Most of the time, people don’t know in advance that they’re
going to lose their job. The news comes as a complete, and unwelcome, surprise.
If you know you are about to get an income reduction or lose your job, some
advanced planning will transform a potential calamity into an opportunity.
1. Revisit Your Budget
Trim whatever you can out of your spending. Look at your
cable TV subscription, your cell phone or home phone plan, your insurance, and
any other monthly expenses to see what you can reduce or eliminate. You can
usually save money by lowering the quality of your plans.
2. Pad Your Emergency Fund
Most experts recommend having six months of living expenses
socked away in your savings. But in today’s economy, it’s smart to have enough
for at least eight months.
3. Start Networking
Everyone’s situation is going to be different. Some of you
will want to try and find employment as soon as possible. Others will decide to
start a business, or even take some time off to pursue a personal dream, like
traveling or volunteer work.
Losing or leaving your job can be an incredibly
nerve-wracking experience, even if you have done everything you can to prepare.
But keep in mind that your experience is up to you. That is, you can look at
the situation as a catastrophe, or as an open door.
What about you? Are you facing a voluntary or involuntary
job loss? Have you already gone through this? Please share any tips or advice
you may have!
