MsWriteNow

You just found out you lost your job. Like many of the companies in today’s rough economy, yours is cutting back on positions and unfortunately, that means yours. You knew there was a possibility that this would happen, but were so sure your dedication, skills and great performance reviews were going to be enough to keep you from standing in line behind the millions of unemployed. So what do you do?

Well, the first thing you do is stay calm. As tempting as it is to panic and voice your every worst-case-scenario fear, or vent your anger towards the company - it will not result in anything productive for you. You need to stay calm for yourself and for your family. Calmness will help everyone around you be supportive. Help others help you by staying calm. Ok, so now that you’ve gathered your senses, here is a small check list of what you need to do to get through that first shock of being newly unemployed.

• File for unemployment, immediately. Depending on which state you live in, you can file by phone or even online. The most common questions you will need to answer include standard name, address, etc., but may also ask about the nature of the termination, your last day worked, income earned in the last week or two. Once you have filed, you will be sent a letter of decision, as well as any instructions or requirements by the unemployment office. It is important that you file immediately, simply because sometimes it may take a few weeks for your paper work to go through and a decision to be made. Also, in some cases, a hearing might be needed before eligibility is determined. The shorter the gap that you can have between your last paycheck and your unemployment check the better.
• Balance your check book. If you haven’t recently, make sure you balance your check book. This is a very important time to know exactly how much money you have. Also, take a look at your savings account balance. If you do not have a savings account, don’t worry, it isn’t the end of the world.
  • Gather your bills. On a piece of paper, make a list of all your bills that are due within the next 30 days, include the due date and minimum amount due. Highlight your necessities (rent/mortgage, heat, utilities, phone, internet, etc.,) as well as any bills that have interest attached to them.
  • On the same piece of paper, list any sources of payments that you know you will be receiving in the next 30 days. Include any severance pay, outstanding paychecks, child support, or alimony.
  • Now, add all of your expected incomes for the next 30 days together. Next, add all of your “necessity” expense for the next 30 days together. If your necessities are less than your income for the next 30 days, you are in good shape.
  • Next take a look at all your interest-bearing bills, if you are able to make any of these payments in that first 30 days, do so. If not, contact the creditor and ask what they can do to help you out with your account. Most creditors are willing to work with you.
• Try to relax. Now, more than ever, it is important that you relax. Once you have an immediate financial overview (30 days), you will feel like you have control because you will know exactly what you have and what you need. After you have established this overview, allow yourself to take a few days to recover from the shock and loss.
• Think about what you want. Use this time as a prime opportunity to evaluate whether you are doing something that truly makes you happy. Maybe you’ve thought about switching your career, but were hesitant because of the security that you thought you had. If you take the time to explore your options, it will make a huge difference in your job search efforts.
• Be thankful for what you have. I realize that may sound trite, but it works. Really, it could be worse. Your doctor could have told you that you only had a month to live, or you could be living on the streets. Chances are, if you look around - you’ll see that you have a lot to be thankful. Any time I think things couldn’t be worse, I think of other people who are far worse off than I am and somehow, it gets put into perspective.

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