How To Handle Termination Of Employment

How to Handle Termination of Employment

Getting fired is scary. Let’s look into how to handle termination of employment and next steps to take.

Updated on Apr 03 2020


Termination of employment is scary. The unknown of when your next paycheck will come and if you will be able to keep on your bills are the kinds of concerns that keep some people up at night. With the COVID-19 pandemic, more Americans are finding themselves to be out of a job and running low on money. Let’s look into how to handle termination of employment and the next steps to take.

First steps to take when terminated from your job

  1. Don’t panic.
  2. What can you cut from your budget?
  3. File for unemployment, if possible.
  4. Look for jobs.

Don’t panic

Panicking will not help. Losing your source of income is scary. But, it will be okay will proper planning. Wondering how you will pay your bills can get overwhelming, which is why it’s important to sit down and go through your finances thoroughly. How much do you have in your emergency fund? How long can you get by on savings and other investments until you can find a new job? Now is the time to plan, not panic.

What can you cut from your budget?

Now is the time to take a look at your budget and look at what discretionary spending you can cut. Limiting your restaurant, entertainment, and other discretionary spending will be essential to saving the money you have. Look into cutting cable and getting a Netflix or Hulu subscription. Did you know that if you have Amazon Prime you can stream hundreds of tv shows and movies? That way, you can cut cable and skip the Netflix or Hulu subscriptions.

If possible, file for unemployment

The COVID-19 pandemic has created record job loss and unemployment filings. If you have lost your job during this time, don’t let that discourage you. The US government is working to expand unemployment benefits to its citizens.

However, depending on the circumstances from which you were fired, you may not qualify. While it varies from state to state, getting fired for misconduct (like a failed drug test or theft) may keep you from receiving those benefits. A company laying off workers because of a cutback—something very common during this COVID-19 pandemic—will most likely entitle you to unemployment.

Start looking for new job opportunities as soon as possible

Looking for jobs is exhausting. It takes a lot of time and effort just to get the chance at an interview. However, while you aren’t working, you need to make looking for a job your full-time job. Carefully craft cover letters and tailor your resume for each job you apply for.

Think about your network and reach out to them. Undoubtedly you have connected with many people throughout your career and they may be able to help you find a good fit. Now is the time to reconnect with past colleagues and see if they know of any opportunities.

Finally, consider setting up job alerts. Many job-seeking websites allow you to set alerts so that you are able to be immediately notified about a new posting. Finding a job in this economy could prove to be difficult, so it’s important that you apply quickly. Remember, while your industry may not be hiring, there are that many more that are. While you are searching for a new job, consider delivering for DoorDash or Instacart. These are jobs that will be in high demand for the foreseeable future.

Getting let go from your job is always scary, and even more so in the time of COVID-19. However, it is possible to get through it. Be smart about your budget, be proactive in your job search, and consider applying for jobs in different industries as we enter these unprecedented times.

Related Articles:

Find an Advisor Near You

Advisors by City

Find advisors located in the cities nearest you.

Need a financial advisor?

100% free consumer service


Back to Top