So you just got laid off. What does that mean about your finances, what should you do to mitigate financial stress? One of the first steps after a layoff is to assess your finances. This means to essentially take inventory of your income, debt, bills and account balances.
Even if you were able to stow away three to six months worth of living costs before you were laid off, frugality is key when you’re in between jobs. You should only spend money on things you need, such as rent and utilities. The morning coffee run and dinner out should be put on hold as you focus on the necessities.
If you estimate that you’ll have a hard time making ends meet, you should consider taking up a side hustle or part-time gig. This way you’ll have some income as you search for your new job. Be careful not to get too wrapped up in your interim job — you should still be working with a recruiter and reaching out to your network.