Just Got Laid Off? Do These 6 Financial Things This Week

Just got laid off? Take immediate action to stabilize your finances. This week, focus on creating a budget, assessing your savings, and tracking your expenses to ensure you can weather this storm effectively.

1. Assess Your Financial Situation

The first step after a layoff is to take stock of your financial landscape. Gather all relevant documents, such as bank statements, bills, and any severance packages you may have received. Calculate your total savings and determine how long you can sustain your current lifestyle without income.

• Savings Analysis: If you have $10,000 in savings and your monthly expenses total $3,000, you can cover your expenses for approximately 3 months.
• Severance Pay: If you received a severance package worth $5,000, add this to your savings for a total of $15,000, which gives you about 5 months of runway.

2. Create an Immediate Budget

With your financial situation assessed, the next step is to create a budget tailored to your new circumstances. Use this budget to prioritize essential expenses and cut out non-essentials.

Key Budget Categories:

• Essentials (50%): Rent/mortgage, utilities, groceries, transportation.
• Savings (20%): Emergency fund contributions, even if minimal.
• Discretionary (30%): Entertainment, dining out, shopping (reduce these as much as possible).

Sample Budget Breakdown:

If your monthly expenses are $3,000, aim to allocate:

• Essentials: $1,500
• Savings: $600
• Discretionary: $900

Remember to use Fiscify to track your expenses automatically and categorize them with ease. This will help you stick to your budget and make informed decisions.

3. Cut Unnecessary Expenses

Now is the time to tighten your belt. Identify and eliminate non-essential expenses from your budget. This could mean canceling subscriptions, dining out less, or finding cheaper alternatives for your regular purchases.

Actionable Steps:

• Review Subscriptions: Cancel any streaming services or gym memberships you don’t use. Aim to save at least $50–$100 per month.
• Grocery Shopping: Switch to generic brands and create a meal plan to avoid impulse buys. This can save you around 20% on your monthly grocery bill.
• Transportation: Consider using public transport or carpooling to save on fuel costs. This can reduce travel expenses by 30% or more.

4. Maximize Unemployment Benefits

Apply for unemployment benefits as soon as possible. These payments can provide crucial financial support while you search for a new job. Familiarize yourself with the application process and requirements in your state.

• Benefit Amount: Depending on your previous salary, the average weekly benefit can range from $200 to $600.
• Duration: Typically, benefits last up to 26 weeks, but extensions may be available during economic downturns.

5. Network and Seek New Opportunities

While managing your finances, don't forget to focus on your job search. Networking can be a powerful tool in finding new opportunities. Reach out to former colleagues, attend industry events, and utilize platforms like LinkedIn.

Networking Steps:

1. Inform Your Network: Send a brief message to your contacts letting them know you’re looking for new opportunities.
2. Attend Events: Look for local or virtual job fairs and networking events in your industry.
3. Leverage LinkedIn: Update your profile and connect with recruiters in your field.

6. Review and Adjust Regularly

Your financial situation and job search will evolve, so it's important to review your budget and expenses regularly. Set aside time each week to adjust your budget based on any changes in income or expenses.

Weekly Review Checklist:

• Track Spending: Use Fiscify to generate automatic spending reports and see where your money is going.
• Update Budget: Adjust your budget categories based on any new expenses or changes in income.
• Set Goals: Aim for specific financial milestones, such as saving an additional $1,000 or applying for five new jobs each week.

Conclusion

Facing a layoff is undoubtedly challenging, but taking proactive steps in managing your finances can make a significant difference. Focus on budgeting, cutting unnecessary expenses, and actively seeking new job opportunities to navigate this difficult period effectively.

Take the Next Step

• Recession, inflation & cost-of-living survival guide
• Fiscify on Google Play
• Fiscify — free expense tracking

Educational content only — not tax or legal advice. Adjust all examples to your own situation.

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Educational content only—not tax or legal advice.