WHAT TO DO IF YOU'RE CONCERNED YOU MIGHT BE LAID OFF - OR IF YOU'VE LOST YOUR JOB

Recent mass layoffs from technology and media companies, including eBay, Riot Games and the Los Angeles Times, might have you thinking about your job security.

If you’re worried you could be laid off or if you’ve lost your job personal finance professionals and career advisers have recommendations for how to cope. They range from preparing an emergency fund to understanding your severance package.

START SAVING

It's crucial to start building an emergency fund even when you feel secure at your job, but especially if you think you might lose it.

You might not be able to save enough to cover the whole time you'll be out of work, but even a small amount can reduce your stress.

When you start thinking about saving, Jesse Mecham, founder of the money management app YNAB, recommends you ask yourself this question: What do I want my money to do? Maybe a year ago, you wanted to save for a trip abroad, while now you want to have money in case you are out of work for six months.

If you are aggressively paying off debt and it's affecting your ability to save, Mecham recommends slowing down payments. You should still make at least the minimum payment, but you might want to consider temporarily using any money you've been paying over that to build an extra cash cushion so you have money available should you need it. It's also crucial to avoid getting into further debt, Mecham said.

UPDATE YOUR RESUME

It's always a good idea to keep your resume up to date but, but you should also keep it customizable for several jobs, said Scott Dobroski, career trends expert for Indeed. You can do this by leaving space in your resume to include keywords that are specific to the job you are applying for.

Jobs might require slightly different skills if you are planning to stay in the same industry, or completely different skills if you move to another field. If you keep your resume updated and customizable, it could make things easier when you need to move on.

This story is from the February 03, 2024 edition of Techlife News.

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This story is from the February 03, 2024 edition of Techlife News.

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