I Lost My Job! What To Do & How To Pay The Bills

Losing your job is one of life’s scariest experiences. Unemployment affects our daily life, our relationships with coworkers, and our income. Unfortunately, more people than ever are facing this reality as unemployment claims in Texas reach record highs. If you have been laid off, fired, or find yourself out of work, start by fighting the urge to panic. Take a beat, catch your breath, and try to keep your cool. The simple steps outlined below will help guide you through this period of turmoil in your life and give you practical advice about getting back to work.

Evaluate Your Situation 

Start by giving yourself time to process. Avoid the urge to sink into despair or isolate during this time. Your mental health is important and you should reach out to friends, family, or even mental health professionals to seek the support you need. Once you’ve come to terms with your situation, you should begin a process of evaluation and recovery.

Apply for benefits

Start by leveraging every financial resource that is available to you. File for unemployment benefits if you are eligible for them and speak to your former employer about things like severance, payouts for unused paid time off, or filing for COBRA continuation coverage of your health insurance. If your job included retirement options like a pension or a 401k, you’ll want to do your research and understand what this situation means for your plan.

Prioritize Expenses & Set A Budget

Not all expenses are created equal. Ideally, you should cut costs and create a budget that reflects your new reality so that you can continue to pay everything that you owe. However, you may find that it’s impossible to pay all of your bills without the income you’ve relied upon. In those situations, prioritize expenses like groceries, rent, and car payments. It’s critical that you keep a roof over your head and food on the table and you should operate accordingly. Be proactive about communicating your situation to your landlord, creditors, or anyone else that you may owe money to. In many cases, you may be able to negotiate a temporary arrangement to adjust or delay payments until you’ve found a new job.

Apply To New Jobs  

Begin applying for jobs as soon as possible, once you’ve had time to grapple with your situation. Competition for new jobs will be fierce, but you can gain an advantage by applying early and often. Update your resume and brush up on your interview skills during your time at home. Consider using online resources like LinkedIn and Glassdoor to browse jobs online, but don’t forget to network with friends, family, and former colleagues. It’s often easier to leverage existing relationships to find new employment than it is to apply as a stranger. Want to really boost your chances of getting the job? Customize your resume and cover letter for each new position instead of using the same template for every application. It will take more time, but employers will respond to the personalized touches that are specific to this company and position.

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Getting Back On Your Feet

Landing a new job is an important milestone and a cause for celebration, but it may not solve all of your problems. You should catch up on any expenses you might have fallen behind on and continue to avoid spending money as you work to build– or rebuild– your savings. In some cases you might face new and unexpected costs after starting your new gig.

Catching Up On Expenses

If you’ve fallen behind on your bills during the time that you were out of work, take this opportunity to catch up. Delayed expenses may not be as obvious as an unpaid credit card bill either. If you skipped your annual trip to the dentist or delayed an oil change for you vehicle, for example, you should consider paying for those important expenses before spending your salary.

Rebuilding Your Savings

If you were fortunate enough to have cash savings to rely during the time that you were unemployed the odds are good that this period of transition has wiped them out. Once you’ve caught up on expenses, consider building at least one month worth of cash savings before spending your money elsewhere.

Loans From Freddy’s Fast Cash

If you find yourself confronted with unexpected expenses after you’ve found a new job you can get cash fast with loans from Freddy’s Fast Cash. Payday loans should be avoided if you have a better way to access cash or meet your expenses because these kinds of loans typically charge interest rates that are higher than traditional lending sources would be. However, an installment or title loan from Freddy’s Fast Cash can provide $1000, $3000, or even $20,000 in cash quickly to East Texas borrowers that have a source of income and a realistic plan to pay back their loan. These types of loans are available with no credit check and do not depend on your credit score, which can be advantageous to borrowers that have bad credit due to events that occurred during a period of unemployment. Research the costs and terms of your loan and consider your options carefully before proceeding.

Remember You’re Not Alone

In fact, thousands of Texans are experiencing circumstances similar to your own. Remember that it’s okay to ask for help from the people around you. Friends, family, and members of the East Texas community are ready to support you, but it’s important to communicate your needs. With time and effort, it’s possible to emerge from this experience better off than you were before.