What to Do If You Suddenly Lose Your Job: First 3 Days Plan

With unemployment soaring, it is likely you or someone you know is directly affected by layoffs, or closures. If not perhaps you fear that you will be next? While we all hope that we won't be affected by the sluggish economy, if you get caught up in the expanding recession, here are some things that you might want to consider.

Day One

1) This is the day you found out you would no longer be needed for whatever reason. It does not really matter, what matters is you no longer have a job, and you still have a family to take care of. First things first, check to see if you are entitled to severance pay, vacation pay, or any savings or retirement accounts. Also be sure that your company has not broken any contracts or laws. This might not get you anywhere right now, but it is important information to know.

2) Hit the Unemployment Office: Don't wait, there is a waiting period for benefits and the sooner you apply the faster you will get them.

3) Stop by Job Service while you are at it: I know you just lost your job, but don't delay in letting people know you are available to work, even if there is no work out there right now. You simply never know when the right job will be there, and if you are not registered, you will miss out. Be sure while you are there to check to see if your job service is online, if it is; get the information, so you can monitor it on a daily basis.

4) Stop by Family Services: Even if you think you don't need it, and even if you really don't want to take it, your family has to come first. Get registered with them, the sooner the better, because if you are entitled to benefits, this will speed up the process. Some states even have emergency aid that can provide you with things like foods stamps, and medical immediately if you are in a pinch.

Ok that is enough for day one, go take a quiet breather somewhere, and reflect on what has all just happened with a nice cup of tea, in other words go do something nice for yourself.Whatever you do don't sit and feel sorry for yourself, you still have a lot of work to do.

Day Two

This is no time to slack, just because you have all your safety nets firmly in place does not mean you should relax, and take it all in.

1) Make sure your resume is updated and freshly printed: You want it on hand and ready, for when you hit the streets, and should any job prospects come your way.

2) Assess your financial situation: What savings do you have if any? Do you have a retirement fund with your previous company and what do you want to do with it? Not everyone is fortunate to have these things, and then you will want to look at your other assets and see what you can do without.

3) Check in with Unemployment, job services and Family services: You want to be sure everything is on track. Look for any job prospects that might be available and be sure your resume gets to your hopefuls. Also follow up on severance pay, any other income, or rights that be entitled to from your previous company. Make sure these issues stay on track and you get everything you are entitled to.

4) Create a revised budget: By now you should have a relatively good idea of what you will have to live on, now is the time to decide what needs to be scaled down on, for the length of your unemployment. For some that will mean a bare bones budget, for others it will mean prioritizing. Since you have no idea at this point how long you will be unemployed, you should always air on the side of caution.

Day Three

By now you have a pretty good idea of how things are going to go. Either you are pretty sure you are going back to work soon, or you have come to realize job prospects are grim and you are up for a prolonged period of unemployment. When you do reach this point, there are some things for you to consider.

1) Retraining: Many states have programs for displaced workers. Depending on your state, and the job you were laid off from, you may be able to get retraining from the state. As well if you have any funds, or can qualify for student loans, now might be the perfect time to consider retraining.

2) Create Income: There are so many people who are creating multiple streams of income these days that the search results are in the thousands and millions on this topic. Do you have a talent? Perhaps now is the perfect time to see if others will pay for that talent. Working on the internet has become hugely popular these days, with Freelancers making up a larger share of the working population than ever before. It might not be a career, but it could pay a bill or 2, and keep you afloat till something better comes along.

In the following days, keep up with all your contacts, continue with your job searches, and above all reach out for the support of friends and family to help keep your spirits up.

Having to deal with a prolonged unemployment is often a frightening and stressful prospect. By taking a few steps early on, you can avoid much of the stress that this dire change in lifestyle engenders.

http://www.healthmoneysuccess.com/435/10-things-to-do-if-you-lose-your-job/

http://www.thedigeratilife.com/blog/index.php/2008/12/05/got-laid-off-lose-your-job/