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How To Stay Financially Afloat After Job Loss

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Losing a job is tough. There’s no way to sugar coat it. No matter how under control you think things are, everything comes crumbling the moment your boss calls you into their office. Suddenly, the life you thought you knew will be behind you. And, you can bet any grip you had on your finances will go with it. What’s worse, this can happen in the blink of an eye. No notice is required for dismissal, after all.

When this happens, it’s easy to go into panic mode. You have bills to pay and rent to cover. You can’t NOT work. But, thoughts like these won’t help. In fact, letting yourself fall into panic is only going to set you back. Despite how you feel, you should step back and ask yourself the following three questions.

dealing with job loss

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Was my dismissal fair?

When your boss tells you to leave, it’s instinct to rally against their decision. You didn’t deserve to be fired. Your work has been up to standard, and you’ve done nothing wrong. Sometimes, though, when we think about it, we can see termination was fair after all. It may be that you’ve taken your eye off the ball, or made fatal mistakes along the way. Hence why you should calmly ask whether what’s happened is fair. If you still feel you’ve been wrongfully terminated after thinking things through, take legal action. If all goes well, you could even get your job back. But, before you take steps here, make sure you’re 100% certain you weren’t to blame. Otherwise, legal proceedings will cost more time and money than you can afford.

How can I fund my job search?

You’re going to need to find ways to fund your unemployment. If you’re lucky, you’ll have savings to fall back on. But, don’t make the mistake of thinking you can rely on them. You have no way of knowing how long they need to last. As such, consider funding sidelines. Options like blogging and online selling now mean you can make a substantial sum on the side. These could lead to careers you never knew were possible. If not, they can at least ensure you don’t rely too heavily on that ever-decreasing savings pot.

How can I explain the loss of my old position?

explaining job loss interview

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The longer you’re unemployed, the harder you’re going to find it to keep your finances afloat. As such, you need to think fast about how to explain your job loss. Gaps on a resume are never good, especially if you can’t explain your reason for leaving an old job. Of course, you don’t want to lie about anything, either, so it can be tricky to tread these waters. The best thing to do is put a positive slant on anything you tell. Admit that you were terminated. But, move forward fast and talk about what you’ve learned from the experience. That way, you’ll show yourself as an honest and positive person, instead of someone who couldn’t do their job.

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