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what to do before a layoff

What to Do Before a Layoff

Let’s face it: no one wants to get laid off, especially in the current economy. But even though losing a job may come as a surprise, that is no reason to stay unprepared. If you are facing a layoff there are several steps you can take to secure your financial future.

Start a Blog, Website, or other Side Hustle

Have you heard of side hustles? They are small businesses that you can work on in your spare time in alongside your main employment. It doesn’t hurt to get a little extra income going if you think a layoff might be coming, and if it takes off it may even be able to replace your main employment. One of the most common side hustles is starting a blog or website about one of your hobbies or interests. They are popular because there is minimal costs involved in starting and getting one set up. You just need a domain name and a basic web hosting plan. We found these godaddy hosting coupons, you could get started for less than $20 and that includes a website builder for free. The best strategy is pick something you are already interested in and have something to say about.

If you find that you really like making websites, that can become your side hustle. You can advertise your services and bid for jobs on freelancing websites like Fiverr. It’s extremely popular because of the amazing deals it offers for first time customers. Once you’ve done a few jobs and gotten great feedback from your clients, you might find that you don’t even need to bid for jobs anymore. Clients will come to you!

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Cut unnecessary expenses.

Many people don’t realize how much they spend on little things, like movies, video games, or eating out. Making a list of everything you pay for each month is a great way to figure out which of your expenses are necessary and which you should cut. You can use free software like Mint.com to keep track of your spending. Also, you can save a surprising amount of money by brainstorming creative ways to lower your expenses, such as making food from scratch or streaming TV instead of using cable and satellite providers. Even something as simple as changing your insurance policies can make it a lot easier to pay your bills each month, which is especially important when you are saving up before a layoff.

Do odd jobs.

Finding more work, even if it is part-time, can help you pay necessities until you find a more stable job. Many people don’t even realize they have marketable skills. But by categorizing all of your abilities from work or hobbies you can figure out what kind of jobs to apply for, or even the types of small businesses or side hustles you could start. Not only will finding extra work help reduce your stress by creating extra income, but it could even evolve into a permanent full-time job you love.  

Start looking for your next job now.

After applying for a job, it can take anywhere from a few days to several months to get hired, depending on applicable laws and employer policies. Signing up with temp agencies, posting your business profile online, and communicating with your professional contacts and businesses in your field are all great ways to streamline your job search. To avoid violating your contract with your current employer, always research company policy before beginning your job hunt. Career coaches, which can be found at most universities and community colleges, can also help you streamline your job search and improve your attractiveness to potential employers.

Change your lifestyle.

While keeping your current lifestyle may be tempting, choosing to live as if you are unemployed instead will help you spend less, keep your stress levels down, and save money for when it is really needed. Even more importantly, it will also alert you to any serious lifestyle changes you need to make before you are laid off, such as downsizing your home, selling your car, or quitting school. 

Getting laid off is a reality no one wants to face, but being unprepared will only make a bad situation even worse. Instead, you can start preparing today!