In today's economy, keeping your job for the foreseeable future is rarely an absolute certainty. The possibility of losing your job is, unfortunately, always present.
That's why you should never let a sudden job loss catch you completely off-guard. Yes, sometimes a company you work for may notify employees ahead of time about potential layoffs, giving employees time to process and find new work. But other times, the job you had simply won't exist when you get to work in the morning.
But it's not the end of the world -- especially if you're well-prepared. Here are some simple guidelines for getting back on your feet after losing your job!
Re-Examine Your Budget and Emergency Fund
Now that your primary source of income is temporarily canceled, you need to restructure your budget in any way that will help you make it through the next few weeks more easily. You can reasonably expect to find another job sooner or later, but your current budget should look as spartan as possible.
That means cutting out all the extras and frills. Slash your entertainment budget, your junk food budget, even your transportation budget if possible. Limit your expenses to only what's necessary. Then, check your existing emergency fund, and withdraw from it only when you have to.
Tip: for more information on creating and maintaining an emergency fund, check out this recent blog post!
Network Like There's No Tomorrow
Remember all those friends from high school, college, previous jobs, or even in your neighborhood? Some of them might know a place where you can find work. Reach out to them as soon as possible for information about potential jobs, and put in applications wherever possible.
If you are at all savvy on social media platforms, perhaps you have heard of or used LinkedIn in the past. LinkedIn is all about networking and will allow you to make connections with others in your area or your previous industries. By connecting with and reaching out to these people, you may find yourself in a far better position than the one you occupied at your last job.
Consider Unemployment Benefits if Necessary
If you have not received severance pay, a retirement payout, or a form of temporary employment elsewhere, you may qualify for unemployment benefits from your previous company. In Texas, you can apply online or at your local unemployment office, explain your situation, and begin receiving help to bridge the gap until you find more work.
Remember: you still have to pay taxes on whatever money you receive from unemployment benefits, but these are usually collected at the end of the year when it is time to pay income taxes.
Apply for an Online Personal Loan
One of the easiest ways to get through a period without your regular, steady income each week is to apply for a quick and easy personal loan in Longview or Houston from Atlas Credit. If someone else in your household is working, you have existing funds that can help you begin making payments on your personal loan, or you have work lined up in the near future, you can qualify for an online personal loan -- even if you have bad credit.
Contact Atlas Credit today to learn more, and keep reading the Atlas Credit blog every week for more financial information and advice!