Tips To Surviving Losing Your Job

In today’s job market, no one is sure of their job security. The abundance of professionals in various sectors ensures even when one is relieved of a position, there are other job seekers eagerly waiting to be employed.

In the recent past, we’ve experienced mass retrenchments and layoff in most companies around the region. There are various reasons why a professional could get fired –ranging from the advancement of technology, redundancy, and others.

Losing a job can be destabilizing, and it leaves many professionals in a bad state as they do not know what to do next.

If this is happening to you or anyone you know, here are a few tips that could help you deal with losing your job.

1. Do Nothing

Adjusting to change takes time. Feel what you need to feel so that those feelings do not control you later. Give yourself some breathing space to differentiate between the organization you have just left, and who you are as an individual. If you were retrenched, do not think of yourself as a failure.

Take stock and figure out what you want to do.

QUICK READ >>> About To Lose Your Job? 5 Ways To Take Control

2. Do Not Spend Money Trying To Make Yourself Feel Better

When people lose their jobs, many times their spending goes up. Resist it.

To help with this, move any money that you are not using immediately for your very basic expenses in the next one month out of your current account or anywhere where you have immediate access to the money. You can consider fixed deposits, treasury bills or money market funds.

3. Do Not Invest Now

You want to feel like you are back in control so the temptation to invest is very high especially if you have been given a financial package.

Many people have gone and invested in businesses that they did not understand or investments that were sold promising guaranteed and overnight returns only to lose it all.

You also do not know how much time it will be before you start generating money: be patient. Later, when the emotions and ego are under control, you can make more objective decisions.

4. Create A Budget

Stick to the basics. Going out is not a necessity at this point. You don’t have to prove to people that you are doing okay. Stick to the needs and let go of the wants for now.

Also, be efficient with your expenses. Look at buying things in bulk to make it cheaper. Just tighten the belt as much as possible. Try to make whatever money you have stretch. Talk to your family and communicate what is going on and the changes that need to be made.

5. Your next season doesn’t look like the last one

Just because you are an accountant doesn’t necessarily mean your next opportunity is an accounting job. Look at your experience. What skills have you acquired? You may be qualified as an accountant but you are good at working with people and ensuring projects get done. You could work in many industries with that. You could start a business and use those skills.

Open your mind and stop identifying yourself as that previous career only. The new opportunity may not look financially like the last one. It could be more money for you (better case scenario) but like a lot of people have found, less money initially but with higher growth potential. Since you have now learned to live with less, don’t be enslaved to your previous paycheck.

READ ALSO >>> Revealed! Employers Are Searching For Candidates With Applicable Working Skills.

Lastly,

Have a conversation with somebody who understands what you are going through. You are not the only one, not the first and not the last to experience this. Learn from them. How they coped but also how they bounced back. Be prepared for that fact that your colleagues or even friends may not be your immediate support for this season. Find the right people.