Job Loss Counseling: You’ve Been Laid Off?! Now What?!

Overview
A common question most people who find themselves at high risk for a job loss is, “What am I going to do next?” This is a good question and the first step towards persevering through a challenging period in one's life. However, overcoming a job loss depends on you handle this tough question. For instance, do not send out an outdated resume, but get your marketing strategies and proper collateral in place so you can set yourself up for success sooner than later.

Fear Factor
It is typical for most people to respond to the question, “What I am going to do next?” with apprehension. Responding to this potential life-changing question with fear is not the answer. Yes, you have bills to pay, a mortgage, a car loan… Perhaps you have kids in college. These are all real concerns, but do not just jump to the next job that comes along. Make a decision after a thorough review of your economic situation and prospects.

Back to Basics
Cutting back on expenses is the most challenging part of successfully preparing for a potential job loss. Anything involving change usually scares people, even in a time of crisis. It is easy to go into denial about your job security and financial matters, but you must address your expenses to prepare for a job loss.

Figure out unnecessary expenses, such as additional features on your cable services or cell plan. Think about things that usually go to waste, like not finishing food before its expiration date. Realize your spending habits, break them down and adjust them where necessary. This may be overwhelming at first, but once you start you will be eager to see where you can save money and stop bad spending habits.

Talk with your whole family about expenses that need to be spared, until you are back in a more secure position. Look at your spending in the last two months on your bank or credit card statement. Some organize your spending history by type of expense. There are also programs like Microsoft® Money, which help track and budget your expenses.