Broker Check
5 Important Things To Do If You’ve Been Laid Off from Work (or You’re Anticipating It)

5 Important Things To Do If You’ve Been Laid Off from Work (or You’re Anticipating It)

June 03, 2024

It’s no surprise that getting laid off from work can put a lot of stress on us financially and mentally.  Unfortunately, layoffs (especially in the tech sector) disproportionately impact women and minorities.  Here’s what to do if you’ve been laid off or you’re anticipating it.

  1. Review your spending plan and your emergency fund.
    • How much do you have in your emergency fund to help cover expenses while you’re out of work? Do you need to consider a side hustle or other ways to bring in income for the time being?
    • This is a good opportunity to look at what expenses you could cut out completely or put a pause on for the time being.


  1. File for unemployment benefits and look into your health insurance options.
    • Unemployment insurance pays you money if you get laid off. Here’s a resource link that shares your eligibility for unemployment benefits and how to apply for them by state: Unemployment benefits | USAGov.
    • COBRA (Consolidated Omnibus Budget Reconciliation Act) allows eligible workers to keep their group health insurance plan for a limited time.


  1. Reach out to your HR Department to learn about which employee benefits you can take with you and which ones will go away.
    • What are your plans for your retirement account, stock options or other investment accounts from your employer?
    • What options do you have for your insurance benefits (think: life, disability, etc.)?


  1. Update your resume.
    • Keep your resume and references current, so that they’re ready to go when you jump back into the job market.


  1. Take care of your mental health.
    • Transitions like these are a lot to deal with, but you don’t have to go through it alone. Surround yourself with a support system during this time and seek professional help if needed.