How to Deal with a Sudden Unemployment or a Loss of Income

How to Deal with a Sudden Unemployment

We can never be sure what is around the corner in life and this is true in work as well as everything else and we can all find ourselves on the receiving end of bad financial news in a job loss or serious dent in income if we are self-employed. Often with a company, they can announce sudden unemployment or down-size and make you redundant or even go out of business entirely.

Deal with Your Exit from Your Employer

Be sure that you are careful after a sudden unemployment to look at your contract to be sure that you are aware of everything that is in your contract. Often in the chaos of being made redundant or losing your job, you can forget to check that you are getting everything that you are due. A good example is where you are to gain shares in the firm from your company or have pension contributions that need to be transferred.

Look at Your Resume

Once you have all the contractual stuff sorted then it’s time to get back out there and look for a new job. So it’s essential that you make sure your resume is up to date before a sudden unemployment. Even if you have a copy of the last one you used to get this job it’s still important to be sure that you include all your recent achievements and update the references.

Were You Mistreated Before

All of what we have spoken of is assuming that there was nothing wrong with the way that your employment ended. But if you feel they have wronged you in any when then you have to take good legal advice on whether or not you can take wrongful dismissal action.

Or if you have an issue with what they have done in an injury sense, check a Personal Injury Settlement Calculator to see what you might be able to claim in this circumstance.

What to Do About Finances

You need to very quickly assess how you are going to be able to afford to get by in the time until you secure a new job. If you are lucky enough to have unemployment insurance then check your policy as it’s often only a percentage of the salary you get.

Find out if there is any freelance or casual income you can come by and this can at least see you through for the short term. Otherwise look at how you can cut down your outgoings, check your bank statements, and see if any regular payments are unnecessary, you can also try cutting out meals and other expenses after a sudden unemployment.

Use Your Contacts

When looking for work don’t just rely on job adverts. We always say how important networking is and this is exactly when all that work will have paid off. Pick up the phone or fire off a few emails and you’ll quite quickly see whether or not someone can hook you up with an exciting opportunity.

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