 is a powerful form. Adjusting it now can potentially put more money in your pocket or help you avoid having to catch up later in the year.

And even if your most recent tax return was spot on, it’s worth running the withholding estimator at least once a year. (Or whenever you get a second job, buy a house, or have another big life change like a marriage or divorce.)

Related Reading

•   When Should I Adjust My W-4 Withholdings? (Jackson Hewitt)

•   W-4 Form: How to Fill One Out in 2025 (Nerdwallet)

•   Why Your Tax Refund Is Nothing to Celebrate (Tax Foundation)

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM20250505SW

April Showers. May Flowers?

Investors will navigate a busy week ahead, with a schedule that includes an always-important Federal Reserve meeting, a bevvy of corporate earnings reports, and economic data releases.

Collectively, these elements will help provide context on the post-Liberation Day economic landscape and potential market direction.

The main event is the Federal Reserve’s May 7 meeting. While market pricing suggests only an 8% chance that the Fed lowers its benchmark interest rate from the current 4.25%-4.50% range, there could still be some market-moving fireworks in the post-meeting statement or press conference.

Any commentary regarding tariffs will be a major focus point for investors, especially in light of last week’s negative GDP report that was distorted by a surge in imports and inventories.

The ongoing corporate earnings season adds another wrinkle. Though most of the mega-cap tech companies have already reported their earnings, reports from companies across various sectors will provide valuable ground-level perspectives on business health and outlooks amidst current economic conditions.

Finally, key economic data will offer fresh readings on the economy’s momentum. Following last Friday’s jobs report, this week we’ll see the ISM Services Purchasing Managers’ Index (PMI). Despite the survey being so-called soft data (qualitative information collected through surveys), it remains valuable because the service sector constitutes a large portion of the U.S. economy. In the current environment, the survey could signal brighter days ahead or an early warning of intensifying storm clouds.

Economic and Earnings Calendar

Monday

•   April S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment.

•   April ISM Services PMI: This index from the Institute for Supply Management tracks how purchasing managers across different services industries feel about the business environment.

•   Earnings: Clorox (CLX), Cummins (CMI), Coterra Energy Inc (CTRA), Ford (F), Diamondback Energy (FANG), Henry Schein (HSIC), Loews (L), Realty Income (O), ON Semiconductor (ON), Palantir Technologies (PLTR), Tyson Foods (TSN), Vertex Pharmaceuticals (VRTX), Williams Companies (WMB), Zimmer Biomet Holdings (ZBH), Archer-Daniels-Midland (ADM), American Electric Power (AEP), Assurant (AIZ)

Tuesday

•   March Trade Balance: Trade, made up of exports and imports, is an important driver of economic activity.

•   Earnings: Archer-Daniels-Midland (ADM), American Electric Power (AEP), Assurant (AIZ), Advanced Micro Devices (AMD), Arista Networks (ANET), Ball (BALL), Constellation Energy Co (CEG), Corpay (CPAY), Duke Energy (DUK), Devon Energy (DVN), Electronic Arts (EA), Expeditors International of Washington (EXPD), Fidelity National Information Services (FIS), NortonLifeLock (GEN), Global Payments (GPN), International Flavors & Fragrances (IFF), IQVIA Holdings (IQV), Gartner (IT), Jacobs Engineering Group (J), Jack Henry & Associates (JKHY), Leidos Holdings (LDOS), Marriott International (MAR), Mosaic (MOS), Marathon Petroleum (MPC), Super Micro Computer (SMCI), TransDigm Group (TDG), Waters (WAT), WEC Energy Group (WEC), Wynn Resorts (WYNN), Zoetis (ZTS), APA Corp (APA), Atmos Energy (ATO), Axon Enterprise (AXON), Bunge Global S.A. (BG), CDW (CDW), CF Industries Holdings (CF), AmerisourceBergen (COR), Charles River Laboratories International (CRL)

Wednesday

•   FOMC Interest Rate Decision: The Federal Reserve will announce any changes to monetary policy after the conclusion of its two-day FOMC meeting, in addition to providing commentary on the economy. It’s one of eight regularly scheduled meetings per year.

•   March Consumer Credit: Borrowing activity gives insight into broader economic activity.

•   Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.

•   Earnings: APA Corp (APA), Atmos Energy (ATO), Axon Enterprise (AXON), Bunge Global S.A. (BG), CDW (CDW), CF Industries Holdings (CF), AmerisourceBergen (COR), Charles River Laboratories International (CRL), Corteva (CTVA), DoorDash (DASH), Dayforce Inc (DAY), Disney (DIS), Emerson Electric Co (EMR), Fortinet (FTNT), Johnson Controls International (JCI), MarketAxess Holdings (MKTX), NiSource (NI), NRG Energy (NRG), Occidental Petroleum (OXY), Paycom Software (PAYC), Rockwell Automation (ROK), Skyworks Solutions (SWKS), Bio-Techne (TECH), Texas Pacific Land Corp (TPL), Trimble (TRMB), Uber (UBER), Verisk Analytics (VRSK), Vistra Energy (VST), Akamai Technologies (AKAM), ConocoPhillips (COP), EPAM Systems (EPAM), Evergy (EVRG), Expedia Group (EXPE), Federal Realty Investment Trust (FRT), Kenvue Inc. (KVUE), Alliant Energy (LNT), Microchip Technology (MCHP), McKesson (MCK), Match Group (MTCH)

Thursday

•   1Q Productivity and Unit Labor Costs: These measures provide a breakdown of how productive workers were per hour of work and at what cost.

•   March Wholesale Inventories and Sales: Wholesalers often operate as an intermediary between manufacturers and retailers, serving as a key part of the goods supply chain.

•   April New York Fed Survey of Consumer Expectations: This is a measure of peoples’ expectations for inflation, jobs prospects, earnings growth, and more.

•   Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.

•   Earnings: Akamai Technologies (AKAM), ConocoPhillips (COP), EPAM Systems (EPAM), Evergy (EVRG), Expedia Group (EXPE), Federal Realty Investment Trust (FRT), Kenvue Inc. (KVUE), Alliant Energy (LNT), Microchip Technology (MCHP), McKesson (MCK), Match Group (MTCH), News (NWS), News (NWSA), ViacomCBS (PARA), Insulet (PODD), Solventum (SOLV), Sempra Energy (SRE), Molson Coors Brewing (TAP), TKO Group Holdings Inc (TKO), Tapestry (TPR), Viatris (VTRS), Warner Bros. Discovery, Inc (WBD), Fox Class B (FOX), Twenty-First Century Fox Class A (FOXA), Simon Property Group (SPG), STERIS (STE), Applied Materials (AMAT), Cisco (CSCO), Deere & Company (DE), Take-Two Interactive Software (TTWO), Walmart (WMT), Copart (CPRT), Home Depot (HD), Keysight Technologies (KEYS), Nordson (NDSN), Palo Alto Networks (PANW), Lowe’s Companies (LOW), Medtronic (MDT), Target (TGT), TJX Companies (TJX), Analog Devices (ADI), Intuit (INTU), Ralph Lauren (RL), Synopsys (SNPS), Williams-Sonoma (WSM), Deckers Outdoor (DECK), Ross Stores (ROST), Workday (WDAY), AutoZone (AZO), Agilent Technologies (A)

Friday

•   Fedspeak: New York Fed President John Williams will deliver a keynote address at the Reykjavík Economic Conference and participate in moderated Q&A. Fed Governor Adriana Kugler will deliver a keynote address at the Reykjavík Economic Conference. Chicago Fed President will give opening remarks at a Fed Listens event. Fed Governor Michael Barr will give a keynote address at the Reykjavík Economic Conference. New York Fed President Williams and Fed Governor Christopher Waller will participate in a panel discussion called John Taylor and Taylor Rules in Policy. St. Louis Fed President Alberto Musalem, Cleveland Fed President Beth Hammack, and Fed Governor Michelle Bowman will participate in a policy panel discussion at the Hoover Monetary Policy Conference.

•   Earnings: Copart (CPRT), Home Depot (HD), Keysight Technologies (KEYS), Nordson (NDSN), Palo Alto Networks (PANW), Lowe’s Companies (LOW), Medtronic (MDT), Target (TGT), TJX Companies (TJX), Analog Devices (ADI), Intuit (INTU), Ralph Lauren (RL), Synopsys (SNPS), Williams-Sonoma (WSM), Deckers Outdoor (DECK), Ross Stores (ROST), Workday (WDAY)

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Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.