10 Tips for Surviving Job Loss

Given the sorry state of the economy we almost can't help but think about the possibility of being laid off. Should the worst happen, here's 10 tips to help you survive.

1. Know your rights. Make sure you collect all wages, overtime pay and commissions that are owed to you. You may also be eligible for sick leave, vacation time and severance packages. Make sure you know your employer's policies on these. If you feel that anything that is legally owed to you is not being given contact the Department of Labor at 1-800-4 USA-DOL.

2. Get unemployment benefits. Between the stimulus package and your State's laws you could be eligible for anywhere from 33-70+ weeks of unemployment benefits. Like anything the government does, unemployment benefits take several weeks to kick in, so get on it.

3. Get health insurance. Even with the stimulus plan paying for up to 65% of your COBRA premium it could still be a massive rip off for you, especially if you are young. But you have several options. If you are married get on your spouse's health insurance. If not, consider looking for private insurance. It may be cheaper than COBRA. If you are healthy string COBRA along for the two months or so you have to sign up. Don't pay them anything, just keep the paperwork handy in case you need to fill it out. Once the enrollment period ends grab some cheap but descent private insurance.

4. Plan to be in the job hunt for the long run. It takes the average worker about 5-6 months to find a new job. And that is in a good economy. It will probably take longer now, I'd say plan on spending a year looking.

5. Eliminate or reduce all non-essential spending. If you don't have a job or a spouse to support you, now is the time to tighten your financial belt.

6. Make job hunting your full time job. Get your resume and cover letter in order. Assemble a portfolio if you need one. Spend some time each day looking for a job.

7. If you have an emergency fund, now is the time to tap it. Especially if you don't have a spouse's income to fall back on.

8. Consider alternative ways to making money. Or to put it another way, consider taking a job that is beneath you if that is what it takes to pay the bills. There is no shame in doing what it takes to survive, even if it's delivering pizzas or stocking shelves. Alternatively, pick up odd jobs or do just about anything you can to bring in some income. If your out of a job, every little bit helps.

9. Get help from your friends and family. Even if all that they can provide is emotional support, it's good to have and will help you make it through being unemployed.

10. Have some fun. Just because you are unemployed doesn't mean that you shouldn't enjoy life. There are plenty of cheap or free things that you can do to add some joy into your life. You'll have more success in the job hunt if your spirits are up and you feel good about yourself. So do what you have to in order to keep your mental health in shape.