Being laid off can be a devastating experience to go through, especially if you have important financial plans coming up. Finding out how to navigate the financial landscape after being laid off can be crucial for surviving financially. There are several practical tips for how to manage your finances after losing your job. Reach out to a Chattanooga bankruptcy lawyer to find out more about what your options are.
First Steps After Being Laid Off
The aftermath of being fired can be chaotic. You do not have to let the experience end up this way. Take control of your finances by learning the initial steps after job loss that you can use to survive and build your resources back up.
One of the most important first steps to take is to cut back on spending as much as possible. List out all your remaining financial assets and subtract your monthly expenses from these. Figure out a healthy budget that conserves as much money per month as is feasible.
If you live with a spouse and have kids, telling them sooner than later may lead to a greater chance of coming together to find solutions. Waiting may build up to more stress and conflicts. Your family may have ideas, may offer financial support, or may have connections to other jobs where you could work.
Find out if your former employer offers any benefits like severance pay or unemployment payments. This can make a difference in the process of bouncing back after being laid off. Lastly, take an inventory of your skills and start job hunting as soon as possible to find a replacement income.
Practical Ways to Manage Finances After Being Laid Off
There are several practical ways to save money after job loss that may help when finances are low. When you cannot find a job right away, turning to saving strategies can be the next best step. The first step is to take an inventory of your spending versus your expenses. Cut out as many unnecessary expenses as possible.
Lower usage of electricity to save on utility bills. Consider switching to lower auto or health insurance payments to save more money. Be strategic with shopping by buying second-hand or off-brand products. When you discover you can no longer afford certain monthly bills, reach out to your creditors.
There are several ways to survive financial emergencies like this. Explaining your situation to your creditors may help you lower the monthly payments or may allow for deferment. Consider reaching out to resources like family members, charities, and government programs related to unemployment. You will never know what help could be available without reaching out first.
Call Tom Bible Law for Legal Help
You may not have to suffer financially after a layoff. Start by contacting us at Tom Bible Law today at (423) 424-3116 for a consultation about your financial situation. Our dedicated team of Tennessee bankruptcy attorneys might be able to help you escape your financial dilemma by exploring various options related to bankruptcy. We serve clients in the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.