Features

How to Manage Your Finances After Losing Your Job
Getting laid off is hard, but you can lessen the long-term financial impact by taking control of your budget right away. Here are five steps to keep a job loss from becoming a financial disaster.

Paying Bills, Personal Finance, debt, bills

Don’t Bury Your Head  

A layoff will ultimately mean a change to your spending habits until you secure a new source of income. Here are five tips to become more financially stable while seeking new employment.

SHaking_hands_FBN

Negotiate a Severance Package

If you know a layoff is possible, research your legal rights as an employee to better prepare yourself to negotiate during the lay-off conversation.  

Reuters

Financial Checklist Check Writing Finance

Calculate Your Spending  

Make a list of your monthly expenses in order of most expensive to least expensive to identify your biggest expenses and purchases that can be deferred or cheapened. Daily coffee store trips or happy hours might have to become a thing of the past to keep more money in your account. If you have loans or credit card debt, it might make financial sense to consolidate them into one monthly payment.

Stock Listings Newspaper and Coins Investing

Get Organized  

Once you have outline your financial picture, prioritize your spending to avoid running into a situation where you do not have enough money for important expenses.

Line_at_Jobs_Fair

Apply for Unemployment Benefits

You may meet the criteria for certain government programs and unemployment insurance.  The Department of Labor provides information on available resources on eligibility and how to file for benefits.  

Reuters

resume_PF

Stay Positive

Previous financial crisis have left millions of Americans unemployed and they’ve lived to tell about it. In a tough economy, becoming unemployed is not always a reflection of your work. Staying positive and having the right attitude will make the job-hunt more productive and effective, and will make you more appealing to potential employers.

How to Manage Your Finances After Losing Your Job

Getting laid off is hard, but you can lessen the long-term financial impact by taking control of your budget right away. Here are five steps to keep a job loss from becoming a financial disaster.

More From Our Sponsors