Recent layoffs from technology and media companies and government agencies might have you thinking about job security.
Losing your job is a difficult thing to process and you might feel the impact in several parts of your life. But there are things you can do to alleviate some of the stress and anxiety.
If you’ve been laid off, experts recommend that you first take a moment to process and then move on with a plan for your job search.
“A layoff can feel so personal but it’s not a reflection of your value or what you contributed. Especially in the U.S., the work we do is so tied to our identity,” said Lindsay Bryan-Podvin, a financial therapist.
Here are some expert recommendations to help you take care of your finances and your mental health if you’ve lost your job:
Take a break to process
Losing your job can cause a lot of stress and financial anxiety, so it’s important that you take time to emotionally process.
“Acknowledge and normalize that they’re going to feel a range of emotions, whether it’s anger or sadness,” Bryan-Podvin said.
Whether you are feeling sadness, shock, anger or even relief, taking a moment to feel those emotions can help you move forward.
Review your current financial situation
To make plans for the future, it’s essential that you review your current financial situation, said career coach Marlo Lyons.
If you have a budget, take a closer look and review whether you have expenses that you can temporarily cut to save money. Lyons recommends that you know how long your severance package will last if you’re receiving one.
Applying for unemployment benefits as soon as possible can help alleviate some of the financial stress of a layoff. While the amount you get for unemployment might not be as much as your salary, it can help you to stay afloat for some time, Lyons said.
The Labor Department has tips on applying for unemployment.
Read the full article here.
Mass layoffs are currently affecting thousands of Americans both in the private and public sectors