4 Ways You Can be Prepared When Facing a Job Loss

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Photo by CJ Dayrit on Unsplash

The economic turbulences in our world mean that, it may not always be easy for some to remain employed. Talk about the pandemics like COVID-19 that forced many companies to resort to one of the following: salary cuts in some cases or retrenchment in some.

No one had anticipated such terrible turn of events. No, no one.  But many other forces have also meant that traditional employment arrangement may not always work out.

In the industrial age, when faced with financial difficulties companies usually supported their employees including former employees. In addition to that, governments had safety nets in order to help cushion citizens from sudden economic demises. It worked out for many for people.

But today, rules have changed. Everyone is responsible for their own life situation. Not that people have become heartless. With the economic pressures around us, companies and governments have to also look out for themselves lest they should fail as institutions. They have to seek sustainability for their own operations.

This means that chances of being covered should job loss pop up are very slim or even non-existent. So how can anyone prepared for this unpleasant encounter, because in our world job loss has become an inevitable reality. Below are a few suggestions on how we can all prepared for this bumpy ride:

Take a long, hard look at your monthly bills.

Now is the time to tighten your belt and try to get a handle on the interest rates you are currently paying. Can you pay down some of your debt right away? Take note of what your monthly expenses look like. This will give you a sense of what you will have to continue paying up for.

It will help you in coming with a short-term plan. Should you refinance your mortgage or home loan? Now would be the time to take care of this, not after you’ve received your pink slip.

What can you trim in your monthly budget?

You may want to cut out some of the things on which you spend a lot of money on. Some things can be put on hold during this period. During this season, your plan is survival and you don’t want to run into debt.

You should always minimize the chances of stress that may come with financial loss. You are the only one who can decide what you can and cannot live without. Cut back on your dining out and you’ll see more green in your wallet right now, when you need it the most.

Be more aware as you pull out your wallet for every day expenses.

Decide if you really need to buy that item. Now is not the time for a shopping spree to cheer you up. Every cent counts. Buy only and only the essentials. The things you can’t go without.

The life you lived when you were employed can be temporarily be placed on hold. Make an effort to be more aware of where your money goes every day, every week.

Do you know what benefits at work you are entitled to?

Take the time now to ask the Human Resources department what benefits you’re currently enrolled in. If you have health insurance, be sure to get any physicals or medical tests now to make use of this benefit.

Take advantage of any dental or vision coverage you may have- get those eyeglasses or contact lenses updated now or schedule a visit for a check-up at the dentist. Those co-pays are a whole lot cheaper than paying full-price later.

Conclusion

Being aware of the situation, planning and taking action makes you feel more in control of your life. Sure, you can’t do anything about being laid-off and in most cases, (unless you committed gross misconduct on the job) it’s not your fault.

It’s a management decision that will probably wind up changing your life for the better. See this as a new opportunity, not as a loss, and your positive attitude will help you find a new job soon. Good luck!

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Teboho is a Social Worker, Writer and Inspirational Speaker. He is in pursuit of MSc. in Managerial Psychology. Graduates are able to apply psychological principles and methods to tackle challenges in the work environment and provide effective practical solutions. Acting as industrial-organizational psychologists.