One event that everyone should plan for is a sudden job loss. This could happen for a variety of reasons. You may or may not receive a severance package. You may or may not qualify for unemployment. The average job search takes between three to six months, but depending on your location and your field of work this may take longer.
Two weeks after my husband had started a new job, the business burned to the ground. It was a small family owned business, and so they had to lay everyone off until they figured out what to do. We lived in a fairly small town, and there were not very many jobs available in the area. Due to the fact that my husband had only worked there for two weeks he did not qualify for unemployment. It took him a few months to find a job with a retail chain. About six months later he was rehired at the original business when it reopened.
This time was not very stressful, since we had not yet had any children, and I was still working full time. We had planned our expenses so that we could easily live on one income to save for the day when I would quit working. It opened our eyes to the need to be prepared for a similar situation.
One of the first things you need to have is a reserve of money set aside for this event. It is recommended that you have enough saved to cover between three to six months of necessary expenses. You should also consider ways that you can improve yourself professionally while you are working. This will make you more competitive as you begin to look for another job.
If you do lose your job, look for the positives as you search for a job. This may be a blessing as you enjoy extra time with your family. You may be moving into a better career or position, which you would not have had the courage to do unless you lost your current job. Do not become discouraged if the search takes longer than you realize. It may also be important to tweak your resume and have a professionals look over it. For more tips on a job hunt visit the jobs blog.