How to Soften the Blow of a Job Loss
Job loss is frequently unexpected and can cause depression, panic, and stress as one tries to adjust to this new financial situation. There are things that you can do, however, to lessen the impact. Here are three things you can do to lessen the blow of a job loss.
Build Up an Emergency Fund
One of the most important things is to build up an emergency fund, which is typically a reserve of 3-4 months’ expenses. Building up an emergency fund does take time, but it doesn’t have to be drastic amounts that you set aside every month. If you can only set aside a hundred dollars a month, that’s okay. A little bit adds up over time—the most important thing is to be consistent. If you can consistently add to your emergency fund, you’ll be better prepared for when an emergency, such as the loss of a job, strikes.
Keep Your Resume Updated
Even if you’ve been employed at the same company for many years, you should keep your resume updated. Any new experience that is valuable to your job skills should be added to your resume. It’s a lot easier to look for jobs if your resume is updated. You should also keep your profile on LinkedIn updated as that acts like an online resume. When creating a LinkedIn profile, you should follow professional advice for how to write a LinkedIn headline. Keeping your profile updated gives you a better chance for finding another job.
Always Look for New Opportunities
Even if you have no reason to fear the loss of a job, it doesn’t hurt to be on the lookout for other jobs. The best time to find a job is when you are currently employed. Even if nothing strikes your interest, it is useful to see what is out there because it is much easier to do research about other jobs while you don’t have to worry about being unemployed. Looking for new opportunities can help you find a job quickly if you unexpectedly needed to.
Losing a job can be hard, as it often comes without warning and usually at stressful times in life. However, losing a job does not have to be a devastating blow if you are already prepared by building up an emergency fund, keeping your resume updated and being on the lookout for new opportunities.
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