Comments on: Five Tips for Dealing With Job Loss

By: Michael

Michael — Tue, 17 Mar 2009 06:06:49 +0000

If you’ve already been laid off, then this point won’t matter much. Going along with step 1, “Don’t Panic”, build up your emergency fund. It’s amazing how much great a sense of security that provides and will go a long way in helping you not panic should a layoff occur. Like many other, things are a bit shaky in my industry, but I do rest a lot easier than I would, knowing that I have an emergency fund.

By: Courtney

Courtney — Sat, 14 Mar 2009 18:39:51 +0000

I have gotten laid off three times, and finally decided to start blogging about it. I worked in high tech during the boom years when everybody got laid off.

The most important thing is for people not to panic – no extremes. Don’t freak out, but don’t take a vacation either.

By: JC

JC — Thu, 12 Mar 2009 17:41:16 +0000

One thing one of the safe havens right now is to go back to school. Graduate PhD programs often provide a stipend (probably not as high as your old job) and will be an investment for your future.

By: Laura

Laura — Thu, 12 Mar 2009 12:14:02 +0000

@ Money Progress: I learned that lessons from personal experience. Having a different isn’t a bad thing, it can lead to knew opportunities.

@ Kim: Thanks! Getting the right insurance coverage is important to protect yourself and if you have a family.

@BobV: What a great site! It’s very helpful. I’m going to tweet about it.

@ Danielle: Sorry about the job loss Danielle.You add wonderful tips and I’m happy that you guys planned ahead. I wish you the best on your job hunt.

@chuckiesd: Thank you!

By: chuckiesd

chuckiesd — Thu, 12 Mar 2009 00:21:48 +0000

Nice information. The important thing is stay calm and think what the best thing you should do now.

By: Danielle

Danielle — Wed, 11 Mar 2009 22:01:58 +0000

I was laid off in December and I actually went through steps 1, 4 and 5 months before I knew I was laid off. I was just doing it to accelerate our debt payoff to get us in a better financial position.

Once I was laid off, it became essential! We were a 2 income household and while I am getting unemployment we are now working towards being able to live off of one income. When I find a job it will be great, but if I don’t it is nice to know we have a plan and we will survive.

I would add to this:
1) Update and expand your network!
2) Update and expand your skills!

Do this now even if you are employed and feel safe in your job.

By: BobV

BobV — Wed, 11 Mar 2009 19:35:50 +0000

I ran across this website (I have no ties to it at all) that is designed to help laid off workers understand their rights.

http://www.canmybossdothat.com/

I think that is one thing everyone should be aware of is that there may be certain entitlements when it happens. Investigating those and taking advantage of them is important and can help during the transition time.

By: Kim @moneymanagement

Kim @moneymanagement — Wed, 11 Mar 2009 17:50:36 +0000

Great advice. I am particularly happy to see that you mentioned insurance. I think it is very important not to let car or health coverage lapse. As unfair as it might be, lightning sometimes strikes twice. That being said, it might make sense to cancel duplicate or non-essential policies.

By: Laura

Laura — Wed, 11 Mar 2009 16:40:18 +0000

@weakonomist: I agree! Support from friends and family is critical. It’s a huge adjustment and they can help.

@ Personal Finance Tips: Spending less than you earn is important whether you’re laid off or not. Loss of a source of income makes it that much more difficult.

@RB: I’m so sorry to hear the news. I hope things start looking up for his company. I hope these tips can help him.

By: Money Progress

Money Progress — Wed, 11 Mar 2009 16:36:29 +0000

I think “3. Open your mind to different jobs” is one of the most important. It is a great time to really evaluate what you could do to earn income and of those things which you would enjoy the most. The thing you enjoy might not provide the highest income at first, but if you do what you love then it might be worth trying to see if you can make it grow.

By: RB @ recessionsblow

RB @ recessionsblow — Wed, 11 Mar 2009 16:01:02 +0000

I just learned my father is getting temporarily laid off, but it could turn to permanent if things don’t turn around for his company. I’ll certainly pass these tips along.

By: Personal Finance Tips

Personal Finance Tips — Wed, 11 Mar 2009 14:33:21 +0000

Great article, but I do believe that “living” within your means is the best advice one can get in trying to cope financially with this recession!.

By: the weakonomist

the weakonomist — Wed, 11 Mar 2009 11:30:54 +0000

Try not to let yourself get embarrassed. 99% of layoffs are companies forced to let good people go. Use your support group for just that, support. Understanding friends and family will be happy to lend you a hand.

Number 5 is a good tip, don’t use the cards to float you til you find another job. Many people do this thinking they’ll just pay it off when they are employed again. Before you know it you have $5,000 in credit card debt that you don’t want to have to pay now that you are employed.