What to Do When You Lose Your Job

As more people find eCommerce convenient, many business owners are on the receiving end of dishonest customers. Through illegitimate chargebacks, many businesses lose out on potential revenues. Learn more about fraud chargeback and steps you can…

Losing your job can be incredibly crushing. However, this is, unfortunately, something that is becoming more and more common today. There are numerous reasons why you may have lost your job; it could be because of a mistake you made or it could simply be because the company is downsizing. Either way, it is important to make sure that you do not worry about what has passed. Instead, you need to focus on the future. With that in mind, read on to discover the steps you should take going forward.

Lose Your Job

How are you going to pay the bills?

The first thing you need to do is determine how you are going to pay your bills. After all, they are not going to pay themselves. Hopefully, you will have one of the following to rely on: a second source of income, sizeable savings, or a severance agreement. If you don’t, you need to look for ways to bring some more money in. This could mean selling some of your stuff or you could apply for some freelance jobs online. It is also important to tighten the purse strings. You need to reduce your spending to the bare minimum until you have found another job. You should look at your current incomings and outgoings to determine if there are any areas whereby savings can be made. Do you really need the television subscription you have signed up to? Try calling your utility providers and see if you are eligible for a discount or if you can move to a cheaper tariff. You would be surprised by how much you can gain by making a simple phone call.

Make sure your dismissal has been handled properly

Do you have grounds of compensation? If you have been unfairly dismissed from your job, or the dismissal has not been handled correctly, you could be entitled to a payout. The best thing to do is contact a workers comp lawyer to discuss this further. They will be able to determine whether you have the basis for a claim. You could be able to launch a case if you have not been provided with the correct notice, for example, or if you feel that you have been fired because you have been discriminated against.

Look for ways to make money on the side while you search for a full-time job

You do not need to wait until you have secured another job to start earning money. Nowadays, there are many different ways you can generate income on the side. This includes selling items you no longer want, running errands for seniors, lawn care, handyman and handywoman services, eldercare, walking dogs, house sitting, and babysitting. Not only this, but if you have skills in areas such as design, writing, and admin, you can easily pick up jobs on a freelance basis. There are plenty of websites available today whereby businesses advertise tasks they need completed and freelancers can bid for them. You deliver the work and then you will get paid via PayPal or bank transfer – it is easy as that. It is definitely worth looking for freelance jobs while you apply for another full-time placement.

Assess your personal brand

Now is the perfect time to look at your personal brand. You may think that this is irrelevant to you depending on the skills you have. However, in today’s digital age, everyone has a personal brand, whether they realise it or not. When you apply for any job, it is highly likely that your potential employer is going to do a quick search of you on social media. You need to make sure that they are going to be happy with what they see.  You should also take the time to freshen up your blog if you have one to ensure your content is relevant and will show you as an expert in your field.

Reach out to industry contracts

Last but not least, it is a good idea to reach out to all of your industry contracts. Explain that you are looking for a new job, and ask whether they would be happy to provide references if required. You never know what could come from this – it may be that one of your contacts is looking to fill a vacancy at their business.

So there you have it: the vital steps you should take if you have lost your job. The steps that have been provided can ensure you move on with your life as quickly as possible. They will also make sure that you are financially protected during this unstable period.

When You Lose Your Job




About Us

DollarBreeders is a personal finance blog dedicated to people who want to take control of their finances and secure their future. Here you will find personal stories to inspire you to make better and more informed financial decisions. We aim to help people understand personal finances better and meet the challenge of living comfortably within the budget.