If you would lose your job this week what would you do? If you have a Plan B ready to go you won't worry as much. What types of jobs would you apply for? Is your resume ready right now? What expenses would you cut? What would your action plan be? Would you use non-traditional ways to search for a job? That's Plan B.
If that wouldn't work out for some reason, what would your next step be? Would you try to relocate? What different types of jobs would you apply for? Do you have contacts for those kinds of jobs? Have you kept up good relationships with those people? Would you move in with family? That's Plan C.
Plan D is similar to C, but you look at jobs that you would not have considered before. Possibly just something to make money at while you look for a better situation. Part-time work at several jobs might be necessary for a little while.
Deciding to take new training/education to switch careers can be a smart move at any stage of your planning. It can be part of Plan B, C, or D. Do your homework on what the chances are of your job coming back and what the job outlook is for any career change you are considering. Weigh the costs of further education with what salary you are likely to get. Read all you can about it and talk to people in those jobs to see what the situation is in your area. Try to find out if people your age are hired for these jobs or if they are mainly going to younger people.
The more plans you have thought out, the less stress you will have about a possible job loss. You will be more aware of job possibilities and try to keep up your networking. You will be acting instead of passively waiting. You will have more confidence--a good asset when looking for a job or for keeping the one you have.
Having an emergency fund to smooth out the times between jobs helps also; try to save 3-6 months' worth of expenses or for however long you think it will take to get another job.
Part of Plan A should be improving your health and your family's health as much as possible. That will help keep medical bills down if you lose health insurance. Also employers don't like to hire someone with major health problems because of insurance costs. If you are overweight, they usually consider that to be a sign of bad health. Too many major health problems are associated with being overweight. This is one area you can work on before you become unemployed. So make it part of your "To-Do List."
Plan A can also include developing extra streams of income so that any loss of income won't hit quite as hard. Click on the "streams of income" label below this post for ideas.
We live in uncertain times with more threats to jobs than usual; it's just smart to be as prepared as we can for changes. Getting those action plans in place (and in writing) makes a huge difference. Make a list of things to do to get your action plans off the ground. Check them off as you go & know that you are setting out to secure your family's future. Of course, keep your plans to yourself and spouse!
Everything on Square Pennies.blogspot.com is for your entertainment and should not be mistaken for expert financial advice. No liability is accepted for third-party content, whether incorporated in or linked to from this blog. Your specific circumstances could make any information not appropriate to you. Please do your homework and research a situation thoroughly. Seek the advice of true professionals before making any important decisions. I am not a brand ambassador, but I do have ads on Square Pennies. I do not choose which ads are shown and I do not change my opinion of a product just because their ad might be on Square Pennies.