Money Smarts Blog

Whether it’s an office rumor or an official company communication, sometimes workers get a heads-up if a layoff’s on the horizon. My husband, for example, often experiences seasonal layoffs as part of his career in the construction industry. It makes sense — outside work tends to slow down during our Midwest winters, but we know he has a job to return to once the weather gets warmer.

Others aren’t so fortunate. And no matter how “prepared” you might be, the news can still be upsetting. So, first things first: If you’ve been laid off, take a breath and take things one step at a time.

Here are a few immediate tips to help you move forward through times of uncertainty.

1. File for unemployment benefits

 

2. Dust off your resume

Too often, we focus on tasks we performed. Stand out by really honing in on your skills, accomplishments and measurable results. Did you bring on new clients, learn a new skill or help save your employer money? Talk about it! It helps to tailor your resume to each specific position, like adding new keywords based on the job listing. After you’ve made sure to proofread for any spelling or grammatical errors, apply, apply, apply (and leverage your network).

3. Review your finances and make a budget

Now’s the time to pinch a few more pennies and focus on your four walls first (food, utilities, shelter and transportation). Need help? Set up an appointment with an IHMVCU financial coach on our website at IHMVCU.org/Locations or by phone at 309-793-6200. You can also download our Monthly Budget Resource Guide below to get a better picture of your financial situation and help you make the best choices you can with your money.

4. Update insurance options

In most cases, losing insurance benefits opens the door to a “qualifying life event” — this allows you to update your insurance options outside of the Open Enrollment period. You can find an alternative health insurance plan through the Affordable Care Act marketplace, or join your partner’s job-based insurance plan (if applicable). There’s usually only a 30-day window, so you have to act fast. Additionally, if you invested in a health savings account (HSA), you’ll still retain ownership and access to those funds.

5. Know where to turn for assistance

We understand everyone has ups and downs ­­— and IHMVCU is here for you. We want to help you stay in your home, keep your car or work through whatever situation you’re in.

And there’s nothing wrong with a helping hand, whether it’s food stamps or medical assistance. Missy Kruzel, IHMVCU Senior Financial Solutions Specialist, offers these tips:

• Visit RiverBendFoodBank.org to find a local food pantry. If you have kids under the age of 5, see if you qualify for WIC (Women, Infant & Children) food assistance in Iowa or Illinois.
• If you have a car loan, call your financial institution and ask about a skip-a-pay option.
• Contact your student loan servicer immediately if you’re having trouble making payments. Request a deferment to temporarily stop making payments or consider an income-driven repayment plan.
• Get help with other bills, rental assistance or medical care through USA.gov.

Prioritize your mental health

We’ve talked about concrete steps on how to bounce back financially after a layoff — but what about emotionally? It’s normal to feel stressed, anxious or depressed during this time of transition. Here are some tips to mentally deal with the aftermath.

Don’t take it personally

Those tough HR decisions are based on the value that position adds to the organization and whether or not it’s revenue generating. Often, it’s a last-in, first-out situation. It’s not a sign that you don’t have value. Still, it’s OK to let yourself feel all the feels. Moving through your emotions is normal and, quite honestly, expected. Be sure to lean on your support system.

Take some time to reflect

Rejection might be the word ringing in your head but take a minute to flip the script. Focus on your accomplishments and what you liked about your job. Use that as a springboard when you start your job search and pursue things that inspire you or that you’re passionate about — or explore opportunities in a completely different industry.

Maintain a routine

The predictability of a routine can be reassuring during times of uncertainty. Instead of bingeing the latest season of your favorite show, wake up with intention. Carve out time to be active and pencil in a few activities to help keep you occupied (and likely improve your mood).