Surviving Job Loss

Millions of professionals all over the world have recently found themselves facing unemployment. Whether you've just lost your job or you're simply preparing for the possibility, here are some tips for surviving job loss.

Tip #1 It happens to the best of us.

I know, I know. Misery loves company only goes so far. What's important to understand though is that it's not you. It's, well... Us.

Booms and busts, down sizing, right sizing, side sizing and even simply getting straight up fired -- whatever the case may be, it happens. At the present moment, 8 out of 100 people are unemployed. That might not seem comforting at first glance but the next boom is being born somewhere during this bust. History bears testimony to this. Hiring will indeed pick up and we will live on to see better days.

The key to surviving this economic downturn (as well as a job loss in general) is to do your best to keep your head. Most folks find losing their job to be an emotional, possibly embarrassing moment in their life. It's most certainly viewed, at least at the time, as some sort of failing. The people who rebound the fastest though are the ones who are able to see the opportunities that it presents. The folks who remember that perseverance, above all else, leads to success.

"Success is going from failure to failure without the loss of enthusiasm" Winston Churchill

Tip #2 Take control of your finances

One of the opportunities that a job loss can bring is the chance to re-evaluate your personal finances. Obviously, without steady income it's time to tighten the belt. Even if you have an emergency fund in place you should search for ways to save on expenses and live frugally. The side benefit is, hey -- you may even keep these new found habits around for awhile!

The first step is to create a budget. The many ways of doing this are probably out of the scope of this blog post, but I'm a big fan of the classic envelope system. Essentially, you place cash in envelopes marked with their purpose. One for groceries, one for your monthly home expenses, etc.

Once you have your first budget in place, now it's time to trim the fat. Be ruthless towards items that you may not need or may not even be using. Subscriptions have a nasty habit of creeping up on us when we aren't paying attention. Seek out cheaper alternatives. If you're spending a lot on cable every month, check out hulu.com and see if your favorite shows are available for free. Remember, the more you are able to cut from your budget, the less stress you'll feel if more and more time starts to pass without employment.

I also recommend using a tool called BillShrink.com. A month or so ago, I used BillShrink to analyze my wife and I's cell phone usage. They did 6 million calculations and showed me the cheapest combination of options with my carrier in a matter of moments. I very quickly saved $15 a month ($180 a year) on our cell phone bill, at the cost of about 10 minutes of my time! Their site can also help you choose the best gas station in your neighborhood, taking into account gas prices and mileage. That'll come in handy when driving to your next interview :)

Mint.com is also a neat tool. Mint analyzes your spending habits and makes recommendations on ways that you can save. If you're already saving where you can, you can try out Yodlee.com which powers Mint (and is a bit more advanced feature wise).

Tip #3 Assess your career path

Many folks use unemployment as a means for changing careers. Perhaps there is something you've always wanted to do but have never been able to take the risk to do it. A recent survey showed that 60% of those newly unemployed consider changing industries, and 40% of those considering actually doing so.

If you're unhappy with the industry or job you've been working, use unemployment as a chance to invest time and resources into yourself. Consider educational opportunities or training. Visit the library and check out books on the career possibilities that intrigue you. Find out where it is you'd like to go with your career, and seek out the people who've done it. Ask them questions about getting started.

Remember, this is an opportunity for you to pursue something that you love.

Tip #4 Create a job hunting plan & set goals

Having a plan for going about your job hunt is crucial. Online recruitment has made a lot of things way easier -- you can search out jobs faster than ever before, you can apply with a few simple clicks. It's far from perfect though, and in some ways, it can be a lot harder. There's a larger communication gap when applying for a job, meaning it's tough to know if they've received your resume or not. The ease of applying means you'll likely be applying to far more positions than you may have previously, and since everyone else is doing the same, competition can be a lot more fierce.

Our product helps address some of these pain points. Emurse.com lets you build a resume specific to each job without having to repeat yourself constantly. You can apply by simply sending a link, and you'll be notified instantly when it's viewed. We help you keep track of where you've sent your resume and what jobs you applied to. Remember to update the status of each job as you go and it'll be a breeze to follow through with your growing list of potential employers.

But it doesn't stop there. Job hunting is, quiet frankly, a job. Set aside time every single day to look for new openings. Try out new job boards and niche sites outside of the traditional online job boards. Set a goal for how many jobs you are going to apply to every day and stick to it. If there are no new jobs in your industry since the last time you looked, use the time to study up on your industry. Learn the trends and read the periodicals. Stay current. This is also a time where you can invest in your skill set to further improve what you bring to the table.

Remember to not let yourself get frustrated. In some industries, unemployment can last awhile. The key to coming out on top is to continue moving forward. Be persistent.

Tip #5 Take time for yourself

While job hunting is more like a job than most realize, that doesn't mean you should let it consume you completely. Remember to take time and de-stress. The more you allow yourself to worry about your circumstances, the more likely it is that you'll find yourself treading water.

Taking some time to relax and enjoy family and friends will allow you to focus during your daily job hunting tasks. Hitting the gym and exercising may help you burn off some frustration while making you feel generally better. Seeking out like minded groups for happy hours and fellowship will not only increase your friendships, but can also lead to more opportunities. Sites like meetup.com make finding professional folk in your home town increasingly easy.

Above all else, remember to keep a clear head, stay diligent and that "this too shall pass."

Do you have any suggestions to share? What has worked for you? What hasn't? Join in the conversation below!