Every month, six million people either lose or leave their jobs. While losing a job can be difficult, it’s not the end of the world and you can get back on track more easily than you might think.
After losing a job, it’s common to feel a bit shell-shocked and unsure of what to do next. There are a few different steps you’ll generally want to take as you start moving in a new direction.
Here are five things that you should do after you’ve lost your job.
1. Create a New Budget
After getting laid off, take a close look at your financial situation. Losing a source of income can have a big impact on your life, so you need to take inventory of what you have.
Review how much money you have in savings and look at your current expenses to see if there’s anything you can eliminate or reduce. Create a budget based on the money you have available and develop a strategy for how you’ll spend it until you get a new source of income.
2. Apply for Government Programs
After losing your job, start looking into government relief programs. File for unemployment to ensure you’ll get the benefits to cover lost wages and help you through this difficult time.
Depending on where you live and your unique situation, there may be other government programs that you can use to make ends meet as well. If you’re unemployed due to a disability, learn about the process to qualify for SSD benefits.
3. Get Health Care
After losing your job, consider your healthcare situation. You may be able to continue using your employer’s health care for 18-36 months after being laid off thanks to the Consolidated Omnibus Budget Reconciliation Act (COBRA).
Alternatively, consider getting on your spouse’s health plan or looking for coverage in the Affordable Care Act (ACA) marketplace. Compare your options and have a plan for handling medical costs that come up.
4. Lean on Your Network
It’s tempting to keep your unemployment to yourself, but it’s best to do the opposite. Communicate with the people in your network and let them know that you’re unemployed and looking for a new job.
Many great jobs are found through family and friends, so keep this in mind. By letting people know you’re unemployed, you’ll likely get back to regular employment more quickly.
5. Set a Routine
Once you stop going to a workplace regularly, it’s easy to get complacent and let days and weeks pass by. Instead, aim to get into a new job hunt routine immediately.
Set a schedule for scouring the job boards or set a goal for the number of jobs you want to apply for each day or week. Setting goals and following a routine will make it more likely that you’ll quickly find a new job.
Recovering After You’ve Lost Your Job
If you’ve recently lost your job, then you’ll need to take steps to get back on track again. Creating a new budget, applying for government programs, and getting into a routine can all be helpful steps to take. Although the transition can be difficult, taking the right steps can help make your life easier after losing your job.
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