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Everyday Cheapskate: When Your Job Says Buh-Bye

Mary Hunt

If you find yourself unemployed, it need not be all doom and gloom. Often a good opportunity comes out of a seemingly bad situation.

First, acknowledge your emotions, and then set them aside so your feelings do not impede your job hunting. Next, gather and activate your benefits. You may have unemployment benefits, a lump sum payout from your ex-employer, a severance package and options regarding health insurance.

You may be tempted to pay off debt with your severance check, contingency fund or cash you have or expect to receive. Do not do this. Instead, hoard cash. During your time of unemployment, pay only the minimums required. If you've been prepaying your mortgage principal, pull back to only the amount required. You do not know how long this season of unemployment will last.

If you are tempted to get a loan or new credit card to replace your next paycheck, do this: Get 10 sharp toothpicks. Now cram one under each of your fingernails. What you are feeling is far less painful than dealing with new debt at this time.

Put the brakes on your spending. If it's not essential, forget it. Tell your family how and why things will be changing for a while. Rally the troops; describe this exciting adventure; outline ways everyone can participate in this time of transition. Children, however, do not need to carry adult-sized concerns, so be careful how much information you share.

Technically, you are unemployed. Truthfully, though, you have a new job. That person in the mirror is your new boss. Your new job is to find a job!

--Set work hours. This is not an unscheduled vacation, so give it your full-time attention and effort.

--Get up early. You're not ready for work until you've showered, dressed, fixed your hair and face, and put on your shoes.

--Set up a respectable workspace to "go to work." It doesn't have to be fancy, and don't spend any money to do this. Get creative with what you have.

--Dive into the paperwork. Write your new job description, and post it at your "workplace." Update your resume. Go to the library or bookstore and read up on current etiquette regarding standard format, electronic dissemination and so on. Create a list of firms and individuals for distribution. Keep good records so you can follow up. Set up files and phone logs. Plan, strategize and set goals. Work as hard for yourself as you did -- and will again -- for others.

You know lots of people, and those people know lots of people. Let your network know about your job search, your qualifications and how to reach you. You just never know when a friend of a friend will know of a company that is searching for you as diligently as you're looking for a job.

Life is characterized by cycles and seasons. If it feels as if you're in a pit of despair right now, remember this will pass. I've said it before, and I'll say it again: Tough times don't last, but tough people do. It's time to get tough!

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Mary Hunt is the founder of DebtProofLiving.com and author of 17 books, including "Debt-Proof Living." You can e-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. To find out more about Mary Hunt and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.

Copyright 2008 Creators Syndicate Inc.

This news arrived on: 09/02/2008

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