Job Security - 3 Tips for Setting up a Saftey Net - CareerAlley

Job Security - 3 Tips for Setting up a Saftey Net - CareerAlley We may receive compensation when you click on links to products from our partners. As a single parent staying on top of your finances is especially difficult. Besides having a children to provide for youre trying to live on a single income, and while the economy has recovered, job securityhasnt come back. So how can you prepare for a catastrophic loss of income? Here are a few things you can do ahead of time to help you get back on your feet without becoming a debt slave in the process. Networking The most important thing when you lose your job isnt figuring out how to pay your bills today, its getting a new job so you can pay your bills tomorrow. Thinking ahead and starting your job search now will save a lot of time when it counts. Keep a file of prospective companies updated along with a contact in their firm. Connect with them over social media or email and make sure that theyre at least vaguely acquainted with you. Its a lot easier to get hired somewhere if youre a familiar face. Keep your resume updated at all times so that youll be ready to start calling people and sending emails immediately if the worst happens. As a convenient perk, constantly checking out other companies could get you a job offer with a more reliable company than youre working with right now, meaning your could pre-empt any layoffs by leaving the sinking ship ahead of time. A Rainy Day Fund No matter how quickly you find yourself a new source of income, youre going to lose some time and money in the transition. The most obvious way to deal with this is to have money to lose to avoid going into debt, but with a few extra hungry mouths to feed thats a lot easier said than done. To make it possible to have a financial cushion youll need to set apart however much you can over an extended period of time, and let it add up. Trying to save up when you already sense trouble coming your way simply wont give you enough time. That being said, most people are unemployed for about 3 months, and you can collect unemployment during that time to mitigate the cost, meaning that two months or so worth of savings can make a huge difference. Insurance One way to stretch your savings is to get supplemental unemployment insurance, which makes up the difference between state unemployment coverage and 50% of your previous income. That means that 2 months worth of savings along with unemployment can cover you for 4 months instead of the 3 that just state unemployment might have afforded you before you bottom out and go into debt. Career Tip of the Day: Suggested Reading: We are always eager to hear from our readers. Please feel free to contact us if you have any questions or suggestions regarding CareerAlley content. Good luck in your search,Joey Google+ Visit Joeys profile on Pinterest Job Search job title, keywords, company, location jobs by What's next? Ready to take action? Choose the right tools to help you build your career. Looking for related topics? Find out how to find the opportunities that help you grow your best career. Subscribe and make meaningful progress on your career. It’s about time you focused on your career. Get Educated Contact Us Advertise Copyright 2020 CareerAlley. All Rights Reserved. Privacy Policy + Disclosure home popular resources subscribe search