Understand Your Situation
Talk to your employer. Ask him the necessary questions to understand what your situation is. Cover any financial questions (like your severance package) and if they consider that your layoff may be temporary or definitive. These questions can help you make a financial plan for the upcoming months.
Also, ask the reasoning behind the decision; this will allow you to comprehend the situation of companies in your industry, and plan accordingly. Depending on the type of relationship you have with your employer, you could ask them for leads to find other employment in your area; it doesn’t hurt to ask.
Understand Your Benefits
Both the government and companies have put in place programs to support those who have lost their jobs, so find out what you’re entitled to and take the necessary steps to get it if you need it. There’s no shame in it: this is what you pay taxes.
Private companies are also taking measures because of the Covid-19 crisis, like deferred payments and lower interest rates. Reach out to your bank and utility providers. Most will negotiate with you if you have debt and have lost your job, so get in contact to assess your situation and find solutions.
You are probably going through a stressful time, and your mental health might be suffering. But that is not positive in any aspect and might hinder you in your job search. Make a priority out of enjoying life’s little things, even through this rough patch.
Talk to your loved ones about what you’re going through, and find support in them. Keeping your problems to yourself is no good for your mental health, and may trigger a feeling of isolation, the last thing you need right now.
Understand Your Expenses
Looking at your finances right now might be scary, but you must design a financial plan. Start by going through your expenses and eliminate what is not a must. This does not only mean big purchases, but also small amounts that might be adding up. Think subscriptions or credit card fees.
Taking care of your budget is a way to gain control of your situation, and will do wonders, not only for your pocket but for your mental health. In uncertain times, assessing your control can be a great ego booster.
Understand the Job Market
Go through job postings to see what’s out there. Also keep up with the news, as they will give you an idea of how different industries are faring in the current economy and might offer leads on where to start looking.
If you look through financial reports you will notice that one of the few industries thriving during the pandemic is tech. It seems that there’s where the economy is headed in the future, so consider acquiring tech skills to become more attractive to future employers. The ability to adapt is paramount during these times, as we are in an era of constant change. If need be, let go of what you did before to find a new place in the economy.
In times like these, it’s important to keep moving and generating income so, if you find some seasonal work, consider taking it. Like financial expert Dave Ramsey says, even packing boxes contributes to your household.
Keep a positive outlook, and get rid of negative thoughts, as they serve no purpose. Accept your situation and do what you can to change it. Remember to control what’s in your hands and do your best to deal with what’s not. Insist, persevere, and change the game plan when it’s necessary. Stay focused and smart, and you will succeed. There’s a job out there waiting for you, even if it doesn't look like what you imagined. You just have to find it.