Losing a job under any circumstances is a traumatic event for most people. Let yourself grieve and recover emotionally. You have been successful in the past, and you will be successful again. Do not dwell on the things you cannot control, but work on the things you can. Take the following steps to survive hard times:
• Notify creditors of your situation and inform them regarding your ability and plans to make payments. Do not make promises you cannot keep, however.
• Sit down with the members of your household and list all fixed and flexible expenses. Determine which expenses can be eliminated, reduced, or deferred. Make cuts that are really going to count.
• Develop revised written budgets covering the next several months based on the new information you develop. Control your spending accordingly.
• Use new credit only for absolute necessities that cannot be delayed, forgone, or paid for in any other way. Keep careful account of the amount of credit used. If you must borrow to get through the next few months, use the credit account with the lowest interest rate available to you to reduce accumulating debt. Pay at least a small amount on your accounts.
• Take steps to regain employment, and take advantage of available programs, benefits, and insurance to supplement income. Seek the help that you need, and follow through in using it.
• Make use of community resources to maintain health and a positive outlook. Eat nutritious foods, sleep well, and maintain social contacts.
If you are the person facing job loss, it is important to realize that you will probably need to rebuild your emotional strength before you can begin working on the road to recovery. You will naturally go through a grieving process. Try to think positive thoughts. Positive thoughts lead to positive action. Know that you will be successful. Reach out to family and friends and let them help you.
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