Money-Saving Tips You Can Make After Just Getting Laid Off

Layoffs happen–and when they do, you’re left scrambling to figure out what your next steps are. It’s always best to be prepared.

The first thing you should do is take a deep breath and remember that this is a difficult situation that many people have faced before and have gone on to have a successful career. You should also reach out to your network, former colleagues, and mentors for advice and guidance. It is also important to review your financial resources, update your resume and start looking for your next job. Additionally, you should take this time to reflect on what you want out of your next job, and how you can use the skills you developed in your last role to make yourself a competitive candidate. Finally, be sure to take care of yourself and don’t forget to take the time to relax and enjoy your life.

Here are some actionable steps you can take:

  1. Create a budget: Take some time to review your income and expenses and create a budget to help you stay on track.


  1. Cut out discretionary spending: Look at your expenses and identify any areas where you can cut back. Consider canceling unnecessary subscriptions, eating out less, and cutting back on entertainment spending.


  1. Start a side hustle: Consider starting a side hustle to generate extra income. This could be anything from freelance writing to selling items online.


  1. Look for ways to reduce your bills: Reach out to your utility providers to see if there are any discounts or promotions you can take advantage of. You can also shop around for better rates on things like car insurance or cell phone plans.

  1. Make use of free resources: Take advantage of free resources in your area such as libraries, community centers, and events.


  1. Take advantage of tax breaks: If you’ve been laid off, you may qualify for certain tax breaks that can help you save money.


  1. Build an emergency fund: Start putting money aside in an emergency fund to help cover unexpected expenses in the future.

  1. Negotiate for better terms: If you have any outstanding debts, reach out to the lender to see if you can negotiate a better interest rate or payment plan.


  1. Take advantage of government assistance: Look into government assistance programs that you may qualify for to help cover living expenses.


  1. Make use of a part-time job: Look for part-time work to supplement your income while you look for a full-time job.

  1. Sell unwanted items: Clean out your house and sell any unwanted items online to make some extra money.


  1. Use cashback apps: Make the most of your purchases by using cashback apps to get money back on your purchases.


  1. Take advantage of discounts: Research and take advantage of discounts offered by companies and organizations in your area.

  1. Avoid taking on debt: Try to avoid taking on new debt if at all possible, as it can be harder to pay off when you’re unemployed.


  1. Look for free or discounted services: Research online for free or discounted services such as online courses, web hosting, and software.