Look--it's happened to THOUSANDS of us. it's not fun. it's not "a new adventure." it just straight up and down stinks.
When I was first laid off, I spent 2 days just spinning out. There were so many unknowns and so many things I had to account for and...and...and...and... .
After that, I sat down and created a list of things I needed to do. Having concrete numbers helps your mind settle. Having set steps gives you focus.
Here are the things I set down. I recommend having separate sections with payments, due dates, outstanding amounts, etc.
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DOWNLOAD WORK STUFF
→ Your last 3 months' pay stubs
→ Any other tax info you normally get electronically
→ Layoff letter saying it wasn't performance-based
→ Recommendation letter from your immediate boss if possible
→ Your last 5 years' annual reviews
PREP MEDICAL STUFF
→ How much is COBRA in your situation? (COBRA FAQ: https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/faqs/cobra-continuation-health-coverage-consumer.pdf)
→ How much is Marketplace health in your situation? (https://www.healthcare.gov/)
→ Which prescriptions do you need to account for?
→ Talk to your providers and tell them you may lose your insurance. ask about sliding scale or other alt payment options.
→ See if you can get a one-time 90-day supply of prescriptions before your insurance runs out.
GATHER INCOME SOURCES
→ Do you have severance? How much?
→ Do you have a 401K acc't? How much? What penalty if you take a disbursement?
→ Do you have stocks / market acc't? How much? How long to liquidate the account, if necessary?
→ Do you have savings? How much?
→ Do you quality for Unemployment Insurance (UI) ? Check with your state.
→ Other income like real estate, alimony/palimony, interest, etc.
GO THROUGH SUBSCRIPTIONS
→ List every subscription you pay for. Check with your bank accounts to see which have automatic drafts each month. You may have subscriptions you've forgotten about.
→ How much is the payment?
→ Do you need to continue it, or can you cancel?
→ Are there free alternatives? (ex., instead of paying for premium Pandora, get the free version with ads)
LIST YOUR LIABILITIES
How much do you owe on each item? What's a minimum monthly payment? When is the payment due each month?
→ Credit Cards
→ Mortgage / Rent
→ Tuition
→ Alimony / Palimony
→ Real Estate Investments
DEFINE YOUR MONTHLY BUDGET ITEMS
List every item you know you need to budget for but don't have a fixed amount, including:
→ Food
→ Pet care
→ Kids' activity costs
→ Emergencies
→ Home maintenance (dish soap, vacuum bags, paint, etc.)
→ Gas / fuel
→ Entertainment (yes--even unemployed people like to go to the movies)
→ Incidentals
LIST YOUR MONTHLY EXPENSES
This list is everything you pay monthly that isn't in the other lists. Capture the name of the company, what the expense is, how much it costs, and when it's due. Some examples are:
→ Heating
→ Electricity
→ Water / Sewer
→ Cell Phone
→ Internet
→ Car Insurance
→ Garbage / Recycling
→ Parking Fees
→ Bus Tickets
LIST OUT YOUR QUESTIONS
Put down everything you want to know about. Then consistently work to find answers.
→ When will I receive my last paycheck?
→ Will I receive severance pay?
→ What happens to my benefits?
→ Can I get a reference?
→ What support is available for job searching?
→ Where can I find answers to my questions?
→ What is the phone number for HR that I can use after my last day?
OTHER TO-DOs
→ FIND ALTERNATIVES.
An example is GoodRx. I went on their site and found costs for every single prescription so I have hard numbers about what my medications will cost if I'm without insurance.
NETWORK. Ask people you interact with regularly to keep their ears open for jobs that might fit you.
→ SHINE YOUR RESUME`.
Do it now. It needs to include up-to-date skills. Reach into your last 3 years' annual reviews for specific metrics and things you did well.
→ MAKE FRIENDS WITH AI.
I'm not personally a fan of Google's Bard, but it's okay. I like Microsoft's Copilot and OpenAI's ChatGPT. You can ask them questions in real language (like "why does this sentence seem weird?" and "can you help me summarize this into a single line for my resume`?") and the AI offer suggestions how to improve your job hunt.
→ NETWORK LIKE AN EXTROVERT.
Hit LinkedIn like there's no tomorrow. Grow your network as much and as fast as you can. Anyone who has connections in common with you should get a connect request. Because your third cousin's mailman's girlfriend's brother's ex-boyfriend is hiring.
→ MAKE JOB HUNTING YOUR JOB.
I think not enough people realize that finding a job...is now your job. Do it 8 hours a day just like you would a real job and you'll have a lot more success. Track every detail you can from every job--application date, current status, company name, where you found the job, the job description, pay range, date of last update, every single email from them, contact info (even if it's just the default one in the description), when you followed up, and notes for your reference.