How to Survive a Lay Off?

Surviving a lay off can be scary and tough, but it is possible. Knowing how to survive a lay off is a matter of knowing where to cut expenses while conserving what you do have in reserve for as long as possible. Here are some basic tips:

• Keep at least three months worth of paychecks in savings at all times, if possible. Pretend that money doesn’t even exist. That’s your emergency fund.
• If you don’t have three months worth of savings, cut back all nonessential expenditures as soon as you learn of your lay off. Cable TV, book clubs, entertainment, clothes shopping: All are possible places to cut back.
• Apply immediately for whatever government assistance is available: unemployment compensation, food stamps, retraining programs. Don’t be proud or stubborn and don’t put off applying.
• Talk to your creditors. If you have charge cards or other recurring bills that might be hard to pay on time, let each creditor know your situation and ask them to work with you.
• Take a lesser job temporarily if you can. Even a small weekly income can help you get through until you can find another good full-time position.

Surviving a lay off requires you to keep you spirits up while paring back drastically on your expenses and looking for work every day. Make sure you take good care of yourself and enlist the emotional support of friends and family.

A lay off is also a good time to reevaluate your future goals. Check out new career directions and retraining opportunities. You could discover an even better job than the one you lost is just around the corner.