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Surviving Job Loss

Surviving Job Loss PhotoNo one’s job is safe, and if you do lose that job, you might find yourself in trouble, especially if you are not prepared and do not know what to do. This can be a problem, and things are just so much worse if you have a family to feed. Still, by following some basic rules, you can survive job loss and you can get back on your feet in no time flat.

Act now

Once you’ve been handed your pink slip, do not sulk, and do not drown out your sorrows. As soon as you can, get out there and find a job, as it is only a matter of time before your savings dry up. Nothing would be resolved by drowning yourself in self-pity, so make it a point to get back on your feet as soon as you possibly can.

Live frugally

Since you no longer have a job, chances are your cash flow would stop, too. During this time, opt to try out a minimalist lifestyle. Stop driving the car for a while and unsubscribe for services that you really do not need that much. Cut back on luxuries for a bit as these would surely eat up your savings.

It would be wise if all the members of the family would join in on this, as well. Talk to all members of the household and encourage them to cooperate during this difficult period.

Throw away all credit cards

Credit cards are very tempting to use especially when you have no work and source of income. Do not spend money that you not have, maybe except for buying bare necessities, and always prioritize spending actual cash before resorting to using cards which may carry huge interests if you cannot make payments in time.

Don’t hesitate to ask for help

If you are really strapped for cash, do not be embarrassed to ask for assistance from close friends and family members. Surely you’ll do the same for them if they are in the same situation. Of course, promise to pay them back once you’ve already received your paycheck, and make sure to keep that promise.

Always prepare for a rainy day

Once you’ve gotten a job again, make sure that you would no longer live hand to mouth by saving a portion of your earnings for such a situation. The more money you have in your savings account, the better, especially when the time comes that you will not be earning money for an extended period of time when you are in between jobs.