How To Get Back On Your Feet Financially After Losing Your Job

9 Tips to Help Recover When you Lose Your Job

Losing your job can become a challenging reality for many people. For you to be able to move forward, financially, and career-wise, there are several things you will want to consider during the process of getting back on your feet.

The following are some areas to think about if you end up in a difficult position and tips to help you get back on your feet if you lose your job.

1. Compensation

Whatever the reasons surrounding the loss of your job, you’ll need to ensure that the correct compensation is coming your way.

Keep a clear head and look into any compensation or payout you might be entitled to from vacation leave built up through to termination clauses and payments in your contract.

2. Speak With A Lawyer

Do not sign anything until you’ve spoken to a lawyer, and discussed your rights. Your previous employer will protect themselves financially, not you. So ensure that you and an expert are looking out for you and your savings.

Too many people sign immediately and later find out they were entitled to a lot more. Do not let your old employer get the best of you, know your rights, get legal help and get what you are entitled to.

You don’t necessarily have to go to court or anything along those lines. Getting a lawyer to look over the paperwork and do a couple of tweaks or a counteroffer is often enough.

3. Get References

Try not to burn any bridges; by keeping an amicable relationship with the company you’ve just left, you’ll be more likely to receive a positive reference and recommendation to other places of work.

Potential new employers will appreciate what your previous workplace has said about you, so do all you can to make sure that it’s positive.

As tempting as it can be to go out with a bang if a workplace has been particularly terrible, you never know who knows who. Play it safe, get the references you can and move on with your head held high.

4. Create a Budget

Aside from looking for new work as soon as possible, you’ll need to ensure that you’re able to protect your biggest financial assets (e.g. your home) and use any contingency cash that you have wisely.

Try to work out a strict weekly budget, that allows you to pay for all your essentials. Give yourself a time span in which to find a new job.

Consider taking on any work, just to tide you over until you’ve found a suitable career opportunity. It might not be your ideal job but some income is better than no income.

Sometimes, life becomes more and more financially difficult, and before you know it; you’ve spiralled into debt and bad credit. A terrible credit score, from months of unemployment, can lead to problems when it comes to getting a mortgage, or any loans in the future.

You’ll need to seek legal help and advice, to help to regain your footing. Look into credit repair firms, and ask yourself if getting assistance would work for your situation.

To avoid all of that, try to stick to a budget and bring money in some way until you get a job.

5. Refresh Your Resume

Get on this immediately. It is an essential part of getting a new job and depending on how long you’ve been in your job they may have changed a lot.

Hire a professional to help maximize your resume and be sure to tailor it to each application. One important thing to know with resumes now, is most job sites use Artificial Intelligence.

Your resume needs to be formatted a certain way with certain keywords to make it through. Hiring a professional might feel like an unnecessary expense but without it, your resume might never be seen.

6. Update LinkedIn

LinkedIn is a powerhouse for job search, recruitment, and opportunity. Update your profile and make it stand out.

There are professionals who can do this for you to make it easier. Be sure to have completed your profile and set your profile to be open to recruiters.

Get active on LinkedIn too. It’s good to be active on LinkedIn normally but even more so when looking for a new job and trying to get seen.

7. Connect And Network

Reach out to your network and let them know you are looking for a new job. Find networking events in your area and get active in them.

Check out Facebook groups, job boards, and anywhere you can connect with others. Join local business groups and go to business breakfasts.

Often it’s not what you know but who you know so get out there and meet people. Be authentic though and look for how you can help them not just what you can get from them.

8. A Positive Attitude

It can be difficult to maintain any momentum when times are tough; however, it’s vital that you keep pushing forward in looking for a new job, and staying on top of your monthly outgoings.

You’ll need to make sacrifices along the way; however, these will help to ensure that you’re in a positive financial position when you start your new job, and a fresh chapter in your life.

Of course, you are entitled to be upset and stressed about your situation. However, try not to carry those feelings along with you when you’re looking for a new job, and when you’re working out how you’re going to allocate your money.

Here are five ways to stay positive when job searching.

The more upbeat you are about change and a new start, the quicker an opportunity will head your way, and you’ll be back on your feet financially before you know it.

9. Side Hustles

Until you get a new job, side hustles might be a way to get you over the line and not end up in huge debt. Buying things to resell, freelance writing, cleaning, babysitting, odd jobs, anything.

Check out Airtasker, Craigslist and similar for odd jobs. Pack shelves at the supermarket at night, anything you need to keep money coming in.

Some people have found they make more money from their side hustles than their old jobs so they choose to continue them with a new job or they keep it as a new business.

How do you manage to get back on your feet financially?

Like Piggy Bank Dreams on Facebook or Follow Piggy Bank Dreams on Twitter.

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.

One thought on “How To Get Back On Your Feet Financially After Losing Your Job

  1. Thank you for these insightful tips! One additional strategy I found helpful after a job loss was exploring short-term skill-building courses or certifications. Not only does this show proactive learning, but it also enhances your resume, making you more competitive in the job market. Thanks