what to do if you lose your job

Lost Your Job? Here’s What To Do Next

The year 2020 has, unfortunately, seen a number of people who have found themselves without employment. Many in response to this wave of unemployment find themselves depleting their already small savings accounts. The average working adult only has $400 tucked away in their savings account which will barely cover your bills for a month.

If you’ve lost your job, you probably know firsthand the amount of stress and fear that accompanies this circumstance and you’ve probably asked yourself, “What can I do?” If you’ve lost your job and have no other avenues of income, here are some pointers to help yourself out. We’ll cover how you go about making an action plan that can help you in times of need. We’ll also cover how you can secure emergency money through car title loans.

Read: 5 tips on how to start a freelancing business.

1. File For Unemployment

Or any other financial aid you might qualify for really. Unless you’ve already managed to find a new job a day after losing the old one – making sure you have at least some sort of income is paramount.

2. Start Budgeting

If you’ve never had to budget before – well now’s the time to start. Figure out where your money had been going and cut out all the unnecessary expenses. Prioritize the spending that can’t be cut according to urgency. Rent and utility bills must always be paid first. Then comes food. Then everything else - Cable, subscription services, new clothes, brand name products, and even night outs with friends, unless you’re all sitting at home – they all have to go. Remember, you can always add them back when you’re in a better financial situation.

3. Revamp Your Resume

If you’ve been working for the same position and same company for a long time now, chances are your resume is outdated.

Update your resume according to the changing demands of the workforce. Be concise and direct, highlight your achievements, but do not make it sound like bragging. In fact, it would be smart to have several versions of it and optimize each of them according to the job you’re applying to. And remember, recruiters do not like spending a lot of time reading resumes, so do not go overboard – keep it to the most relevant experiences and skills.

4. Clean Up Your Social Media

These days chances are the recruiter or hiring manager will check out your social media before hiring you. Clean up the ones that are directly under your name – like Facebook, Instagram, and LinkedIn. If you do not have a LinkedIn, now’s the time to make one, since your new potential employer will likely try to look it up, if your resume catches their interest. If you’ve got an anonymous Twitter account, that one is likely to be fine – but still, private it for a while. Who knows where people are lurking.

5. Get References

References could make or break your potential employment. Especially if you were fired from your previous job. Line up the references right after you find out about the job loss. Get in touch with as many people who could provide positive references as possible. College professors, previous employers, people from places you’ve volunteered at, even a friend could provide a good character reference. If you’ve lost your job due to the company’s hardships or restructuring, then definitely ask your previous manager to provide a reference.

6. Apply To As Many Jobs As Possible

This goes without saying – but you should apply to pretty much anything that comes your way. Even part-time gigs like a delivery man for a local restaurant will do. Right now you need income, you can search for something better later on.

7. Write Cover Letters

In fact, you do not need to match every vacancy you apply for ideally. If you think your skills and knowledge could help you with the job – then write a targeted cover letter explaining why you’d be good, even if you lack the relative experience. And remember, as with the resume, you should be concise and direct.

8. Don’t Give Up

It might seem like the world is ending when you lose your job, especially if it takes time to find a new one – which might even in the best economic circumstances. What matters is that you keep trying – nothing will come out of it if you give up. But how does this help you if you find yourself facing a financial emergency? Thankfully there are loan options that can help you. Options like car title loans can be obtained in a pinch and be used to handle your emergency. Here’s how they work.


 Woman used title loans


The Benefits of Title Loans

Title loans are a short-term loan option type that allows you to leverage the value of your vehicle title in order to access emergency money. They’re fast, easy to apply for, and you only need to provide a few key pieces of information like your driver’s license, your title, and your car for inspection. The application takes only minutes to complete and the inspection meeting can take as little as 30 minutes. Money is deposited into your bank account on the same day.

You can start your application for a title loan online, from the comfort of your own home by filling out a short form found on the Wisconsin Auto Title Loan website. After this, a representative will contact you to schedule a meeting to inspect your car. The condition of your car determines how much you’ll receive on your title loan and you’ll find out immediately whether or not you’re approved. We welcome all credit scores. Losing a job is difficult but you shouldn’t be left wondering how you can afford your rent or handle an emergency because of it. Don’t spend another moment worrying. Apply for a title loan near me today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.