Dealing with the Difficulty of Job Loss

We are in the middle of a short series of segments entitled Dealing with Financial Difficulties. Last week we covered Divorce. This week we will discuss losing a job.

Another emotionally difficult life and financial issue is losing your job. It's hard to keep your wits about you when you hear the news, but the calmer you can stay, the faster you can take necessary steps to move towards a better day.

Assess- What do you have in the bank? How much do you owe this week? What might you have been in the middle of buying that needs to be stopped? House, car, furniture, communicate with the shop right away. Are you eligible for unemployment benefits? If so, apply immediately. You will want to investigate carrying over your health insurance - if your job was vital to the family's coverage and investigate COBRA. This allows you to buy group rate health insurance for a limited time.

Communicate- Let friends and family know the situation as soon as possible so that ears can be listening for job openings and opportunities. Communicate with utility companies and others about your situation. Many of them, when made aware of the situation, will do whatever they can to work with you, as long as you communicate!

New direction- Is this an opportunity to go back to school or change your skills? Is your former job in an ailing industry or is this just a temporary setback? Try to take a reasonable and unemotional view of the future. Stay active even if is in small opportunities. You need to not be home sulking but working wherever you can doing whatever you can find. Stay positive, stay focused on others so you can get plenty of rest and get going tomorrow.

It will all work out!

Marion R. Syversen, MBA - President
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com

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