4 Things to Do If You’ve Been Laid Off

4 Things to Do If You've Been Laid Off

Over the last few months, the spread of coronavirus has thrown several individuals and businesses for a loop, all over the nation. With coronavirus came several large and small companies having no other option than to furlough or layoff their employees. If you were previously employed and have been laid off as a result of coronavirus, keep reading to learn four crucial things to do for your financial future.

1. Avoid Panicking If Possible

As this time is still uncertain, and the pandemic has not reached an end, the most important thing you can do right now is take care of yourself and your mental health. There are certain things about unemployment that can be controlled, and there are some things you cannot control. However, making sure you allow some time of your day for self-care is a great way to recuperate and get a grasp on things.

2. Do Your Research

While looking for another job might seem like a daunting task at first, you want to make sure that you are researching the jobs you come across and bookmark them for when you want to begin applying. Not only will you want to research potential jobs, but you will also want to make sure that you research your unemployment options.

3. File for Unemployment

Right now, if you have been laid off, you can file for unemployment and receive weekly payments to help guide you through your time right now as you search and apply for other jobs. These weekly unemployment payments help relieve some of the financial stress that has likely come about since being laid off. The CARES Act opened up numerous new job opportunities for those that are experiencing furlough or been laid off.

4. Reevaluate Your Budget

It is always beneficial to keep your budget in check, however, if you have been laid off, now is the time to reevaluate your budget. The most important budgeting advice you can get is to learn how to divvy up your list between what you need and what you want. Once you do so, you are able to save more money and cut down your expenses. Even the smallest changes can make a difference if you allocate an ample amount of time to sort out your budget.

Being laid off is never something someone wants to go through, but unfortunately, it happens. Right now, layoffs are common with the impact of the coronavirus pandemic. Making sure you follow these four main tips is important to get back on your feet after being laid off, but it is in your best interest to speak with a financial professional should you need more guidance and advice regarding your financial future. If you would like to learn how we can help you, give us a call at (972) 726-9888!