Money Bite-Size Read:
- Many people are losing their jobs due to COVID-19.
- Losing your job is hugely emotional as well as a financial shock.
- Here’s what to do if you lose your job to ensure you can still earn money to cover your bills and move forwards.
The Money Bites Take:
Losing your job is a very humanising experience, and it’s important to take practical action to consider your next steps.
COVID is causing more people to lose their jobs.
Unemployment insurance claims in the United States passed a record-breaking 3 million claims, with experts referring to it as a global pandemic of unemployment. No one could have seen COVID coming or its impact on the economy.
Losing a job is hugely emotional.
Work is the ability to earn money to pay your bills. But it’s also being part of a community, which can lead to the loss of identity and questioning your value when you suddenly lose your job.
Many people have been where you are now, including celebrities who got fired before finding success. It’s important to remember that you will get through this and focus on taking constructive action.
Here’s what to do if you lose your job:
1. DO file for unemployment benefits
Check whether you’re eligible for unemployment benefits to help you pay your bills while you look for a new job.
2. DON’T speak badly about your former employer
We’ve all worked for horrible bosses but resist the temptation to bad mouth your former employer and instead focus on how to ace your next interview.
3. DO work out a personal budget
Make sure you know how much it costs to be you and how to budget to make the most of your savings.
4. DON’T treat yourself to a new wardrobe
Avoid indulging in retail therapy and only buy the clothes you need to prepare for your next interview.
5. DO update your CV
Your CV should be up to date so that you make a great first impression for any future employer to then want to interview you for an available position.
6. DON’T let your routines slide
As tempting as it is to stay in bed, make sure you get up on time to maximise the time you have available to start finding your next role.
7. DO remember your value
Don’t let one employment experience knock your confidence, and instead make a list of the skills you have to contribute.
8. DON’T get discouraged if you get rejected
Rejection is a part of life, so expect it when you’re applying for jobs and keep going regardless.
9. DO clean up your online presence
Take the time to google yourself, update your LinkedIn profile, and ensure your social media presence gives the right impression to future employers.
10. DON’T ignore your network
Tap into the network of family and friends you have to help you plan your next career move, including looking for available opportunities.
Losing your job is a very humanising experience.
Many people have been through the same experience, including those who have since found fame and success. By showcasing what to do if you lose your job, we want to see you take steps to find a new role you’ll love to come out of this experience stronger.