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How to Financially Prepare Yourself During Layoff Season
Written by Sarah James ·
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SUMMARY
- Keep 3 to 6 months of salary saved in case of a layoff, and file for unemployment immediately if it happens.
- Organize your bills, cancel what you can, and call providers about delaying due dates.
- Check whether you qualify for benefit extensions like COBRA, and reach out to creditors about forbearance options.
- Be frugal, track every dollar you spend, and stay open to interim work while you search for your next role.
- Use low-APR or 0% interest cards like TomoCredit to keep building credit without adding to high-interest debt.
A Wave of Layoffs
2022 saw a mass of layoffs from many companies, with tech at the forefront. Thousands of people were left unemployed, with many having to figure out how to survive the unexpected news, impacting them mentally and financially.
More recent news of layoffs is the cryptocurrency exchange platform, Coinbase. They announced last night that they would be cutting 20% of their workforce, after already reducing 18% of their staff in June '22.
Amid these layoffs, we thought it would be helpful to provide a “how-to-guide” on surviving (financially) through unexpected circumstances.
TomoCredit's Step-by-Step Guide
- Make sure you have between 3 to 6 months' worth of salary in case of a layoff or other unexpected circumstance(s).
- File for Unemployment immediately. The quicker you file, the faster you will be able to obtain any funds you qualify for.
- Organize your bills and create a strategic plan. Know what's due, cancel what you can, and call providers about delaying payment dates.
- Check your benefits. Depending on your case and employer, you could qualify for a benefits extension, like COBRA.
- Be frugal! Now is the time to pinch every penny and not spend frivolously.
- Create a savings account and a savings plan if you haven't already.
- Evaluate your current debt and reach out to companies to see if they offer any sort of forbearance.
- Be open to opportunities, even ones that don't match your previous pay—it can help pay the bills and turn into something better.
- Track your spending, using a spreadsheet or the 'cash diet' method to stay transparent about where your money goes.
- Use your credit cards wisely, staying away from high APR cards. Cards like TomoCredit, with 0 interest/APR, help you build credit without burning a hole in your pocket.
Getting Back on Your Feet
We hope these steps will help you get back on your feet. If you have any questions about our latest blog on financially surviving a layoff, feel free to reach us at press@tomocredit.com.
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