So you got laid off and are now thinking “What am I going to do?” Visions of moving back in with your parents pop into your head as you struggle to keep the panic attacks at bay. Take a deep breathe and come with me.
First thing I would advise is to look over your finances. Pay close attention to those fixed expenses like cable, internet, subscription to a gym, etc. Now what can you cut out? What can you cut down on? Start calling those companies and canceling or reducing services. That’s the fastest, easiest way to start freeing yourself up.
Figure out how much money you have all together: stocks, bonds, 401K, savings, and checking accounts. Next figure out how much you’ll get from unemployment (if you qualify). I personally hate spending more money than I pull in each month. It is the fastest way to lose control over your money.
Next I would think about what’s coming up in the future. Do you have a car insurance premium or a tax bill coming up? If you don’t have one, start a budget.
I use two spreadsheets. One charts my income coming in and necessary expenses like rent, power,etc. The other chart is everything else: food, cat food, vet bills, gas,etc. I take what I am pulling in monthly substract my necessary-to-live expenses and whatever is left is what I can live off of. I track every dollar that is spent and look at where I’m at several times a week.
Once you know where you’re at financially you can start making decisions like how quickly you have to get a job and what the minimum salary you can accept is.
Do not freak out, go out with your buddies, and blow a bunch of money. When I was younger, I got laid off, freaked out, and blew a bunch of money on books. If you have an overwelming need to spend money, go to the dollar store or Goodwill. Do not step one foot in the mall and stay away from the outlet stores.