Protecting Yourself after a Layoff

Being laid off is never easy, and there is a lot of great advice for ways to get back in the game; but to gain victory in the future it is important to take time to "fortify your defenses and nourish your troops" (to paraphrase Sun Tzu).

Yes, you will need to update your resume, mine your network, and prepare for interviews; but before all that, there are ways to alleviate a little of the pressure you're feeling right now. I’m no financial advisor- much more of a survivor- but maybe these 4 tips will help you or someone you know if your head is in a fog and it’s tough figuring out what to do first.?

1 – You are defined by your actions after the event, not the event itself.

You will likely work for 45+ years throughout your life.? During that time, the odds are high you will be laid off and fired at some point, probably more than once.? It happens, it’s not just you.? It’s not the event that defines you, but what you do after it that does.? So focus on the after, not the event (though it’s okay to admit that you’re still hurt by it).?

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2 – Reduce your monthly payment burden.

Precious few people will find a job right away.? There may be “2 jobs for every 1 American worker” but that’s not the whole story.? So protect yourself first - think about your monthly bills and figure out which ones can be delayed. Even if you have a working spouse or partner, this is a big financial disruption for you and your loved ones; make the calls and keep what money you can in your pocket to help weather the temporary storm.?

• Mortgage?? There are incredible forbearance programs thanks to the overall impact of COVID, which was a primary catalyst for every hardship in our economy right now.? You qualify.? Call your lender to see how you can buy time and keep a roof over your head while you replace your income.?
• Rent?? Contact your landlord or agency to see what options may exist.? Private ownership landlords may qualify for a COVID program they can pass on to you, or they might be willing to work with you.? It’s not your fault so don’t be embarrassed; most everyone understands.? Make the call.?
• Car Payments?? Many banks and credit unions offer “payment holidays” - even a month or two can take a load off, so explore your options.? It might cost a small fee, but it will be far less than what is due in the payment.
• Medical/dental bills?? Providers are exceedingly understanding, as long as you take the time to communicate.? Let them know your situation, and there is likely a payment plan or delay you can work out. You will probably need to call back every month to update them, but it’s worth it to buy time while you’re figuring things out.?

3 – Apply for unemployment.?

Okay, I was raised that way, too; never take a handout... we are due whatever suffering comes our way... all will be made right in the end... but between our upbringing and our pride we can put ourselves in a world of hurt.? Benefits will only begin from the date of filing, so the sooner you do it, the better.? You’ve paid your taxes and contributed to your community and would still be at work if you could be; that’s what unemployment insurance is for – good people like you having a hard moment.? The little boost of money in your account each week after you file the weekly certification will make a big difference in the end.?

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4 – Apply for Medicaid (and other benefits).?

Cobra is crazy expensive, and we’re going into the worst cold and flu time of year, not to mention all the other risks that come with winter.? No matter your age, health, family status... don’t leave yourself open to the worst.? See if you qualify for benefits; it may take a few weeks and jumping through some hoops, but one trip to the ER could devastate you financially for years to come.? You may find you qualify for other benefits, too; like food assistance (and with the cost of groceries now due to inflation, everyone would benefit from a little help in that area).?

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From there, your best move is to think creatively.? A good offense is often the best defense, after all.? There will be good days, there will be really tough days; but ups and downs are just part of the human condition.? Think of yourself a year or two from now looking back, and make the future version of you proud of how you handle this right now.?

We’ve got this.? Spring is right around the corner.? Move forward.?