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How to deal with unexpected Job Loss

Updated: Mar 3, 2021

Article by Jennifer T.

What steps should you take when you lose your job?

Step 1: Don't panic! This is a common stage in one's life and it can happen to anyone. Even though it is not a nice experience but unfortunately it DOES happen

Step 2: Quickly check with your Human Resource department/ Fair Trading if you are entitled to any money. You may be eligible! Just ask.

Step 3: Sit down with your partner/spouse to work out which unnecessary expenses that you can cut down for the moment

Step 4: Work out together how much is estimated monthly total family income from now and how much is monthly estimated expenses (after the unnecessary expenses deduction), then subtract to get the net saving per month. If you get a good net monthly saving figure,congratulations! If not, continue to step 5

Step 5: Check your emergency fund (savings account) to see how much you have saved and you may have to use this all IMPORTANT: Whether you are working or not, part time or full time, it is advisable to always have an Emergency Fund in case if anything bad happens.

Step 6: Try to RELAX! I know it is hard, but I love the Law of Attraction too. Eventually, you will get it if you try hard! Prepare for your next job interview if you are ready. We are a financial coaching team who are also walking you through your life and financial goals to assist you reach your goals sooner.

If you need any further assistance, please feel free to contact us for FREE consultation.


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1 Comment

mai anh nguyễn
mai anh nguyễn
Dec 03, 2020

Your post is very neccessary to many people who lose job due to Covid-19 or other reasons.  Many companies have to reduce HR expenses by terminating labor contract with staffs. Although, labors have a compensation for that forced out but the amount is quite small and could not cover daily expenditures or urgent expenses for labors & their family until they can have a new job.  Thank you for your advice, it's helpful and realistic. When we have a frequent income, should withdraw some amounts to put into our urgent fund and preventive fund.

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