How to prepare for losing your job
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Identify job targets.
Make a list of companies in your area that offer jobs you might be qualified for. While you may want to keep the same kind of job you have, also consider other options. How can you put your transferable skills to use?
While you are probably targeting a long-term job, think about short-term options too. There are probably employers in your area who need seasonal help; this can be a good way to get a foot in the door and demonstrate your skills.
Make connections with people who can help.
Think about people you know who can help you find a job. Do you know anyone who works for the companies where you identified your job targets? Begin collecting names and contact information so you can reach out to these people when you need to. Use social networking sites to connect with people you know online. Don’t wait until you lose your job to reach out.
Another list to start now is people who can serve as references. Be aware that some companies don’t allow current employees to provide recommendations, so think of people you know from groups, organizations or volunteer activities.
Plan for being out of work.
How much do you know about your own cash flow and expenses? How much is coming in, and more importantly, how much is going out? First, list your “must-meet” financial obligations – things like rent or mortgage, food, child expenses and healthcare – and make sure you know how much you need to cover those.
Next, look at your flexible expenses – dining out, movies, hobbies – and determine where you can cut back. Boosting your savings will provide a much-needed cushion if you find yourself out of work. Also make sure you understand your state’s unemployment insurance benefits. Find out how much coverage you’ll have and for how long. Is it enough to cover your expenses?
Take care of your physical and mental health.
Stress and uncertainty can take a big toll on your well-being. Combat this by staying active, finding healthy outlets for stress, eating well and getting the rest you need. Connect with your family and friends for support.
If you lose your job, there will be times when you feel angry, frustrated, and worried. Accept these feelings for what they are, but try to turn these feelings into energy to fuel your job search.
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