Coping With Job Loss Caused By The Economic Recession
by Nick Ferrera
With the economic recession looming ahead or already here, Americans have plenty to worry about including losing their jobs or finding a new one. In fact, experts estimate that close to 6 million American workers might find themselves unemployed within the next three years.
Whether you are afraid of losing your job or have to look for employment, here are some recommendations that can help you and your family cope with a job loss or the possibility of a lay off.
One of the first thinks you should do is plan ahead if possible. Talk to your family about the possibility of losing an income source, plan accordingly, and discuss what measures you and your family may adopt to avoid a bad financial situation.
If you have lost your job, one of the first steps to consider is applying for unemployment insurance as soon as possible, cut back on your spending, and don’t let your pride get on your way. Your family should be your first priority according to experts. “In fact, if they go to their state's website, and click on the ‘Department of Welfare’ section, they can also be screened for other benefits like food stamps, government health insurance right away online, and submit an application,” says Julie Zorgo, a professional in debt management from moms-living-debt-free.com.
Supplemental aid like welfare or food stamps helps to keep your family’s health, but it should be only part of your overall strategy in coping with unemployment. “The long-term goal should be to find a new job or to acquire additional training and skills,” says Julie. Think about picking up a part time job if you need income fast.
If you are still employed, she recommends keeping your job and technological skills current. “That way if they [employees] are laid off, their resume will be attractive, and they will be able to compete in today's job market.”
Unemployment should not catch you completely unguarded. If possible, employees and their families should save a minimum of $1,000 dollars for emergency situations. According to Julie, “if you can save more, that is great, but the minimum should be $1,000.”
These and other personal strategies should be part of your family financial plan since, according to most analysts, economic downturns occur about every ten years. It is a period of rising unemployment and declining family income. But those who can prepare for it are better able to cope with hard labor conditions.
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