Planning for Unemployment

You can prepare for a job loss by doing a bit of planning. And beliee me, a bit of planning make the difference between a crisis and an opportunity.

First, think about your rainy day fund. Do you have enough cash to pay essential bills for a couple of month? Experts tell us that we really should have 3 – 6 months worth of cash saved in case of an income loss, but a couple of months or 6 weeks would be better than saying you have enough cash to fill your gas tank and then you are done! If you have not managed to save money, maybe you should look into unemployment protection.

Second, can you access all of your business associates, coworkers, and friends without logging into your workplace computer? You’d be surprised how many people organize their life at work. Imagine the catastrrophe of losing all of those records if you cannot get back into your office one day.

Third, are you prepared, emotionally, to lose your job. Many of us go through periods where our work is a big part of our identity. Maybe most of your friends are at work, and it is a big part of your day. Maybe it is time to expand your lifestyle to include other activities or hobbies so you do not feel like you lose your center when you lose your job.