I just lost my job. What do I do while getting another one?
zaxxon asked:
I just lost my job yesterday. I am getting a somewhat generous severance package but it will not last long. I don’t want to use my savings once the lump sum is gone if I still have not gotten a good job. What do I do with my mortgage and my credit cards? Can I ask for any type of extension/break? What happens if I don’t pay for at least a month? Maybe two? I know I can get a job rather soon, but most likely until mid January ‘07 or so (due to Holidays) but I don’t want to use my savings. Please, advise.
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I just lost my job yesterday. I am getting a somewhat generous severance package but it will not last long. I don’t want to use my savings once the lump sum is gone if I still have not gotten a good job. What do I do with my mortgage and my credit cards? Can I ask for any type of extension/break? What happens if I don’t pay for at least a month? Maybe two? I know I can get a job rather soon, but most likely until mid January ‘07 or so (due to Holidays) but I don’t want to use my savings. Please, advise.
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February 22nd, 2009 at 2:17 am
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Contact all your debtors, credit card, banks etc… Explain your situation and emphasize that you will be paying them again soon see if they can cut you a break on payments.
File for unemployment now, so you can at least have it on file if you need to collect.
Get your resume ready and spruced up, post it on every job site you can as well as your local state and city employment assistance sites.
Start applying to jobs now, it takes awhile sometimes to get any response back much less an interview.
Consider a part time easy job (delivering pizzas) to get you through the process of getting fully employed again.
Good luck
February 24th, 2009 at 7:43 pm
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Contact unemployment office.
February 28th, 2009 at 3:02 am
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I found myself in your position four years ago. I did dip into my savings as I didn’t want anything to get behind and found out that unemployment didn’t pay for crap! You could get extensions, but would probably be paying more for it at the end, so why not dip into your savings now instead of additional fees or late fees instead.
March 2nd, 2009 at 10:37 am
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well you could cut down on certain expenses and also you could maybe apply for unemployment, but I don’t know if you would be eligible because of your severance package.
You could ask for an extension with your bills, just write a letter and tell them what’s going on.
You have to let them know, communication is key. If you don’t let them know they may think you’re just not paying them.
Good Luck
Happy Holidays
March 4th, 2009 at 11:42 pm
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Please avoid all these “here’s what you’ve been waiting for” and “Make Loads Now” Internet scams - it will end up costing you more in the long run. Lots for stores/restaurants require extra help over the holidays. Lots of people would appreciate a babysitter while they do their Christmas shopping. Go through the house and find all the stuff you’ve been wanting to ditch and list it on e-bay - you won’t make a lot but every little bit helps, right? Odd jobs like this will at least provide you with some gas money and pocket money over the holidays.
Additional thought - you can also ask your credit card companies to waive the interest or lower the interest for 3 monthes (average length of a job search).
Good luck in your job search
March 5th, 2009 at 12:42 am
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First thing go the the unemployment and file for unemployment. It isn’t much but at least it is a little. Don’t tell them you are not really interested in working until mid Jan. though. Just tell them you are available for work. If they send you out on job interviews don’t act interested in the job and flunk the interview.
Then get on line there are several websites for you to start looking for a job. most of them free to job searchers.
Some of them are:
yahoo hot jobs
There are several more you can find by going to
Some of them will charge you so watch out for that.
Then if you want to earn extra money doing on line surveys there are several good answers to your question about that as well which have already been given you.
March 8th, 2009 at 7:47 am
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As others have stated, apply for unemployment ASAP. You might not qualify for unemployment benefits right away because of your severance package, but it’s best to get the paperwork out of the way quickly.
You must, must pay your mortgage and credit cards. Even if you call or write your creditors and tell them what’s happened, they likely won’t care that much. Their job is to get the money that you owe them, so don’t expect to get much slack.
Make at least the minimums on your cards. Now would be a wonderful time to call your card companies and request a lower interest rate, and/or to switch over to cards with 0% interest teaser rates.
Your reluctance towards tapping your savings is understandable, but must be overcome. Situations like losing your job are what savings are for. Cut spending as much as you can - eat your meals from home, don’t go shopping for things you don’t need, get rid of cable TV, and spend as little as possible on the holidays - but be prepared to use your savings when your severance runs out.
Best of luck to you!