How to Prepare for an Impending Job Loss

It is just one of those things - with the economy like it is and the massive amounts of uncertainty out there, the odd of loosing your job are getting bigger. It is unfortunate and generally one of those things that is out of your control. But . . . you can control the effect it will have on you and those who depend on you. My goal and my prayer for everyone that experiences an unexpected job loss is for it to just be a blip on their radar - soon forgotten. Here are some practical and financial tips that can help you be in control.

Difficulty: Moderately Easy

Instructions

1. Get your resume up-to-date - enough said.

2. References - now days references are more important than ever. Keeping your references up-to-date is as important as keeping your resume up-to-date. Keep a list of as many people as possible (and also their permission to use them for a reference). This will allow you to make the references fit the job that you are applying for. For example you would not want to use an old high school buddy for a job where that reference will be irrelevant.

3. Network - This is very important. More and more jobs out there are being posted only as a formality - there are many jobs that you can only get by knowing someone in the company. Technology is making networking very easy. www.linkedin.com is setup for career networking. You can sign up for a free account and find others that you have worked with or have known over the years that are on the system. You can even invite them to join. You are then connected to their network and you can have your direct connection virtually introduce you to their contacts. LinkedIn even allows people to write recommendations for you on your profile. Though not as business oriented, you can also use FaceBook to find connections that can possibly lead to your next job.

4. Talk to your spouse/family about the situation. They are your partner in this. Not being truthful about the situation will only cause problems in the long run. You have enough stress right now without trying to keep secrets from those who can help you deal with the stress.

5. Go into money "layoff mode". Start aggressively saving money. The idea is to try and have as much money saved as possible before that actual job loss happens. Look at everything in your budget - even the small things will make a difference. And if you don't have one already, make a budget! Be deliberate about all of your spending. If there is a cheaper cell plan, phone plan, internet plan or cable plan that you can change to - do it. You can always change it back when things get more stable.