Video:10 Things to Do After a Layoff

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Transcript:10 Things to Do After a Layoff

Hi! I'm Debbie Anderson for About.com. Getting laid off from your job can be one of the most emotionally devastating and stressful experiences in the world. So, today I'm going to cover the top 10 things you absolutely must do within the first five days of discovering you’ve become unemployed to help you weather the storm a little easier!

Apply for Layoff Benefits

First, if you have been laid off through no fault of your own and are eligible for unemployment insurance benefits immediately fill out the forms to file a claim for your unemployment insurance benefits with your local unemployment agency.

Consider Post-Layoff Careers

Second, prepare yourself both mentally and emotionally for the challenges that lie ahead. Using a pencil and a notepad of paper write down the 10 things you loved the most about your previous employment experience.

Stock Up on Necessities

Third, go grocery shopping and stock up on canned soups, canned vegetables, and any other non-perishable food items that you will need for at least the next two months. To help reduce the cost of this sudden shopping spree, print or clip coupons from either online or from your local newspaper.

Determine How Much Money You Have

Fourth, calculate how much cash you have, or can have, available to you for at least the next two months.

Start by calculating all of the money you have held in financial institutions and in your cash-on-hand reserves. Write this number down on a notepad.

Next, calculate the amount of money you expect to receive from any severance package, unused vacation pay due to you, or the amount you expect to receive from your unemployment insurance benefits for the first 6 weeks, should any of these forms of compensation apply to your situation. Write the total number down on the notepad.

Next, go through your home and calculate how many unused and unwanted items you have lying around that can be sold for extra cash. When finding items you want to sell – only count items in your resell number if you can realistically sell the item within the first month of unemployment. Next, UNDER-estimate the perceived resell value of each item and add up the total number for the amount of cash you expect to receive from these items once all of the items have been sold. Write the total number on your notepad.

Add the numbers together on your notepad and circle this total number. This is the total amount of money you have available to you for the first two months of your unemployment – and it is also the amount of money that you will need to apply toward future monthly bills should your unemployment period last longer than two months.

Adjust Layoff Cost of Living

Fifth, immediately reduce your cost of living. Assess your monthly expenses and cancel or eliminate any and all expenses that are not absolutely essential to your day-to-day living.

Using your expense figures - create a new monthly household budget that covers only the essentials, including basic insurance coverages. Add 10 percent to the total monthly expense number for contingency planning and circle this amount. This is your new monthly spending budget.

Raise Money

Sixth, raise extra cash by posting newspaper or online For Sale and or Auction site ads to Sell All of the Unwanted Items you had expected to sell within the first month of your unemployment.

Revamp Your Resume

Seventh, Re-read the 10 things you wrote down about the things you felt you loved about your former employment experience. Keeping these things in mind, rework your resume to emphasize the things you liked about your former employment. If you have multiple skill sets, create multiple tailored versions of your resume to emphasize each of your strengths.

Get Feedback on Resume

Eighth, email all versions of your resume to at least five good friends, family members, and associates asking them for constructive feedback about your resume. This will give you a better idea about how your resume reads.

Start Searching for New Jobs

Number nine, use online job search engines, job boards, and recruiting services to post your resume to as many job ads that are specific to your targeted industry and geographic location interests as you can.

Create Layoff Goals

Tenth, write down your weekly time management job search and resume submission goals for yourself.

With these 10 simple tips, you are sure to get off to an organized start when weathering the storm of a sudden unemployment experience!

Thank you for watching! To learn more, please visit us on the Web at About.com!