Layoffs? More like playoffs! 👏 Yep, we’re taking all our newly found free time and going all-in on our beer league softball tournament. Don’t be jealous when we get called to the majors. 🥎
OK, getting laid off isn’t anyone’s idea of a great time. However, how you handle those first few days after you get the pink slip really matters. ✅
Here’s Five Fast Facts on what to do after a layoff:
- ✂️ Severing Ties - First order of business: if your company hooked you up with a severance package, go through that sucker with a fine tooth comb. Find out how much money you’ll get and when it’ll be paid out to you. Plan out exactly how you’ll use those funds and how long they’ll cover your expenses.
- 💸 Bennies and the Jets - Next up: file for unemployment benefits. The sooner you do so, the better. In some states, you could be waiting weeks before your first check comes through. Head to your state’s website to apply online or to find the right phone numbers for assistance.
- 👛 Frugal Fanny - Here comes the fun part! Whether you’re living off a severance, unemployment bennies, or a combo of both, you’re now without a steady paycheck. That means you’ll need to make some sacrifices. Look at your monthly expenses and figure out what you can scale back on, even if it’s just temporary.
- 🐍 Snake Bite - Layoffs mean saying goodbye to steady pay…and health insurance. Your employer is required to offer you a COBRA plan to help you stay covered, but those plans are known for being crazy expensive. If your spouse or partner has access to insurance at their job, consider making the switch. You can also research plans on HealthCare.gov.
- 💰 Saving the Day - You might be tempted to drain your 401(k) to help make ends meet, but doing so could throw a wrench into your retirement plans. If you can, the better move could be to roll it into an IRA to keep the money growing. If you wind up getting a new job fairly quickly, you could also roll it over into your new company’s plan.
🔥Bottom line: Getting laid off sucks harder than a Dyson. Stay positive, keep yourself busy, and know it’s just a matter of time before you find your next opportunity. Looking for ways to pad your income while you look for a new gig? Call on ChatGPT to help you find up to a couple hundos a day. Check out this article for all the latest tips and tricks!
Were you caught up in a recent layoff?
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