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Lost Your Job? Your Next Steps

  • October 25, 2019

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Lost Your Job

Losing your job is one of the most stressful things that can happen in life. Not only are you losing your financial security, but you’re losing a part of your identity as well, especially if you’ve been at your job for a long time. It’s never going to be an easy situation, but there are some things you can do to make this transitional period to getting a new job a little bit easier. 

Claim any money you’re entitled to

First things first, depending on your situation you might be able to get some help from the government and claim welfare or benefits to keep you going while you find a job. If you’ve had to leave work because you got hurt or injured, find a company like DiPiero Simmons McGinley & Bastress who can claim back the money you’re entitled to which can make things much easier while you’re out of work. 

Sort out your budget

Your next step is to sort out your budget to try and prevent getting in trouble financially while you find a new job. Cut out any luxuries, and scale back the costs of things like broadband/ TV packages, mobile phone packages and other extras if you’re able to. Work out what your priority bills are and pay these first. In many cases, this will be your rent or mortgage so you don’t end up losing your home.

If you know you’re not going to be able to afford to pay some bills for a few months, it can be a good idea to give these companies a call. Ring them up and explain the situation, they might be able to put a hold on your account to prevent phone calls and letters chasing, or stop any interest being added. They might give you the option to spread your payments over a longer time frame to reduce the costs each month.

Related: 7 Family Budget Hacks You Need To Spend Less Money

Sign up to employment agencies

As the saying goes, it’s easier to find work when you’re in work. And it’s true, employers tend to look more favorably on those who don’t have gaps in their employment history. As it can take a long time to find a good job that you want to do, consider taking anything for the time being. Sign up to an employment agency doing anything from cleaning to bar work, it might not be your dream job but it brings in some cash while you wait to hear back for interviews for other things. 

Start a side hustle if your lost your job

Having a side hustle is useful in these situations as it gives you some extra money to fall back on. It can take a while to establish a blog, YouTube channel, home business or freelancing portfolio, but consider getting set up. You can build it over the months and years and it’s useful if you ever find yourself in the same predicament again.