6 things to do if you lose your job

Category: Career

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Being terminated from your job can be stressful and traumatic, especially if you’ve worked at the same place for years or if you’re the main breadwinner in your household. To help minimize the repercussions, it’s crucial to take the following steps after you’ve lost your job: 

File for unemployment

Even if you are receiving a severance package, you may still be eligible for unemployment compensation. Apply right away as it may take a while before the money starts coming in. The amount varies depending on what your earnings were and how long you were employed. Although it may not be not be nearly as much as you were making at your job, unemployment compensation can help keep you afloat until you find a new job.

Explore your health insurance options

If you had health insurance benefits with your job, you’ll be offered COBRA, but this might not be your cheapest option. Explore other health insurance options, such as ObamaCare and independent healthcare plans, and choose the one that best suits your medical needs and budget. 

Restructure your budget

A job loss means your budget changes completely. You’ll need to re-evaluate your spending habits and cut out what you don’t need, while focusing on the necessities. 

Begin looking for work immediately

Time is of the essence—update your resume and begin searching for a new job right away. Depending on the current job market in your area, it might take a while to find a new job, so it’s important not to delay your job hunt. If you were let go on good terms—for example, you were laid off due to budget reasons—ask your former boss for a reference letter.

Education

When one door closes, another one opens. Use this as an opportunity to advance your training, go back to college, or even train for a completely different career field. If paying for tuition is the only thing standing in your way, research the different financial aid and scholarship options that may be available to you. 

Contact Peachtree Financial Solutions

If you’re receiving long-term payments from a structured settlement, you may be depending on them now more than ever. The money you’re receiving periodically may be extremely helpful, but perhaps it isn’t enough and you’d like to access more of your money sooner so that you can keep up with bills and expenses. Selling just a portion of your future payments to receive a larger lump sum can be especially useful during a critical time like this, and Peachtree can help make it happen. Contact us today to learn more about selling future structured settlement payments for cash now.
 

Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: Budgeting, college, health insurance, job loss, unemployment

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