Do you think you may lose your job? Not sure how to prepare yourself?
Have the rumors already started circulating throughout the office, receiving messages on your cell phone or through IM that there may be downsizing, lay-offs, furloughs or a merger? Are you scared and not sure what to do?
These 5 tips can help you feel more in control of your financial situation:
First, take a long, hard look at your monthly bills. Are you up to your eyeballs in debt? Now is the time to tighten your belt and try to get a handle on some of your debt and interest rates you are currently paying. Does it make sense to pay down some of your debt right now or sit on some of your cash? What about transferring your credit card debt to a credit card with lower interest rates? Should you refinance your mortgage or get a home equity loan? Now would be the time to take care of this, not after you’ve received your notice.
Second, what can you trim in your monthly budget? Can you stop buying those lattes every morning and save about 80 bucks a month. What about relying on Netflix and YouTube instead of paying for cable or going to the movies. You can even cut back on dining out. Do these things and you will see more green in your wallet. Listen, you and only you can decide what you can and cannot live without
Third, be more aware of what you pull your wallet out for. Look at your everyday expenses and decide if you really need to buy that item. Now is not the time for a shopping spree to cheer you up. Instead, try to be more aware of where your money goes every day, every week.
Fourth, assuming you are able to, should you consider trading in your vehicle for a ride with a lower note or better gas mileage? Do it now, while you’re still employed. See if the dealership offers any customer incentives such as cash back or lower interest rates. Depending on your cash situation you could also look at refinancing your car to pull out some much-needed cash to help get you by. Guys, I am by no means a financial planner or adviser so please consult with yours to make sure you are doing the best thing for you and your family.
Lastly, do you know what benefits at work you are entitled to? Take the time now to ask the HR department what benefits you are currently enrolled in. If you have health insurance, and it make senses, be sure to get any physicals or medical tests now and refill your prescriptions. Take advantage of any dental or vision coverage you may have, get those eyeglasses or contact lenses updated and if possible, schedule an exam and cleaning with your dentist. Those co-pays are a whole lot cheaper now versus paying full price later.
Being aware of the situation, planning and taking action makes you feel more in control of your life. Sure, you can’t do anything about being laid-off and in most cases, (unless you committed gross misconduct on the job) it’s not your fault. It’s a management decision that will probably wind up changing your life for the better. See this as a new opportunity, not as a loss, and your positive attitude will help you find a new job soon.
Joshua Crawford | Managing Director | Get Hired Secrets
Get Hired Secrets is Launching Careers Daily. My name is Joshua Crawford, and I am a leading authority in all things Recruiting, most things HR, and an expert in helping you Get Hired. Get Hired Secrets is about bringing you powerful, insightful, impactful resume and interview techniques so you can dominate and get the job of your dreams. Check out our trainings, tips, and tricks at www.GetHiredSecrets.com
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