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Tips for employees if a job loss is just a possibility – be proactive now |
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Cut back your spending immediately. Review your bills and look for areas where you can start to scale back. Start small by trying to cut just $1 per day from your expenses and increase your savings from there. Learn how to maximize your savings at drugstores and grocery stores and add these additional funds to your emergency account.
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Build a stockpile. In the event of a layoff, being able to cut back your grocery expenses by eating from your stockpile is a huge blessing.
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Pay yourself first. Start building an emergency savings by setting up an online savings or direct deposit and having money automatically drafted into it from your checking account each pay period. Transfer the money saved from any cut backs into it as well. Every little bit helps!
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Get a handle on the job market. Check out the classifieds and online job postings. Start doing a little networking to feel out the situation in your industry, and update your résumé so it’s ready to go.
If you lose your job:
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Negotiate for additional benefits. Most companies will offer the standard severance of unpaid vacation and a good reference, but you may be able to haggle for more. Ask for additional compensation based on years of employment, extended health benefits, or reimbursement for job placement services. It’s likely that companies will be willing to provide one or more of these to avoid negative publicity. You won’t know unless you ask!
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File for unemployment. Generally you should do this immediately because there’s a one-week holding period.
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Communication is key on all levels. Let your family members know about your situation. Explain to your friends that you’ll have to cut back on entertainment expenses for a while. Get the word out to your social network. You might be surprised by a job lead from an unexpected source. Finally, contact your creditors if you see yourself starting to fall behind on your bills. They may be able to offer some sort of temporary solution.
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Seek out additional resources. These may vary by location, but it’s a good idea to see what’s available. Don’t be embarrassed to take advantage of what is available to you. There’s no shame in doing what it takes to keep your family from financial disaster.
A few to consider:
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Food pantries
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Energy assistance programs
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Your church
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Your state department of job and family services may have additional suggestions. Don’t be afraid to ask your unemployment case worker what you’re eligible for.
- Cut back your budget to all but the necessities. When it comes right down to it, things like cable, cell phones, and Internet can probably all be eliminated. Look for free sources of family entertainment such as free DVD rentals from the library, etc. You might be surprised at what you can do without when it really matters.
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Start looking for a new job immediately. Take advantage of any outplacement resources offered by your former employer. In most cases you will be required to report on your job search regularly to your unemployment caseworker, so you’ll want to maintain a log of companies you apply with and any responses you receive.
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If you’re a union worker, be aware of union rules. The particulars vary by union, but in some cases looking for work outside the union could mean thousands of dollars in fees and fines. Be sure to stay in close contact with your union hall’s hiring manager, and ask about any additional resources that your hall may have to offer. This might be a good time to take advantage of any continuing education programs available to you. Additional certifications could make you more valuable to employers and therefore less likely to be low on the list when layoffs occur in the future.
When you find new employment:
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Keep your frugal ways in place for a while. Pay off any debt accrued during your unemployment period, build your emergency savings back up, and better prepare yourself financially in the event that it turns out not to be a good fit or for future cutbacks.
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There’s no such thing as job security these days. Especially with the current depressed economy, it’s important to be prepared as best as you can be for a sudden loss of income. Losing a job is never easy, but you can definitely prepare yourself so that it’s more manageable.
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