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The Checklist: 5 Things To Do If You Get Laid Off

The Checklist:  What to Do If You Get Laid Off

Layoffs are becoming more common these days.  In the past month, five of our close family members have been laid off from their jobs.  Layoffs are happening unexpectedly.  Here are some tips that are sure to come in handy if you get laid-off.

Don’t do anything drastic.  The first thing you need to do is call your HR department and make plans for your benefits.  Find out how long you have to make decisions about health care and retirement accounts.
Take care of business.  There are several action items on your list that need to be taken care of immediately.

1.  Apply for unemployment insurance. Unemployment insurance is a federal program that benefits people who are unemployed.  Each program is managed by individual states.  Coverage amounts will vary and the time it takes to start receiving checks will vary as well.

2.  Re-Think your budget. Unemployment benefits will not cover every expense you have.  Take a close look at your budget and cut out any unnecessary spending.  Get rid of your ’slush’ spending.  Being unemployed will take a great deal of discipline to make ends meet, but it is possible.

4.  Edit your resume. If you have been in the same job for years, or even if you haven’t, you need to brush up your resume.  You probably have more skills and experience that need to be added.

5.  Health care. Consider health care options.  Should you continue your old health care under COBRA?  COBRA insurance is extremely expensive.  If you are healthy, it might not be a good option.  If you have health needs, it might be the only option.

Being laid-off often times comes as a complete shock.  Although the economy is getting better, there are still layoffs happening.  It is important to know and understand what to do if you are laid-off.  Being prepared is the best way to meet the future.