Tag Archives: job layoff

How to Financially Prepare for a Job Layoff

Nobody likes the idea of being laid off from their jobs. Many people not only enjoy their work, but it also allows them to support themselves and any relatives which may also be dependent upon them. If life were perfect, everyone would keep their current positions of employment and never have to worry about layoffs. However, life is far from perfect; job layoffs occur more often than most individuals would like to imagine. This is particularly why each person has the responsibility to ensure that they are financially prepared in the event that they are laid off by their current employer.

Build A Plentiful Savings Account

One of the surest ways to prepare for a job layoff is having a plentiful amount of funds stashed aside. Saving money is always valuable and important; however, its value and paramountcy increase when an income stream evaporates. More often than not, saving sizable amounts of funds takes time. This is often a process which occurs gradually. Working people generally put aside either a specific amount of percentage of their earnings each time they are paid. Forbes moreover recommends having at least three to six months of living expenses saved up in the event of a job layoff. This greatly reduces stress and other headaches which are often brought about due to a lack of funds.

Take Advantage of (Potential) Remaining Job Benefits

Depending on the nature of one’s job, there may be certain associated benefits, such as healthcare, insurance, etc. In certain cases, employees who are laid off may be granted the option to take advantage of their benefits prior to the layout. If the individual at hand is unsure of where they stand regarding their job benefits, he or she should set up an appointment with their employer to get all the answers.

Knowledge is power. Having all of one’s ducks in a row is critical, especially when a job layoff is just around the corner.

Spend Less Money

Although this particular step may appear unnecessary coupled with the existence of plentiful savings, in actuality, it is very important. Spending less money increases the longevity of even the healthiest savings account. Decreasing levels of spending can be challenging, particularly if someone has grown accustomed to a certain lifestyle with various amenities. However, a job layoff is a very serious matter and all energies should be directed towards finding a new source of income to replace the one which is now gone.

A Final Word

Keeping the faith and staying positive are also some important tips when faced when the existence or possibility of a job layoff. The world of work is changing with each passing day; countless people are turning to the gig economy and freelance market as a means of supporting themselves.

In many cases, having multiple sources of income can also counteract the financial impacts of a job layoff. Many people rent spare rooms on Airbnb, drive for Lyft or Uber in their spare time, or even make fruitful investments which are likely to pay off in the future.

Authored by Gabrielle Seunagal

5 Tips To Help You Manage Sudden Unemployment

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The unemployment rate within Canada is still slightly higher than average and joblessness is certainly of high concern.  It is quite natural to feel anger and resentment when one is suddenly faced with a layoff.  Unemployment is a scary thing.  For many Canadian families, a job loss can mean financial disaster, and many are living paycheque to paycheque right now.  There is good news though.  There are many things you can do to gain control over a situation like this, and there certainly is support available.

Just to begin, you have to take care of yourself and control the stress and anxiety that can result from a job loss.  You can also reach out to others and even take this opportunity to re-evaluate your goals.  Maybe, just maybe you might find this is what leads you into finding a career that really makes you happy.  There is always something good to be found.  Let’s take this time to look at some of the tips which might improve your life and get you on the right track employment wise and financially stable too.

Also. many Canadians find a payday loan can sometimes ease financial stress, as long as the payback is in payments and comes with a low interest rate.  There are times where this is a very feasible solution, but you need to remember not to get in over your head.  A payday loan is only a short term solution and is not meant for Canadians to lean on in times of trouble.  Paying a loan like this off as soon as possible can actually help your personal credit!  Below are 5 other tips to help you manage and cope through a sudden job loss and gain control over your financial outlook!

5 Tips To Help You Manage Unemployment

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Tip 1:  Consider picking up a trade that is in high demand during this time

If you have a small nest egg you can depend on, this might be the best time to invest in a long-term future goal!  Going to trade school isn’t as expensive as one might think, and you can normally pick up an applicable trade within 3 to 6 months.  For instance, plumbers make excellent money and a trade like this can keep you financially stable for an indefinite period!  This is something to certainly consider.

Tip 2:  Take time to build upon your existing qualifications

This is the time where you can really sit back and try to exemplify on your hiring traits.  You want to get a job that will really make you happy and this allows you to take the time necessary to match up your skills with the perfect position.  Of course, some don’t have this leisure time available, but if possible, it is the opportunity you need to really land a career for the long-term, not the short-term. If you have the chance. fine tuning your resume might mean everything between getting a job and not getting a job.

Tip 3:  Link your profile online

Yes, online linking can help you acquire a new job faster, and more than likely, this can be aimed towards a career you really like!  So, now is the time to take advantage of online resources.  There has never been a better time to start linking your online profile today!  Make sure your attributes shine through and make you stand out from the crowd.

Tip 4:  Develop more positive thinking

Staying positive and having a positive outlook can make a huge difference.  Don’t let unemployment control you, take control of it and focus on good thoughts! Perhaps taking up yoga, or beginning to research self-help techniques might be a good idea to remain steady and balanced.

Tip 5:  Put forth positive energy during a job search

If you’re going to overcome unemployment you have to believe in your own abilities and have faith you can find a job you’re cut out for.  It takes work, yes.  However, focusing on exactly what you need might show you the more positive side of things!  Stay focused and work hard to find a way through a time of unemployment!  It isn’t easy, but there are resources to help.  Just remember, this period of time isn’t forever.

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