Laid off. Now what?

Laid off. Now what?

YoungWealth.comBeing laid off from work can send a person into a panic at any age. Older workers (hopefully) have savings to fall back on. Younger ones who haven’t had a chance to accumulate much in the way of savings or investments might feel like they’re out on a limb and someone’s sawing at it.

So you’ve been laid off. Don’t freak. It’s not forever. You will find another job. In the meantime, there are some constructive things you can do rather than mope around the house, watching television, and eating ice cream.

1.File for Unemployment: Do this immediately, before anything else. It’s not hard and you’re just being silly if you don’t take advantage of this benefit. Swallow that silly pride and get real. Being unemployed is just a speed bump in life; don’t let it de-rail you.

2.Start Looking for a New Job: When is the best time to start looking? Today! The day you walk out of your old job. Network. Tell everyone you know you’re looking for work. Get into a routine of searching job sites and sending out letters of interest every single day. Until you are hired, your job is to find a job.

3.Tweak Your Resume: Add your last job to your resume and take advantage of the opportunity to update and revise the whole thing while you’re at it. Be clear and focused with your language. Try to keep it to one page – never more than two, and tell your references they might be getting a call.

4.Get Health Insurance: If you had health insurance at your old job, federal law requires they make it available to you for 18 months after you are laid off. You’ll have to pay the whole monthly premium yourself but it’s still cheaper than buying an individual policy off the street. Without it, one accident and your whatever savings you might have had could be toast.

5.Cut Out Extras: Now would be a good time to learn to go without cable television, your morning Starbucks latte and other frivolities. You can add them back in later but, for now, you need to be clipping coupons and eating Ramen noodles.

The main thing to keep in mind is that being unemployed is not forever. Finding work is simply a numbers game. The more jobs you apply for, the nearer you are to securing your one.

The Young Wealth Team

Flickr / erix!