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Losing your job is a stressful situation.
Besides financial stress there is emotional stress. There is a lot to process in the event of job loss. We have come up with 15 things to do when you know you are going to lose your job.
The economy is always changing.
The economic market is always changing country by country, city by city it can be different. A long standing job opportunity could now be a contract position or part time opportunity. Job security and long term employment appear to be a thing of the past in some professions.
Downsizing, cut backs and lay offs don’t just hurt one industry.
It hurts all industries, it hurts communities, it hurts families. When the oil industry took a hit, all industries took a hit. Another example would be when a mill town shuts down the main mill, the main income earner. Every business in that town feels the lack of money flow.
What do you do when you know you are going to lose your job or if you are going to quit?
If you know that your employment situation is going to change you can prepare and change your outcome, elevate some stress and prepare for the future. Being proactive is the best thing.
15 Things to do when you know you are going to lose your job:
- File all unemployment and insurance forms necessary
- Have an honest talk with your spouse and family about the changes that will take place
- Print off your resume and start job hunting
- Build up your emergency fund
- Set a budget
- Cut the cable and any “extra” money draws
- Start pinning frugal living tips
- Start stocking up on rice, beans, pastas, tomato products
- Start buying bulk, cheap foods and storing them for during your job loss
- Start making your own bread and pastries
- Start using a meal plan
- Learn to make meals that stretch your resources like soups, stews, slow cooker meals
- Fill the pantry and freezer with food
- Start looking for side employment
- Look for things you can sell to make extra funds
You will get through the tough times.
Be strong, be grateful for all that you have. You will get through the hard times. Make sure you have a cheerleader to cheer you up when you are down. Job loss can be stressful but it is only temporary. The more prepared you are ahead of time the easier it will be. Utilize this list to prepare. Start living more frugally and saving money and you will get through.