How to Survive Losing a Job
Published February 8th, 2008
A sudden change from two incomes to one, or one to none, can be a huge adjustment that brings up feelings of dread, panic, and many sleepless nights–but it doesn’t have to be that way. The good news is that it can only be temporary, and it’s all a matter of perspective for how we look at such a big change.
This article isn’t designed to minimize anything that you are going through right now. I do know that we are much stronger, and more resilient than we think. Things constantly change in our life, we age, we get sick, we get better, we change jobs–we adapt. What we do, and how we look at the time in between is very important. I believe that everything happens for a reason. At the time, it may not make any sense, but at some point it will–we just need to keep looking forward.
Everybody’s situation is different, and this is by no means expert advice, but I have some ideas from my own personal experience that may be of use to you or someone you love:
Look at the positive in the situation
While there are some obvious downsides to losing a job, what’s done is done, and there will be other jobs. In the meantime, search out the positives of not having that particular job anymore. It might mean that you are no longer overworked and underpaid, that you no longer work for a tyrant boss, or that you no longer spend 3 hours risking your life in commuter traffic every day. Even better, it may mean that you get to reconnect with your partner, friends, or family after life got in the way. Whatever the situation, it’s important to focus on the good things in your life right now, and what you are thankful for as you look for another way to earn a living.
Have a family meeting
Be honest, you have nothing to hide from the people who love you. Make sure that anybody who is dependent on you is aware of the situation. After everyone is aware of what’s going on, talk about the positives, and come up with a plan for what is going to happen next. You might think that you are protecting others by not telling them the truth, but it’s just not so. If you aren’t honest, you only put that much more pressure on yourself to keep up a lifestyle that just isn’t real. All of your energy should be put into moving forward, and finding a new way to earn a living–not maintaining an elaborate lie. Also, being up front with your family, and having them be supportive is going to make it much easier to make the changes you need to right now. They are much more likely to be on board if they know what’s going on and feel included.
Go through a detailed list of expenses with everyone
Anyone in the family that uses money needs to be involved in tracking exactly where every single penny has been going the last little while. This is not to lay blame, it’s simply to figure out where you stand. Add up every single expense, and figure out how much money is coming in. Your next step is to try to bridge the gap by reducing your expenses and finding ways to earn some income to cover these expenses.
Stop spending immediately
Now that you know where the money is going, everybody needs to make a pact to stop spending for anything that is not a need. Review everything that is an automatic deduction from your bank account. You might have forgotten about some of these things if its been a long time. Anything that is not essential can be cancelled. You can always call and add back your cable TV at another date, or sign up again when you decide you’re actually going to use that gym membership. Everyone needs to promise to not eat out or get take out–but have delicious and fun alternatives for work/school lunches and dinners at home. Get creative and challenge yourself and others to come up with good ideas for cutting back on expenses. There’s some major money saving tips in my articles 25 Ways To Save Money, and 10 Ways to Save on Groceries just click on these two red titles to give them a read to help get you started and motivated.
Find other ways to increase your cash flow
If there is anything that has been recently purchased and can be taken back, do so before the next credit card bill comes in and the interest starts climbing because you can’t pay it. Even if you have savings, you worked hard for them, and you need to make them last. If there’s any items you don’t use that you can sell, go for it. You can use eBay or even easier there are online free classifieds like www.buysell.com , www.kijiji.com , or www.kijiji.ca . It depends on where you live, but even putting up posters at your local grocery stores and churches can help move some items that you don’t currently need. If you live in a town with a college or university, putting up posters on campus is a good way to help a needy student and earn some cash for yourself. Of course part-time jobs are a great way to supplement an income too. The nice thing about a smaller income is that you get to take home more, since you get taxed less. Obviously, if there are any unemployment benefits that you are eligible for, apply right away as there is usually a waiting period before they give you any benefits. Depending on where you live, you may even be able to legally work a few hours a week while receiving benefits.
Well, hopefully this article and the other two I have linked to above will help you to survive and thrive during a job loss. Who knows, the great habits you learn during this period in your life may even become standard when a new job comes along. I haven’t met too many people who want to go back once they’ve started to get good value for the money they spend.
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