What to do if you lose your job

5 tips after losing your job
Being made redundant or being laid off is a reality for far too many people in these recessionary times, and with a double dip economy being mentioned so much in the media, it’s important to be prepared for what may happen down the line. If you find yourself collecting your last paycheck from your job, or unexpectedly laid off or made redundant and you’re not lucky enough to have income protection insurance, here are five steps you need to think about immediately in order to keep yourself out of debt:

1. Speak to those closest to you. Your loved ones know times are tough and that it’s not your fault you lost your job, so there’s no shame in telling them. This step is one of the most important things to do as quickly as possible, since it’s a real possibility that you’ll have to reign in your collective spending.

2. Reign in your spending. You should immediately cut down on the little extras in life like eating out, cable TV and unnecessary clothes purchases. It’s also a good idea to cancel any unnecessary debt like large upcoming purchases or things you were planning to put on your credit card.

3. Call your creditors and tell them. Everyone knows the economy is bad, and credit card companies and banks have systems in place to help you. It may seem like they’re against you and that they only care about getting their money, but your financial health is better for their business in the long run.

4. Update your CV and start looking for work immediately. Your options might be limited, but you’d be surprised how quickly you might be able to start earning again. You may be surprised when you sit down to re-write your CV how much experience you’ve gained since being hired last.

5. Apply for unemployment benefits. This needs to be done as soon as possible, as it can take time to get approved. If you haven’t looked into getting income protection insurance now, it may be too late if you lose your job. You can find out online if you’re eligible for unemployment benefit and how much you may be entitled to.

Article Source: unum.co.uk