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How To Prepare For A Layoff And Celebrate

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Many layoffs are happening, and being prepared is the best you can do.

 

The thought of a layoff can be daunting, but being financially prepared can alleviate some of the stress with the unexpected news. By being proactive with your finances, you can avoid being behind on your monthly expenses, find your next career move, and celebrate amidst the challenge.

 

As much as you believe a layoff will never happen to you because you are a stellar employee, choose to prepare for a possible layoff. Often, layoffs are not personal but more of a business decision where even the stellar employees are laid off.

 

You can prepare for a layoff and celebrate once the time comes by traveling, taking time to process your emotions, decompressing from the 9-5 responsibilities, and being present with your loved ones.

 

Dream of how you would spend your time

 

If you did not have your 9-5, how would you like to spend your time? You may have kids and would like to chaperone a school field trip. You want to sleep in, walk, and stop by your favorite coffee shop. You can finally take a one-month trip to Europe and eat through Italy.

 

When we think of layoffs, our brain makes us feel stressed about finding a new job as soon as possible and anxious about paying the bills. I want to help you celebrate instead!

 

Allow yourself to dream and see past the unfortunate news. Allow yourself to just “BE” rather than quickly jumping on to another job.

 

I am challenging you to dream and think differently about the time off you will have.

 

Build an emergency fund

 

The emergency fund will help you serve as a financial cushion during a layoff. Having money saved grants you the opportunity to welcome more peace and joy. Aim to save a minimum of three to six months of your monthly living expenses and save it in a high-yield savings account.

 

Automate your savings to ensure you are on track to hit your savings goal, stay consistent, and practice discipline. The sooner you start, the more prepared you will be.

 

Evaluate and keep expenses low

 

Review your monthly expenses and identify areas where you can cut back. Are the expenses aligned with how you want to live your life? In this process, you will notice that there may be subscriptions you did not know you were paying for and can eliminate.

 

You can find more cost-effective alternatives for utilities or insurance. Keeping expenses low can help you reach your money goals faster and experience less stress.

 

Diversify Income Streams

 

Explore opportunities to diversify your income by taking on a side hustle, freelancing, or monetizing a hobby. What are personal or professional strengths you can monetize? Having multiple income streams can provide a financial buffer during unemployment.

 

Start before you are laid-off to get it established. Being prepared is what helps you celebrate a layoff versus spinning out.

 

How it looked like for me:

I was laid off in November after five years. When I shared the news with others, they immediately responded, “Oh no! I am so sorry!”. Instead, I said I was celebrating. It did feel odd to celebrate, but these are the fruits of my labor and my preparations to avoid spinning out.

 

I celebrated because I had an emergency fund and a business I could rely on. My money coaching business began three years ago, so this took time. I have always only used 50-60% of my checks, so keeping expenses low at this moment has been beneficial.

 

My most extensive advice is never to think you are safe at work. You will always be replaceable. Start your income stream that can one day replace your 9-5 salary or hold you until your next 9-5 opportunity.

 

When we work together:

  • I help you plan for the future, you
  • I help you budget and evaluate your expenses
  • I help you think about joy when you only want to think of your debt

 

If this resonates with you, I invite you to work with me! I want to help you prepare for unexpected life news and allow you the space to feel your emotions. I already know your work ethic is strong, but I am here to challenge you to see things differently, like resting, something our parents did not have the luxury to do. Book a sales call.

 

I cannot wait to be part of your journey!

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ABOUT AUTHOR
Orlenda Cortez

Welcome to my corner on the internet! I’m obsessed with using money as a tool because it led me to pay off $30K in consumer debt in a year and a half, helped me save $20K in nine months to have my dream wedding in Costa Rica and is helping me build the life I never saw my family experience. Now I want to help others do the same!

Orlenda Cortez
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