When you lose your job (unless you’ve quit), you’re usually angry and discouraged. It’s natural if your self-esteem is ebbing, and you may be tempted to run away from your problem instead of facing it. You may be tempted to make a drastic career change, start your own business, or continue your education. Although doing one of these things may be right for you, be careful. You may be reacting emotionally rather than logically. Following your dream can be wonderful, but it can also be a way to escape from the crisis that confronts you. Check out your options carefully, and don’t forget that finding a new job is one of them.
When Lou was 53, he was laid off from the automobile manufacturing plant where he had worked for 18 years. A month later while still depressed, Lou decided to take his life savings and invest in his dream. Six months later he opened Lou’s Lakeside Restaurant. Unfortunately, Lou’s restaurant failed because he hadn’t taken the time he needed to plan his business or to learn about running a restaurant. He lost all his money.
Find support
If you’re married, you may be tempted to rely upon your spouse for support, and he or she is probably happy to give it to you. Remember, though, the most loving spouse in the world can’t solve all your problems and is probably more anxious over your job loss than you realize. Share your burden with your friends, a support group, a career counselor, or a financial professional.
Find a way to pay your bills
If you’ve lost your job through a layoff or because you were fired, immediately contact your state’s unemployment office. You may be able to apply by phone or by mail, and you may receive benefits quickly once your application is verified. You’ll also need to find ways to cut expenses or increase your income. If you know that you are losing your job a few weeks or months before it happens, you’ll have time to restructure your debt, take a part-time job to fund your future unemployment, or borrow against your savings, home, or investments. If your job loss is sudden, however, you may need to rely upon your savings and find ways to reduce your payments on bills.
Find a new job
One of the first things on your mind when you lose your job is finding another one. You may be surprised at how difficult this is, particularly if you’ve worked at the same job for a long time. If you’ve dealt with unemployment before, you probably know the drill: update your resume, check the want ads, begin to network, etc. Even if you’re an experienced job seeker, there are resources that can help you.