One of the worst things that you experience throughout your career is job loss. Being without work truly hurts when your employer makes you redundant. This seems unfair because you lose your job without your fault. Well, you are not alone. No matter you lose your job for your mistake or your employer lays you off; you cannot overthink about it. You need to move ahead.
Many people immediately apply for unemployment benefits when they lose their jobs. However, you need to meet the eligibility criteria to get these funds. These benefits will help you reach your daily expenses unless you land a new job. In addition to receiving unemployment benefits, here is what you need to do after losing your job.
Do not let emotions consume you
When your employer lays you off, it is undoubtedly painful. You will say goodbye to a regular paycheque and experience a range of emotions. Frustration, anger and anxiety will torture you. Nasty thoughts will hot your mind. You will think you are a loser, or you are just for nothing. You may spend hours mourning over what had happened.
Do not let yourself hit by waves of emotions. You are not alone who is experiencing this. You need to realise that it is normal; it is a transitory phase. As you land a new job, your financial situation will be excellent. Instead of dwelling in your job loss, you should find out the ways to get out of it as soon as possible.
Take hold of your finances
You are not going to receive your regular paycheque. It means you will face difficulty meeting your monthly expenses. First off, you should create a budget. Set a limit on your costs so that you do not accumulate debt.
If you have already taken on a debt, you need to tighten your belts. Of course, unemployment benefits will not be enough to pay down your debts and meet regular expenses. You should grab a part-time job or freelance projects to have some cash coming in.
Make a list of your expenses and find out where you can cut back on. You will need to cut down on restaurant meals, books borrowed from libraries, magazine subscriptions. The more money you save, the better it is.
Even if you are receiving employment benefits and earning money through your part-time job, you may have cash shortfalls in case of emergency. In this situation, you can apply for unemployment loans. A direct lender can lend you money after taking into account your income sources such as unemployment benefits and income from a part-time job or freelancing.
The good thing about these loans is they come with flexibility, which means the due date will be decided based on your cash inflows so that you do not fall behind payments.
Invest in yourself
You cannot spend the whole day home being unproductive. To land a new job, you need to have some skills. This is a crucial time to learn something new. Nowadays, employers are looking for multifaceted employees. Multiple skills improve your chances of selection.
Find out which training programme matches with your profile. For instance, if you are a full-time creative writer, you may opt for any writing course such as business writing course, creative writing course etc.
It will not only add skills to your resume but also show your employer that you have been produced during unemployment. This proves how passionate you are about your career.
Prepare yourself for finding a new job
Since you lose your job, you should start seeing a new job. You do not know how long it can take, and you cannot live on benefits for more than six months. Update your resume by adding experience and skills you learned from your previous employer.
Inform your friends that you are looking for a job. They may refer you to their employers if there is a vacancy. Connect those employers who tried to look at your profile on social media. Make sure that you have mentioned the right email address and contact number.
No doubt, job loss can be stressful as well as painful, but you can manage to withstand this phase. Try to accept reality and keep yourself motivated. It is a fleeting phase, so you do not need to take it personally. Try to manage your finances, improve your skills, and apply for new jobs.