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15 Tips to Survive a Job Loss condition

Job loss

A Job Loss condition is quite common today. My friend recently lost a job. He was in IT sector and he could not withstand the layoff. He is struggling to get a new job and also fighting to bring his finance in order. If you have recently lost your job and you are passing through bad time. Here are tips that will assist you to address your financial compulsion and keep your credit score intact, until you get your job or start a new business.

15 Tips to Survive a Job Loss condition

Take a stock of your finance

The first thing you need to do is to take a stock of your finance. How much money you have in your kitty? How many months can you survive without any additional income? This will help you to decide the way ahead for job search. Once you identify this tally up your monthly expense and make survival budget.

Take your family in confidence

You should make your family aware of your employment situation. Thus they will help you out in controlling household expense. They will also suggest you way ahead of finding a job or generating a new source of income.

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Prepare weekly cash flow plan

If you find your finance situation very weak, you should prepare weekly cash flow plan. The advance forecast for expense will help you in arranging money for the requirement.

Prioritize your Expense

The next tip is you should prioritize your expense and purchase only necessary items. As it is money crunch situation make sure your household expense are limited and as per your priorities. Divide your expense into two categories must and good to have. Spend your money on item defined in must category.

Avoid unnecessary expenses

This point is more or less similar to above point. You should avoid any unnecessary expense like entertainment, movie, and dine out frequently. If possible try to avoid extra tariff on the mobile phone.

Track your spending

If you are not tracking your expense, you should start it now. This will help you in deciding and cutting your unnecessary expenses.

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Don’t be in hurry to pay off your debt

It is generally seen that in job loss condition, people are in hurry to pay off debt. As per me, it is the wrong move. As you are not making money you should not pay off your debt. In case you need a loan you will not get it as you are not earning money.

Take care of yourself – health

Stress and depression are common enemies that come when you are undergoing job loss condition. You need to be extra cautious about your health when you passing through job loss condition. Start daily exercise and Yoga to stay fit.

Quit saving

If you have loss your job you should temporarily stop saving money. Once your monthly income is restored you can start saving again.

Avoid excessive use of credit card

As you don’t have any source of income in job loss condition, you should avoid excessive use of a credit card. Usage of credit card means increasing your debt. You need to pay credit card bill well in time else you have to pay several charges.

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Don’t spoil relation with your boss

In the condition of layoff don’t lose your temper, don’t spoil relation with your boss. keep up a good relation with your boss. The reference of your boss matters a lot in order to get a new job.

Seek help from your former employer

You can seek a help from your former employer in order to get a job. You can directly approach them to get a job in the previous organization or you can ask them to help you in getting a job.

Network for new employment

As you are jobless it is time to network for new employment. Approach your friends, relatives and old collogue to get a new job. You can also choose to approach job consultant to get a good job.

Plan to become self-employed

In case you have decided not to do a job in future, you can plan to become a self-employed. You can start a small business with help of your family or friend and generate good income.

Plan for alternative part time online job or business

Never wait for a job. Find out an alternative option of part-time job or business. You can select any of online part time job or business idea in order to earn money.

I am sure that above tips will surely help you in jobless condition. If you are seeking any help or if you have any query don’t forget to post it in a comment section given below.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.
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