3 quick steps to take when you lose your job

2020. What a year. The economy is down and unemployment is up. If you’re out of work due to shutdowns and stay-at-home orders, you’re probably more than a little frustrated. If you’re laid off from your job, don’t panic. Here are three quick steps you need to take before worrying about finding a new job.

Come to grips with reality: You can’t just immediately open up a careers site and start uploading your resume (I mean you actually should do that, but slow down for a minute). You may experience the stages of grief when you’re let go, so let yourself feel those emotions. We all have those people/that person we talk to, so call them up and let them know what’s going on. After you’ve taken a day or two to vent and get your feelings out, you’ll be in a better headspace to sit down and start applying for jobs.

Check out your finances: You may get some sort of severance package when you’re let go, but depending on whether that happens/what it looks like, you may need to make some quick changes to your budget. Even if you’re doing pretty good financially, you’re not guaranteed a job in any quick timeframe, so it’s probably best to trim the fat out of your budget anyway. Figure out what budget items are completely necessary and which ones you can let go of for a while.

Sign up for unemployment: An unemployment check probably isn’t something you’re excited about, but all the 40-hour weeks you’ve put in have given you plenty of reason to feel completely okay with drawing an unemployment check. You earned it. And while that check probably won’t be near enough to cover what you’ve lost, every little bit helps when you’re unemployed. And don’t forget, through the end of July, unemployment benefits are paying out an extra $600 each week thanks to the CARES Act. 

If you’re finding yourself in a tough situation, maybe your credit union can help. There are lots of ways CUs are helping their members right now, like personal loans and skip-a-payment programs. And maybe you can even find a new job at a local credit union. Check out the CUInsight Jobs Board to see the latest jobs openings in credit union land.

John Pettit

John Pettit

John Pettit is the Managing Editor for CUInsight.com. Web: www.cuinsight.com Details