Losing a job can be one of life’s most stressful experiences. When a company suddenly decides to let you go the feeling isn’t pleasant.
Despite the horrible news, there are several ways to deal with a sudden job loss and to turn it into a new positive opportunity to move on. Your job is very much a part of your identity especially if you’ve been doing it for a long time. It’s intertwined with how you navigate life and how you carry your social presence with others. When you meet people for the first time, you’re usually asked what your name is—followed by what you do for a living. This lets others know who you are despite it being a surface-level judgment.
The experience of losing a job is not just about a loss of income; it’s also about the loss of routine, a sense of purpose, and relationships with colleagues. It can easily be compared to heartbreak especially if you didn’t see it coming, it’s a painful feeling. But as the saying goes, “When one door closes, another opens.”
Acknowledge Your Feelings When Dealing With Sudden Job Loss.
It’s normal to feel a whirlwind of emotions after losing a job: shock, anger, panic, sadness, or even relief. Allow yourself to feel these emotions; don’t bottle them up. It’s important to understand that your feelings, whatever they may be, are valid and deserve attention.
Initially, you might feel a sense of shock and denial. It’s natural to question the reality of the situation, to hope there’s been some mistake. Understandable want answers straight away.
As the reality sets in you might be angry. You could direct this anger at your former employer but that’s not a good idea its best to walk away with your dignity intact. You might even be angry at yourself. It’s okay to feel frustrated about the circumstances but it’s out of your control try to turn that anger into motivation to do better as you move on.
When I lost my job for the first time I immediately panicked and thought how would my family take it? How would the bills get paid? Did I have enough savings to cover the groceries? All this panic was valid but when the dust settled, I was able to put a plan together and budgeted for what needed immediate attention. Your children and partner don’t need to see you panic try to keep your composure and plan ahead.
I’m sure there will be a feeling of sadness and grief which is a natural response, you are human after all. Allow yourself to mourn the loss of your routine, your colleagues, and the future you pictured at this job.
Let’s not forget to acknowledge you could be feeling a sense of relief. Sometimes a job loss is what you really need to kick you into the new career you wanted to pursue but were too comfortable to leave at your own accord. You might be relieved because this loss came with a nice large payout to give you and your family options.
Remember acknowledging your feelings is the first step towards regaining control of your situation.
Take Control Of Your Finances After Losing Your Job
It’s key to evaluate your financial situation immediately. How much savings do you have? What are your monthly expenses? Are there any non-essential expenses you can cut back on? This will help you plan your budget and give you a clearer picture of how much time you have to find a new job without financial distress.
Savings will be the lifeline to your situation and depending on how much you have will determine what your options are. At Father Figures we have a framework called the seven steps to financial success and the first three steps heavily focus on savings. Specifically saving an emergency fund. Take note do you have one, two- or three months’ worth of savings to cover your expenses? Use our free budget planner to instantly work this out.
Your savings could be tied up in items, vehicles, or shares. In hard times it’s important to take a step back and evaluate what’s important. I’d solely focus on having a roof over your head and food on the table your family comes first before the car, watches or shares. You can earn all these things back once you’re out of survival mode.
Your expenses might have room to cut back on especially if you’ve got non-essential items like Netflix, Amazon, or Spotify. This is considered a luxury when you don’t know when or where your next paycheck is coming from.
You’ll have fixed expenses including rent or mortgage payments ensure to notify your mortgage lender or landlord about the situation as soon as possible. Then there are utilities, Nursery fees, mobile phones, insurance premiums, car finance, road tax, TV license and subscription services.
You’ll also have variable expenses that may include groceries, eating out, entertainment, shopping, kids activities, commuting, fuel, and public transport. Review and adjust your expenses, this process will allow you and your family to adapt to changes in income.
Don’t be too proud to seek help from friends or family members. If that’s not an option you might be eligible to apply for Universal Credit. This is a payment to help with your living costs including support for the cost of housing, children and childcare.
Get organised, update your CV and search
Your CV is your first point of contact with potential employers. Make sure it’s updated with your most recent job experience and skills. Tailor your CV for each job application to highlight the experience most relevant to the position. Back this up with a cover note to show you’ve made an extra effort in your application.
Looking for work in 2024 is very different to 2004. The general trend is to job-hop in order to increase your salary strategically. Employers now need reassurance that candidates are the right fit and will commit to integrate into their company culture. A CV is not enough anymore, depending on your profession you might need an online profile on LinkedIn. If done properly this will highlight your personality beyond words on paper and could give you an edge to land the right job.
A LinkedIn profile gives you and others access to network, former colleagues, industry contacts, friends, and family. Let them know you’re looking for new opportunities. Networking can often lead to job leads that aren’t advertised publicly.
If finding a new full-time job is taking longer than expected, consider temporary or part-time work in the meantime. This can help ease financial pressures and fill the gaps to supplement your income.
Your number one job is to get a job so treat it like a job and schedule dedicated time to apply. Apps and websites like Indeed and CV Library have made it so easy to upload your CV, submit an application and make notes so you don’t lose track of what you’ve applied for. While this might feel like a daunting solo project you should also register with recruitment agencies so they can work on your behalf at the same time.
Upskill yourself, stay positive and proactive
Even though the most obvious task is to look for work you can also use this time to learn new skills or improve existing ones. Whether it’s taking an online course or getting a certification, upskilling can make you a more attractive candidate to employers and its shows your willingness to keep learning.
There are number of in-demand skills that are relevant to most jobs these days like sales, leadership, project management, analytics and critical thinking. You can access everything online either paid or free on websites like Future Learn or Coursera.
Job hunting can be a marathon, not a sprint. Stay positive and proactive in your job search. Set daily or weekly goals for job applications and networking. Remember, every application sent is a step closer if you know you’re doing everything you can to secure your next role.
This sudden job loss is just a stepping stone for future success
Losing a job suddenly is undoubtedly challenging, but it’s also an opportunity to reassess your career goals and explore new possibilities. With the right approach and some support, you can turn this temporary setback into a stepping stone for future success. Remember, you’re not alone many of us have walked this path before and have come out stronger. You will too. Stay focused, stay resilient, and trust that better days are ahead.
