Unemployed? Immediate Actions To Take Right Now

Have you recently found yourself unemployed?

It may seem like the world is crashing around you but all is not lost. Yes, you will have stress from not having an income and the sting of having to rely on the emergency fund or dip into credit cards for a while, but many see their joblessness as a blessing in disguise.

Do know this: there is light at the end of the tunnel. You will find a new job.

If you keep your wits about you then you can come out better than ever. Now’s not the time to take it personal and become illogical in your decisions. Keep your head on straight, take these actions, and the next job you land will have you looking back at this moment with glee.

Making Your Way Back to Employment

There are a few quick don’ts that’s worth mentioning before we get into the positive actions when you find yourself without a job.

Don’t do these:

·  Bad mouth and bash your former employer on social media

·  Set up blinders as to why you were fired or let go

·  Dip into valuable investments like your IRA or 401k

Remain calm. Breath. Now do these to start moving forward…

#1: File for Unemployment

Take this afternoon to look into unemployment eligibility and getting the process started as soon as possible.

Processing unemployment takes a little while so the sooner you’re able to apply the better. You can expect to start receiving unemployment checks around the 2-3 week mark. The amount that’s paid is dependent on your state, former ages, and benefits.

You will receive benefits for 26 weeks (unless you’re able to find a job) though it may be possible to fall under the Emergency Unemployment Compensation (EUC) program which extends benefits up to 73 weeks.

#2: Refine Your Skills & Update the Resume

Now is the perfect time to brush up on skills and learn ones which make you an asset to future employers. The position may have been phased out due to changes in the industry or you may have been fired due to the inability to perform your tasks.

There are several ways to improve your skillset:

·  Online or local community college classes

·  Networking and apprenticeship

·  Personal projects

·  Non-profit work

The point being is to avoid becoming “rusty” in your line of work.

The second part is to update the resume for modern standards and requirements. A lot may have changed since you last applied. This is your opportunity to add new references, skills, and accomplishments – the factors that will improve your chance of being hired.

#3: Cut Expenses & Rework the Budget

Finances become scarce when you’re out the job, unemployment only pays so much, and eventually, the emergency fund (and credit cards) will run out. It’s unwise to continue frivolously spending on the non-essentials, trying to keep up with the lifestyle, when unemployed.

Cut or reduce these (if possible):

·  Cable subscriptions

·  Cell phone plan

·  Eating out

·  Monthly bill payments (try haggling)

·  Heating and AC

Then, create or rework a budget (if you have one) to account for all the regular bills, any possible income, and normal expenses you have on a month-to-month basis. It’s here where you will find a path to stabilize until you land a new job.

It Will Get Better

The time spent unemployed is discouraging and stressful considering that bills will continue to roll in. Give it enough time and things will get better. You must be persistent in your pursuit of employment.

A few other things:

·  Reflect on the direction you’re going with your life

·  Accept that not everything will go according to plan

·  Roll with it and use this as an opportunity to revisit lifestyle goals

Your new job is job-hunting. Commit the time you’d have spent at work to find a new career path. One day you’ll look back at this day as a pivotal moment in your success.

What suggestions and actions would you give to someone that’s recently lost their job?

Join our newsletter

Get financial tips from a licensed professional directly to your inbox.

Powered by ConvertKit

Speak Your Mind

*