Tips of things to do in the event you are let go.
These were posted on our local news.
Visit The Unemployment OfficeYou do that by getting yourself to the unemployment office immediately."Whether you got any severance or not, you may be eligible to double dip and get unemployment as well," said Richards.
Call CreditorsAlso within 24 hours, call your creditors. The silver lining of unemployment? It can be a great bargaining tool to lower interest rates or have debt forgiven.The next two things involve simplifying your life and liquidating what you can. "Keep your pennies in your pocket," Richards said.
Downgrade EverythingDowngrade what you can, like your cable and
cell phone plans.
Cancel SubscriptionsCancel all subscriptions and freeze memberships to things like magazines, Netflix and fitness centers. You can always reinstate those when you're employed again.
Suspend InvestmentsSave more by suspending investment contributions."If you are contributing to your spouse's 401(k) or to a child's college fund, now might be the time, if you're laid off, to go ahead and stop those. Then, as soon as you are back up and on your feet, you can up the ante on your contributions to catch back up on your plans," Richards said.If you haven't lost your job, but you suspect it might be coming, there are some things you can do to prepare yourself.
Loan InsuranceConsider loan insurance, it may be available for home loans, car loans and even credit in the event you lose your job.
Be IndispensibleMake yourself indispensible and consider agreeing to a pay freeze, furlough or pay reduction. It's better than no salary at all.
RehearsePractice how you will handle the message if your time comes. Instead of letting your emotions take over, have a checklist of questions about your final paycheck and how your insurance will be handled.
Cobra BenefitsConsider COBRA benefits for your insurance. New laws make it a great deal for you to continue protecting your family. The employer will pay 65 percent, which is a big difference from before when you were required to pay 100 percent of COBRA benefits.
Gather PaperworkPrepare a file of important papers that you want to make sure to carry with you when you pack your desk. Things like employee handbooks, pay check stubs and time sheets.
Job-Hunting CostsKeep in mind that job-seeking costs money.
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