by Melinda Barr

Created on: January 06, 2010

The most fearful aspect of unemployment is how to keep up with payments, find a new job, and keep your sanity and your self-respect.

Take a few days, or a couple of weeks if needed, to get over the loss of your job. The negative emotions frequently experienced through a job loss needs to be acknowledged and dealt with. Seek out others in similar circumstances and learn from their experiences. Self-worth should never be reliant on our employment status or job title.

Take some steps today to keep this temporary setback from becoming a full-blown financial tragedy.

~ Don’t be an ostrich. You cannot close your eyes or your mind to the reality of the situation. You cannot pin all your hopes on finding a new job quickly and painlessly, as this rarely happens. Apply for employment insurance benefits immediately upon losing your job. This will not be equivalent to your regular income, but may well be essential to ensuring your priority bills are paid. Do not treat employment insurance as an excuse not to look for a job. Your fulltime job now is finding a new job, and employment insurance offers assistance in the interim. Network with family and friends, and spread the word that you are looking for work. Visit your local employment office, read newspaper want ads, and check out online job opportunities on a daily basis.

~ Prioritize

Assemble on accurate list of all your current financial commitments. Your mortgage (or rent), utilities and food are essential to your existence and those bills must be paid. Credit cards, student loans, and extraneous expenses might need to be sacrificed to ensure you have a roof over your head and food on the table. Your credit rating may well take a serious dive, but credit can be rebuilt with time. Starvation and homelessness are not situations that are as easily rectified. Contact your creditors to inquire about possible reductions or refinancing to help you through your unemployment period. They often offer such assistance, but you have to approach them first.

~ Economize & strategize

Get rid of anything you do not need. This includes such things as cable television, cell phones, internet fees, and dining out. Clip coupons for groceries and buy only items on sale or at bulk discount prices. Consider selling possessions to raise extra cash. Anything you do not need to survive is now a luxury item or a potential source of income. In serious situations, you may have to consider renting out a room in your home, or moving to more affordable apartment. Desperate times often call for desperate measures.

It is not always easy to triumph over unemployment, but it can be done. Research ways to make extra money on the side, using your talents, skill, or sweat equity. Trade or barter your service in return for cash or goods required. Scour the internet for excellent free resources on budgeting tips, resume writing, and anything else you require to help you through this period.

There may be government or social programs available to assist you in your job search, or in retraining for a new career. Contact your local employment office for programs that may be of benefit to you.

By downsizing, frugal shopping, and diligently monitoring every penny you spend, you can survive this situation.

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