Most of us will lose our jobs at some point in our working life. I know that I lost m first two jobs, because the businesses closed, before I was 20! I worked in restaurants at that time while helping to pay for my education, so these were not long term losses. I did not have a family to support then, and I did not depend upon the income to pay a mortgage or credit card bills. However, I did depend upon the income to pay for books and living expenses. I was lucky, because I could still depend upon the ultimate safety net, which was my parents, to help me out during unexpected periods of unemployment.
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However, things are different now. My experience with job loss taught me, at a young age, that no job is totally secure, and that jobs can be lost without me being at fault. But now I do have a family to take care of, a mortgage to pay, and car payments to make. I do try to limit credit card debt these days, so that works in my favor, because I am not servicing a high interest rate unsecured loan. But the biggest difference, is I cannot expect my parents to be a safety net now. I need to provide my own safety net.
Of course, savings are essential. Experts tell us to have 3 to 6 months worth of cash in the bank to use for an emergency. So we need to try to curb expenses, while we are working, so that we can save money. And of course, if we do lose our income, less fixed expenses are always better than more! But I understand that, while saving money is good advice, it is getting harder these days. And one car repair or medical bill can wipe out months of careful savings. So it may also be time to consider your income protection options, including layoff protection plans.
Beyond income, a job loss can mean the loss of friends and business associates. I know that I used to keep my whole contact list on my work computer. But what if I showed up for work one day to find that my department had been cut, and I could not access my files. It is important to make sure you save your contact list somewhere where you can access it, even if you cannot login to your work computer. These days it is easy enough to sign up for a private email account on the web, and to export a contact list.
Make sure to keep your resume current too. Make sure your reference list is still valid, and that you are using the best resources. Include recent experience and evaluate the "story" that your resume tells about you.
If all of your friends are at work, consider expanding your support base too. Maybe I was lucky to find out that all work could be temporary when I was so young. I have always made friends at work, but I also use my place of worship and neighborhood as social outlets. That way, if work ends, I do not have to feel isolated.
And of course, prepare yourself emotionally. I have seen very productive and intelligent people lose their jobs, almost always because of a company decision that was not, in any way, personal. Do not blame yourself for your job loss unless it really was your fault, and do not identify yourself with your job so that you cannot imagine life without that job. You need to be emotionally ready for a job loss.
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