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In this crazy, mixed-up economic downward spiral, thousands of people are losing their jobs every day. Often, there is no rhyme or reason to it, and no matter the circumstances, it’s usually met with anxiety, depression, worry, and emotional pain. If you have a family to support, losing a job can be catastrophic. There is nothing anyone can say to alleviate the pain or make you feel better. Unfortunately, you have to surge forward!
The old saying, “What doesn’t kill us makes us stronger,” is applicable in this situation. It may not feel that way at first, but there is truth in the idea that when one door closes, another opens. Losing a job can be just the thing to redirect you toward a career you’re truly passionate about. Many people find that when they lose a job, they experience a personal sense of freedom that has been hidden for years. Why? Because often, making changes is the most difficult aspect of life. However, when we’re forced to change, we can realign our energies with the things that matter most. If you can make it through the financial hurdles, you may find that you are better off in the long run.
Strategies for Navigating Job Loss
There are several strategies that economists recommend when you lose your job. First, you should be willing, ready, and able to negotiate with your employer for a severance package that benefits you. Once they offer you one thing, ask for more, and make sure you’re being treated fairly with regard to the medical insurance being offered.
The second strategy is to get recommendation letters and performance oaths from your employer and outside companies you’ve worked with. You’re more likely to get a job when you have valid references. This also helps you network your “unemployment” status to organizations you’re familiar with, which can open the door to new opportunities.
The third strategy is to remain versatile. Don’t limit yourself to jobs that pay the same and have the same job description as your previous position. Being flexible and willing to explore new opportunities will get you back into the workforce more quickly. If you simply need to earn money, take the first job you can find to help keep your bills in line.
Another financial strategy when losing a job is to immediately review your household expenses. Families often find that they’re paying extra for services like cable, home phone (when they have cell phones), childcare, eating out, fuel, and other non-essential monthly expenses. Cancel unnecessary services right away, and if you’re in the middle of a billing period, you may even receive a few refund checks. Contact creditors to take advantage of any credit protection services they offer, such as lowering interest rates, which can help save your credit rating. As long as you can stay afloat, you’ll be fine!
It is always recommended—especially with the stock market being so unsteady—not to touch your pension or stock programs unless absolutely necessary. In fact, a consolidation loan or home refinance may be more lucrative in the long run than cashing in on retirement plans. There are many free financial services available to help you make good decisions. You can also check out free online services like LowerMyBills.com for more tips on how to lower your monthly expenses. You can compare plans and rates across multiple services, which will help you find the lowest rates and most competitive plans for all your monthly bills.
Of course, there is more to consider than financial ramifications. Emotionally, you must take some time for yourself. Relax, reconnect with yourself, enlist family and friends for support, and regain your self-esteem after the blow that losing a job sometimes causes. When you adjust your frame of mind, you’ll likely figure things out and see that a better path has been waiting for you all along. Often, job loss frees up your time and eliminates many of the excuses people make to avoid pursuing a lucrative and rewarding idea, such as starting their own business or working from home. A good swift kick in the butt never hurts anyone!
There is more to life than work. Whether due to necessity or because we’ve become entrenched in routine, it’s easy to forget this. Joblessness is never easy, and it may require you to use your creative ability to think outside the box and stay positive. However, it is not the end of the world. For many people, part of finding success is knowing where to look and remaining open to new opportunities. Your new job is out there waiting for you! As long as you remain confident and wise in your financial decisions, you’ll likely look back in just a few short months and be grateful for the experience of losing a job.
