Laid Off? Put Your Finances in Order

Recession has brought many people face to face with unemployment. Being laid-off is extremely painful because you are not at fault and yet you are penalized. The sudden disruption of your income can create panic within you and your family, especially if there are no considerable savings to back you up.

The first thing you need to do is take a long look at your finances and get them in order. You will definitely survive this setback. However, it is important that you survive it with the least pain. Here are some steps that you need to take in the event you are laid off:

1. File for Unemployment Benefits – This is something you should do as soon as you can. You would be able to get some money – about $500 per week – which will relieve your financial burden to some extent. This unemployment benefit can last up to 26-70 weeks.
2. Announce it to Your Network – More often than not, people land jobs through networks within weeks from being laid off. This is because there are many jobs that require certain skills and qualifications that never see a job notice board. These jobs are only circulated through networks and filled in only through recommendations.
3. Look for Part Time Jobs – It is important that you find something to do, not only for the cash, but also for your mental satisfaction. Sitting at home brooding and panicking would help no one. Look for part time jobs in your area of expertise and outside it. In other words, at this moment the important thing is to earn some money while staying engaged. Do not be too picky on this one.
4. Go Online – There is a huge potential out there for all types of professionals. Whatever skill you have, you can practice it online. Offer your services as a freelancer and you may work out a very profitable niche for yourself in the virtual world.
5. Slash Expenses – It goes without saying that until you find another job and are again secure financially, you need to cut down on all extraneous expenses. Buy in bulk and only the stuff you need. For healthcare, check out federally-funded health centers. Here you pay what you can afford and these kinds of health centers will give you the necessary medical care without draining your finances.

It may seem like the end of the world, but it is not. With a few strategic moves and a little determination you will be able to bounce back in no time.

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