How Should You Prepare for an Upcoming Job Loss?

Job loss can occur at any time, even though most of us like to think it will never happen to us, and it can be devastating to those who aren’t prepared. It can be devastating to those who are prepared, but certainly more so for those unprepared. While most of us are pretty off-kilter and unprepared for something of that magnitude, we should focus more on preparing for the unknown, and we should all start now. Actually, why don’t we? Why don’t we all make a group pact right now to prepare ourselves for the completely unexpected by doing something today and from this day forward to prepare ourselves for what could happen that we really, really, really hope and pray does not happen? To prepare for something unexpected, like the loss of a job, we have to do things like save and make plans and have things in order – and I have some simple suggestions we should all consider to help us with this goal.

Dust off the Resume

The most important thing you can do for yourself is keep that resume updated and in good condition at all times. It’s the most valuable thing you have to your name at this point in your life, so make sure it’s looking good.

Save

You need to have savings. If you’re not saving, find a way to save right now so that you can have a good, solid foundation in case something unexpected happens. You should have started a lot of yesterdays ago, but today works, too.

Have an Emergency Fund

This is different from savings in that this fund is for emergencies you didn’t see coming. In fact, job loss is a pretty big emergency you might not have seen coming. So let’s get going and put away some money into this fund, too.

Network all the Time

You can always maintain a professional network, and it’s a good idea to do so. Start by cleaning up your social media feed so that no one sees you taking shots on Drinko de Mayo and get to networking in a professional manner.

Minimize Expenses

You might not need to right now, but why not? You can save that money for emergencies and put it into your emergency fund. You don’t need 7000 channels of cable if all you watch is Netflix, right?

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