Life Classroom

May 15th, 2012

How to Deal with Job Loss and a Decreased Income

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Losing one’s job can be devastating and of course, the loss of an income, puts stress on everyone in the family. Instead of panicking, give thought to how much money you have in the bank, the sum of bills you need to pay, any severance pay that might be given, and what you and your family need to do to alter your budget so that you have enough money for certain survival needs.

Talk with your family, friends and former co-workers on how you can make extra money. Keep an open mind about other potential jobs such as getting a part-time job that will help sustain you until you find a full-time job. Then, give thought to how you cut back on nonessential expenses. It will be important to live within your means and that means prioritizing what you need to pay and what can wait for awhile. Medical bills and utilities are important; so they should come first. In addition, only use your credit cards when absolutely necessary. Next, see if you are eligible for government assistance. This will help take care of urgent and necessary needs.

Most importantly, it is important to take time for rest and other activities in order to keep your mind off of the job loss. In addtion, take time to exercise on a regular basis. Exercise helps to reduce stress and helps to keep restore energy to your body. Getting plenty of sleep also helps to reduce stress and keeps you focused on finding a job.

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