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Harris-Courage & Grady, PLLC May 19, 2017

Job losses can be extremely difficult to deal with, financially and emotionally.

Our firm sees many clients who got into financial trouble because of a job loss. However, you don’t have to be a victim of your situation. Here are specific actions you can take to get back on your feet as quickly as possible.

  1. Have an open discussion about the job loss with your spouse and family. Make a plan together and agree on the changes you’ll need to make. Having everyone’s support will make the necessary changes to your budget much easier.

    • Evaluate your financial situation. How much do you have in savings? What bills are coming due soon? Call your mortgage company, landlord, or utility companies to explain the situation. They may allow you to defer or lower your payments for a couple of months.

  2. Find out what your employer can offer you. Understand what will happen to your insurance coverage. COBRA is a federal law that will allow you to keep your insurance coverage, usually for 18 months. You should also ask for details about a severance package. If one is offered to you, incorporate it into the financial plan you make with your family.

  3. Apply for Unemployment Benefits from NYS. You can learn more about your unemployment benefits from New York State It is important to remember that to be eligible for unemployment benefits, you must be actively looking for work. Unemployment benefits are intended to assist you and your family until you can find a new job, not to substitute for a job.

  4. Update your resume and start applying for jobs. Many experts recommend spending full-time hours looking for work after a job loss. Consider finding a job to be your new job until you find a job that pays. Make sure to let your family and friends know you are looking for work.

  5. Consider all your options. This job loss could be a blessing in disguise. Were you unhappy in your former position? Maybe it’s time for a complete career change. You can use a layoff as an opportunity to move to a new part of the country, try a new career, or start your own business doing something you love. There are endless possibilities.

  6. Stay Positive. Even though job loss is difficult, a positive attitude will help you to succeed. Remember that enthusiasm will impress prospective employers much more than negativity, and you don’t want to carry negativity with you into an interview. Try a gratitude journal, or make a list of your good qualities. Positive thinking will help motivate you to keep working hard and can help you find a job more quickly.

You can find success in the face of adversity. Think positively and work hard, and you may come out of this entire experience better off than you were before!