Preparing for Job Loss - Be Proactive

We're all aware that thousands of people are losing their jobs, seemingly on a weekly basis! What can you do now to prepare in case you lose your family income?

1. Update your resume
Now would certainly be a good time to have a complete, accurate, up-to-date resume. You don't want to have to start from scratch to put a resume together after losing your job. If your resume is current, you can start applying for new jobs on day one.

My husband and I have both worked for the same employer for nearly 10 years, updating our resumes only very rarely, so this is a step we both should take!

2. Invest in training
There are always opportunities to expand knowledge of your current field, or to add skills in new areas. Many courses are available online or at night, especially through community colleges, and can fit into a busy schedule.

Again, this is something you don't want to have to start from scratch after losing your job. Keep your skill set current and learn about new areas that might interest you. This will help increase your qualifications across the board.

I work as a project manager and my husband works in software QA. In both careers, there is much room for training and learning new skills. I've recently completed an online project management course, and will continue to take more courses in the future.

I am considering working towards my PMP (project management professional) training, but that would probably have to be after baby #2 has arrived. My husband works in programming with a couple different languages, so he could take courses to expand his knowledge as well.

3. Explore alternate sources of income
As mentioned in the previous post in this series, diversifying your income streams is a great way to reduce the impact of a job loss. This, along with an emergency fund, would buy you some time as you look for a new source of primary income.

4. Save now for a rainy day
Speaking of emergency funds, HAVE ONE! An emergency fund, or a fully funded account with 3-6 months living expenses, will cushion the blow of your job loss and allow you to maintain a secure living while you look for new work.

Now is the time to build that emergency fund!

5. Keep a positive attitude!
Job searching isn't easy, no matter the situation. No matter how much effort you put in, you'll probably still have to deal with some rejection and disappointment.

Maintain your confidence in the skills you have to offer, and keep looking until you find the right opportunity!

Read the rest of this series

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