Here's how you can navigate financial challenges during a layoff in software testing.

2 Emergency Fund

If you have an emergency fund, now is the time to use it. Ideally, this fund should cover three to six months of living expenses. If you don't have one, consider liquidating non-essential assets or look for part-time work to create a temporary safety net. It's important to manage this fund wisely—withdraw only what you need for essential expenses and avoid the temptation to use it for non-critical costs. Your emergency fund is a crucial buffer that can help you weather the storm without falling into debt.

5 Freelancing Options

Consider freelancing as an alternative income source. Many companies seek contract software testers to fulfill short-term needs. Websites that cater to freelancers can be a platform to offer your testing services. While freelancing may not provide the same stability as full-time employment, it can help bridge the financial gap, keep your skills sharp, and possibly lead to long-term opportunities.

6 Health Coverage

Maintaining health insurance is crucial, especially during a layoff. If your employer provided health coverage, look into options like COBRA (Consolidated Omnibus Budget Reconciliation Act) to extend your existing plan or research individual health plans. While these options may be costly, protecting yourself from potential medical expenses is important. Additionally, some countries offer health care benefits for unemployed individuals, so investigate what assistance may be available to you.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?