There is one thing that causes big stress to people in life and that is losing their job. Finding yourself out of work quite suddenly can immediately give you a sense of panic, with bills looming and being unable to see the wood for the trees on how to afford groceries. Sometimes, you can see the loss of a job coming at you. Industry slumps and recessions looming in front of you can help to prepare you for being laid off or made redundant. If you aren’t performing well in your job, you can expect that being let go is going to happen.
Sometimes, you get no warning to be able to financially and emotionally protect yourself from losing your job. And that lack of notice can be difficult to cope with. If you have found yourself at the mercy of an accident at work, you can get some fab advice from work4youlaw.com and work toward compensation for your accident. The thing is, the injury that has laid you off has done that right now, and compensation isn’t something that happens right now! You need to be prepared for a job loss at all times, but you do need to plan what to do to survive.
Ideally, you should know about your finances before you find yourself without an income and not afterward. You need to have savings put aside every month. This may be for a house, a holiday or retirement separate from your 401K, either way, you need to have savings to back you up. It isn’t ideal to dip into these, but sometimes that’s just life. It happens that you have to use money for fun to keep you afloat until you are able to find new work. Once you know where your money is coming from and how much you can put aside each month, you can feel secure that you are ready for the unexpected. Where possible, try to keep six months’ worth of expenses in your savings account at all times to keep you afloat when things go wrong. This means that you have a little breathing room to interview at new companies and find new work.
If you don’t have a huge savings pot, you need to be tracking your credit file. You need to know that you can borrow money or use credit cards if you have to. It’s not ideal to get into debt, of course it isn’t, but sometimes a credit card can be a fall back when times get a little too tough. Relying on family and friends may also not be a possibility, so credit can catch you when you fall. Being laid up with an injury may prevent you from moving into new work, but it could also give you the motivation to start your own venture with your talents. Try not to look at being laid off as necessarily the end of the world; instead, it’s the beginning of being able to find what you truly want to do with your life.