HOW TO DEAL WITH A LAY-OFF

Life is uncertain. You never know what’s going to happen next. One moment you are employed at a top firm with an enviable pay package, and the next moment, you receive your termination letter. You have been laid off at work, and your world comes crashing down. Shocking, indeed!

However, nothing in life is permanent. So, once you get over the initial shock, you reassure yourself that you will soon find another job. Next, you take stock of your savings. A clear and well thought out idea about your budget will help you face your current situation.

Do look at more info on how to survive the crushing scenario you find yourself in.

Seek help:

Credit card companies keep an eye on any missed payments, so it’s best to contact them regarding your crisis. They may have something specifically to help you through this period, like a grace period, for example, provided you contact them in time. Your bank might be more than happy to help you, too, so do look at more info.

The government has schemes for the unemployed that you can avail. There may be organizations that could offer assistance by providing food, medical expenses, etc. It does feel humiliating, no doubt, but it’s the need of the hour. Moreover, these organizations are there for a reason. Seek them out.

Look for alternatives:

In the mean time, as you await another job, look for alternate employment to help you breathe easy. Also, try and curb unnecessary expenses. Save all you can, get a roommate to share the costs. Anything that can help you save.

Take out a Personal Loan:

Another way to help yourself through this crisis is to take out a Personal Loan to help with your mortgage, medical expenses or payment of bills. This loan is what will help you best. Ensure you can pay it back, though, as missing payments is not advisable.

You may also take out another home loan (at a smaller rate of interest), so you can use the equity to meet your expenses.

Dip into your retirement savings:

Difficult, for sure, as these are often out of bounds, but it is also an option to look at when you have no other savings to tide yourself over.  If you have a low credit, then this is one thing that will help you keep your house and vehicle safe, as credit is not a determinant.

Conclusion:

Nothing is permanent in life. If you remember that, and take care of your finances early on in your career, and invest wisely, you will be better equipped at facing the curve balls life throws at you.  All it needs is foresightedness and proper planning.