Being jobless is a situation nobody wants to be in, or even think about.
However, with news continuing to circulate concerning high unemployment rates, massive layoffs and the collapse of the main industry leaders, unemployment is something that can happen to just about anybody.
According to Trading Economics, you need to be prepared for unemployment no matter what your career situation is as unemployment anxiety can result in depression, binge drinking and financial stress when searching for new employment.
The following are six recommended ways you can successfully cope with job loss and recover after unemployment.
1. Care for yourself
Self-care is essential to bouncing back. Continue to maintain a healthy schedule while job hunting and focus on the goal of obtaining new employment, rather than on the previous loss.
Ensure that time is made for relaxation, even during this emotional period, to keep from falling into depression.
2. Create an action plan
Research also suggests that an action plan will assist an unemployed individual in staying on track. This should include updating or creating your new resume and cover letter, and researching job openings online.
Consider this a time of opportunity and write, or rewrite a five-year plan that includes professional and financial goals.
3. Ask for assistance
There are certain organisations that can assist in finding the right employment that fits your specific job skills and experience. Other than seeking out those organisations, be sure to file for benefits during times of long-term employment as this will assist you financially.
Remember that you are entitled to unemployment benefits after periods of work and these benefits will help in reducing the pressure placed on a spouse to cover all daily expenses.
4. Stay on budget
This may including cutting back on some luxury expenses during times of financial stress. Utilise coupons, sales and other money managing tricks to keep from falling too far behind.
Use the help of non-profit organisations that offer groceries or assistance in catching up with your utility bills if they are overdue.
5. Manage your finances
Financial recovery typically entails paying off debts that have been amassed during times of job loss, rebuilding savings before increasing spending habits and in many cases, adjusting to a lower income.
Continue to stick with the budget used while unemployed until all debts and bills have been caught up and savings have accumulated.
6. Be flexible
Explore new career paths with more positive outlooks to find a job with a reduced chance of unemployment in the future. Career centres contain a wealth of knowledge on career exploration and new job fields open consistently in a changing economy. A new career provides opportunities to follow passions not previously explored and could lead to increased job satisfaction.
Keep in mind that this is only a temporary down period. Another helpful tip is to think like a trader on the market to keep spirits up during financial stress. Traders have ups and downs but understand that it’s the long-term effects that are of the greatest concern.
Unemployment can be emotionally and financially difficult, but these are temporary setbacks that can be overcome with the right strategy and positive thinking.
This article first appeared in The New Savvy.
The New Savvy is Asia’s leading financial, investment and career platform for women. Their bold vision is to empower 100 million women to achieve financial happiness. They deliver high-quality content through conferences, e-learning platforms, personal finance apps and e-commerce stores.