You’ve just been handed that dreadful pink slip. Breathe, relax, it’s going to be okay.
Even though this is a very traumatic time, you need to get your priorities in order to look out for you and your family’s well being.
A ton of questions are running through your head- how am I going to make ends meet? How do I apply for unemployment? How am I going to keep my health insurance plan?
All of these are legitimate questions and you need to make sure to discuss this with your employer.
Ask what type of severance package is available and if you are not satisfied, negotiate the offer, and make sure that all agreements are put in writing.
Find out whether your company will provide resume-building services and don’t hesitate to ask if you are a potential candidate for re-hire, maybe the company is making temporary reductions -- it doesn’t hurt to ask.
Maybe your employer would re-consider his/her decision if you took a pay cut or reduced your hours- you should explore all of your options.
After you have explored your options, now is the time to think about your budget.
You’ll need to cut out unnecessary items until you have a secure job and don’t be too quick to pay off all of your credit cards because that could be your lifeline and credit card companies are drastically decreasing credit limits.
If you are strapped for cash, don’t dip into your 401K, instead, Gregory Merlino, a registered Investment Advisor, recommends looking at your portfolio and liquidating some of your assets in order to make ends meet.
He also recommends that you do a direct IRA rollover so that you have a broader array of investment choices than what your employer provided.
So, don’t be shy, and make sure that you receive everything that you are entitled.
To help ease your mind, print out this checklist of helpful tips and questions to ask your employer after a lay off.
