Articles > How to survive a six-month layoff - by Scott Brown
We all hate to consider layoffs but lay offs happen daily and affect almost anyone with little or no warning. If you are the victim of a lay off or are pretty sure that you are the next in line, start planning right away so you can survive the time out of work.
First off, start looking for a new job. If your financial status is not good, consider getting temporary work to keep the money flowing while searching for a position. No matter what, you have to start looking right away.
Check your spending
One of the most important steps is to check your spending. If you may not be able to find work for three to six months, you need to drastically curb your spending. Cut back on luxury services like cable, satellite, cell phones, lawn care, house cleaning, etc.
While we never want to get a bad credit report, it just seems logical to pay your credit cards late if it means that you can keep your house. Whatís worse, losing your house or having a couple of late payments on your credit cards? Remember that most companies will not report you to the credit bureau for 30 days even if the bill says late after 10 days.
Check your funds
If you are like most Americans, you live paycheck to paycheck with a small amount going to savings and the same to 401K. If not, you can probably ride out a long term lay off with little problems. If so, then start determining where your money is and how you can get to it.
Your primary goals when facing a long term lay off should be to get work, keep your house and keep your car(s). Keeping your car might fall secondary to other considerations if you actually have positive value in your car. If, like most Americans, you are in a negative equity situation with your car loan, you want to avoid repossession at all costs.
Finally, consider any sources of loans or advances just in case your existing funds will not stretch to accommodate your expenses. If you have family that might be able to help, contact them and let them know you are out of work. If you have an extra vehicle, sell it or take a loan against it. Any source of additional funds should be considered to help you weather the storm.
Make a plan and stick to it
Once you have consolidated your position, put a plan in place and stick to it. Look at each large bill (like house payment and car payment) and when it is due and plan for when to pay them. If your funding is going to run out, then that is the deadline for when you have to get work.
No matter what, go ahead and set a deadline for when you have to find work. While many of us are proud, you should never be too proud to do whatever it takes to put food on the table. So, donít sit around and wait for something to happen; go out there and make it happen.
Scott Brown is the author of the Job Search Handbook (http://www.JobSearchHandbook.com). As editor of the HireSites.com weekly newsletter on job searching, Scott has written many articles on the subject. He wrote the Job Search Handbook to provide job seekers with a complete yet easy to use guide to finding a job effectively.
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