A challenging and unexpected setback like losing your job might leave you feeling unsettled and discouraged. It’s essential to keep in mind, though, that losing your job is not the end of your professional career. It can be an opportunity for development and reinvention. In this article, we’ll look at valuable strategies and insightful information to help you deal with the fallout from a job loss, giving you the tools you need to get back on your feet, develop resilience, and make proactive efforts toward a better future.
What to do if You Are Fired
Maintaining your cool in the face of adversity is a skill that can’t be underestimated. Just as you’d prepare for a sudden job loss by having an emergency fund or a side hustle, you should also be ready to handle the emotional turmoil gracefully. It’s not about suppressing your feelings but rather about managing them in a way that doesn’t hinder your progress.
Remember, it’s okay to feel upset or angry but don’t let these emotions cloud your judgment or decision-making. Instead, channel them into a driving force that propels you forward. Use this time to reassess your career path, update your resume, and reach out to your network. You never know; this could be the push you need to embark on a more fulfilling career journey.
Assess Your Finances
Taking a hard look at your finances is crucial in navigating the aftermath of a job loss. Start by evaluating your savings, checking if you have an emergency fund that can cover your expenses for a few months. If not, it’s time to tighten your belt and cut back on non-essential spending. Consider your debts and how you can manage them with your current resources.
Don’t forget to factor in any severance pay or unemployment benefits you might be eligible for. It’s also a good time to revisit your side hustles, if any, and see how they can be ramped up to bring in some extra cash. Remember, it’s not about panicking but about making informed decisions to help you weather this storm.
File For Unemployment
Filing for unemployment should be one of your immediate actions after a job loss. It’s not a sign of defeat but a practical step to keep you afloat while you search for new opportunities. Each state has its own rules and procedures, so make sure to check the specifics for your location. Take your time with this process; the benefits can take a few weeks to kick in. While it may not cover your entire previous salary, it’s a safety net that can help cover essential expenses. If you qualify for unemployment benefits, don’t hesitate to utilize them when needed.
Develop New Skills
Developing new skills is a proactive approach to handling job loss. It’s about filling time and investing in yourself and your future. Consider the skills in demand in your industry, or even explore a field you’ve always been interested in. Numerous online platforms offer courses in various domains, many of them free or at a low cost. This could be the perfect time to learn coding, digital marketing, or project management. It’s about turning a setback into an opportunity for growth.
Staying positive during a job loss is easier said than done, but it’s a crucial part of the process. It’s not about ignoring the reality of the situation but about focusing on the opportunities it presents. Remember, every end is a new beginning. This could be the chance to pursue a career you’re genuinely passionate about or to start that business you’ve always dreamed of.
Surround yourself with positive influences, people who uplift you and remind you of your worth and potential. Enjoy activities that boost your mood and confidence, like exercise or a hobby. A positive mindset will help you cope and shine in interviews and networking opportunities.
I mentioned side hustles earlier. There are hundreds of them out there for you to choose from. Selling on eBay, freelance writing, and doing virtual assistant work are just a few side hustles you can do to make some money while unemployed. In today’s world, having a side hustle is a must. This article features 70+ side hustles that you can do this month.
Update Your Resume
Update your resume as soon as you can. You should update your work skills and add anything new that you learned at your last place of employment. You want to make sure that your resume is up to date. That way, you’ll find a job sooner than later. If it’s been a while since you had to do anything to your resume, you should check Google for different templates. There are hundreds of them out there that you can use as examples.
Start Job Searching
Now isn’t the time to sit around and be lazy unless you have thousands of dollars in an emergency fund. It’s time to apply like hell for jobs. I’d set a goal to apply to at least 20 per day. That should be the minimum. You can apply on Indeed, Monster, Craigslist, and CareerBuilder. Depending on what industry you’re in, there should be a job board that has different jobs that you may qualify for.
For example, if you work in higher education, you can check out this job board called Higher Ed Jobs. There are hundreds of jobs posted on that site each month. Also, you can check with your previous employer’s competitors. There may be some good jobs available with those companies.
Reach Out to Your Network
It’s not always about what you know. Sometimes it’s who you know. When you get a chance, reach out to your network. Let them know that you are looking for employment. Someone should have a connection somewhere. Talk to your family members, some of your Facebook friends, and even your contacts on LinkedIn. LinkedIn is more professional, anyway. You may find an opportunity quicker. Some people’s pride may get in the way; you must check it at the door. You need a job, so don’t hesitate to ask around. Your next job could be a DM away.
Be Open to Change
If you are fired, it may be a sign that it’s time to change your career. You may have hated your previous job, or you were not appreciated. Now can be an excellent time to start a new career. Reach out to different companies. Get a part-time job during the day and go to school during the evening. You can start a new career quicker that way.
An unexpected job loss is never fun, but life happens. It’s not the end of the world. If you ever find yourself in this situation, these suggestions can help you through the first few weeks after your job loss.
Jason Butler is the owner of My Money Chronicles, a website where he discusses personal finance, side hustles, travel, and more. Jason is from Atlanta, Georgia. He graduated from Savannah State University with his BA in Marketing. Jason has been featured in Forbes, Discover, and Investopedia.