What should I do to prepare to be unemployed?
October 19, 2011 10:08 AM Subscribe
It seems increasingly likely that my company is about to go belly up, probably in the next 2-4 months. What should I be doing to prepare for this eventuality?
posted by anonymous to Work & Money (12 answers total) 9 users marked this as a favorite
I've felt like this has been coming for a while. Cash has been tight for years but things are really starting to look dire. I have no specific knowledge of when the doors might shut, but we're a small company so the signs can't be hidden very well. I'd like to prepare as much as possible for this but I've never had it happen before so I don't know what I should be thinking about or doing. Help me make a checklist for impending unemployment.
I have only about $500 in consumer debt, which will be paid off this month. However, I have very little (less than $1000) in savings. There are a few things I feel I should be spending money on, like getting the brakes done in my car (the car is >10 years old but runs great except for the brakes squealing for the last month). Maybe I should also be stocking up on medications, or trying to get a new pair of glasses (I'm very dependent on them and my prescription is such that new lenses need to be very customized and cost upwards of $500)? I should probably see my doctor before the health insurance goes away, right?
I've updated my resume and have started to apply for some jobs, but I work in a pretty "who you know" kind of field. Re-engaging my network is right on top of my list. I also have a very small side business, so I'm trying to work on getting more clients for that - when I don't have a day job it might be easier, but I'm also wary of making it too big because it couldn't sustain me outright and I need it to work with a regular day job in the future.
Because of my previously profligate spending habits, I am set for things like clothes for interviews, etc. for a looooong time. I have no dependents, save a cat, but also no one else who pays my bills. My family lives in another country and while they would be willing to help me, moving back there is out of the question. I've cut down my cable TV already, have started to turn down social invitations that I know will cost money (except if I think I can use them to network somehow), etc. I am really really terrible with saving money and I know it's going to bite me now, but I've maintained a stellar credit rating and have never had to ask anyone for any help. My regular bills are not outrageous, I just have a history of taking off to Europe for a couple of weeks when I feel like it. Obviously that has stopped!
What am I not thinking of? What do you wish you still had done while you still had the job? I have quite a lot of time on my hands during my days since business is so slow so anything I can do sitting at my desk would be great because it would help me feel better about being here where it's just super depressing every day.
(Anonymous because I post under my regular first name and I'd rather not have this tied to that)