7 Financial Tips After Losing Your Job


Today, almost no one is safe from the potential loss of their job. Staff reductions, business closures, corporate remodelling, and downsizing have put many people in the unemployment line.

For a lot of Canadians, losing their job can be devastating financially. Most people live paycheque to paycheque and have no plan or savings to protect them should they lose their main income. These tips can help you survive should you find your family facing unemployment.

1. Pay off Debt

Many people live with high amounts of personal debt. Every time you must pay a bill, it is less money in your pocket. One of the best ways to stay financially stable is to pay off debt quickly, and keep your spending within a realistic budget.

2. Save for that Rainy Day

Pay yourself first is a popular term that many people ignore or forget. If you want to be financially secure, you need to build a nest egg. Your personal budget should include money that can be saved for that rainy day. The bigger your savings account, the better you will be if you lose your job.

3. Upgrade Your Skills

In today’s continually evolving society, it is important to have a competitive edge. To do that, you should continually upgrade your skills and education. The more current and needed skills your talents are, the more valuable you will be to current and future employers.

You can upgrade your skills by taking evening courses, signing up for job related workshops, monitoring trends, and accessing free training opportunities.

4. Do Resume Worthy Activities

To gain skills and experience, do things that will add value to your resume so employers can see what you can do. Volunteer in workplace communities, become an active member in your community, and find paid or free opportunities to gain new skills. These activities can provide additional skills and knowledge that will give you the leading edge in the job market.

5. Keep Your Resume Up-to-Date

 

People often forget to update their resume when they are employed. But no matter how long you have been employed, you should always have an updated, current resume. You can have it ready to transfer to another department, apply for a promotion, or find a new job.

A current resume should be up-to-date, but it should also fit with the current trends and styles of resume writing. The worst thing you could submit to any job is an outdated, old formatted personal resume.

6. Talk to a Financial Advisor

If you are at risk of losing your job, see a financial advisor as soon as possible. A professional money coach can help you assess your budget, financial needs, and current situation. They can give you solid advice to help you prepare for the future.

7. Make Money on the Side

In today’s technological dependent world, there are plenty of ways to make extra income. If you have a hobby you really enjoy, or something you are passionate about or talented with, see how you can turn that interest into a money-making opportunity. Even a small financial gain will help if you find yourself jobless.

Losing your job can be financially devastating both short and long term. In today’s global market, with so much uncertainty in many industries, it is important to prepare yourself for any situation. The more financially prepared you are, the better you will be able to handle a loss of income from employment termination. It is also important to contact an employment lawyer to ensure you are prepared and protected legally as well.

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7 Financial Tips After Losing Your Job

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