How TO SURVIVE an Unexpected Job Loss?

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Job loss is a common fact of working life. One of the many concerns you should have is the immediate effect on your personal finances, health and relationships. It may not appear as gloomy when you have savings. Otherwise, be ready to get entangled in debts that you will not be able to break free from. Take a deep breath – you will get through this situation by using our suggestions.

1. Take good care of yourself

First, don’t panic. When you lose your job, it is normal to feel unhappy and depressed due to a sudden change of circumstances. However, you should never let it affect your health. In order to stay on top of your worries, talk with someone you love and care for. Getting emotional support from your family and friends will help you remain positive.

2. Know your financial standing

The initial loss of a job is indeed stressful. In such times, you tend to make hasty financial decisions. Yes, you can’t change the state of the economy – but clearer decisions will surely help you to restructure your finances. Besides managing your funds, it also ensures a smooth transition into a new job. To stay safe, make a list of your expenses and income for the next 2 months.

3. Work out a realistic plan

A workable and well-organized spending plan is essential during significant financial shortage. In order to deal with reduced income, cut your household budget in the suitable areas. If you are married, talk to your spouse about having better financial management until you are successfully employed again. Bear in mind, making financial mistakes could jeopardize your financial well-being for years to come.

4. Start looking for a new job immediately

In order to survive financially, you may get temporary or part-time work which you have little or no experience. For better or for worse, an unemployed is not encouraged to delay his or her job search. If necessary, you may also need advice from a certified financial planner or even seek short-term assistance from your family or friends.

Read More : http://www.MyFinance.com.my/articles/detail/1126149141

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