A job loss can be devastating especially if it is unexpected. Companies are still downsizing to save their own money but may not be especially concerned with how you’ll cope financially.
Click through for 7 things to consider when coping with a job loss…
7 Ways to Make the Most of a Devastating Job Loss 1 of 8
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Know the Rules for Unemployment 2 of 8
Find out immediately if you qualify for unemployment and what you have to do to start receiving benefits. Be ready to get the paperwork completed and filed as soon as it is required.
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Straighten Out Insurance 3 of 8
If you have health insurance coverage through your employer, speak with human resources to apply for COBRA cover in the interim. If you expect your unemployment to last for a time period longer than COBRA coverage, start on a search for insurance coverage alternatives until you can find a new job.
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Review Your Budget 4 of 8
Don't wait until you are out of cash to look over your budget. You need to prepare for the worst case scenario so understand where you are and where you need to be financially. Make cuts to your spending as soon as possible so you can start stashing as much extra cash as possible to see you through a new job search for as long as your unemployment checks last. For instance, cancel cable and put that bill money directly into savings.
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Make Extra Cash 5 of 8
Your job search should be your main priority especially if there is no financial cushion to rely on. In addition to putting your time towards finding new employment, you could also be spending your time off constructively. Get rid of clutter around your home and sell it online, in a yard sale, or through a consignment store. Put profits into savings.
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Take Part Time Work 6 of 8
There may be part time opportunities you should consider while looking for more stable work. Look at retail opportunities where you can also take advantage of employee discounts. Use your entrepreneurial spirit to earn money tending to neighbor's lawns, cleaning local office buildings, or babysitting in your home.
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Revise Resume/Social Media 7 of 8
If you lack writing skills, consider paying a friend or professional for resume updating help. You'll also want to ensure you are displaying a professional image so check through your social media pages and remove anything you may not want a potential employee to see.
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Order Your Credit Report 8 of 8
Some employers make it a policy to review the credit histories of potential candidates especially when you are applying for government jobs or jobs in the financial industry. Review your credit report for inaccurate information and report it. Wrong data is common and could be unnecessarily dragging down your credit score.
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