Adriana Morga
NEW YORK (AP) – Recent layoffs from technology, media companies and government agencies may make you think about job safety.
Losing your job is difficult to handle and you may feel an impact on some parts of your life. However, there are things you can do to reduce some of your stress and anxiety.
If you are fired, experts recommend that you take the first step and then take a little time to proceed with your job hunting plan.
“The layoffs can be very personal, but they don’t reflect your values or contributions. The work we do is very tied to our identity, especially in the US,” said financial therapist Lindsay Brian Podvin.
If you lose your job, here are some expert recommendations to help you take care of your finances and your mental health:
I’ll take a break and deal with it
Losing a job can cause a lot of stress and financial anxiety, so it’s important to spend time emotionally processing.
“We accept and normalize that they feel a variety of emotions, whether it’s anger or sadness,” Brian Podvin said.
Whether you are feeling sad, shock, anger, or even relief, it will take a little time to feel those emotions and help you move forward.
Please check your current financial situation
It is essential to check your current financial situation to plan for the future, career coach Marlo Lyons said.
If you have a budget, take a closer look and see if there are any expenses that can save you money by temporarily cutting back. If you are receiving your retirement package, it is best to know how long the retirement package will last.
Applying for unemployment benefits as soon as possible can reduce some of the financial stress of layoffs. The amount you get from unemployment may not be as much as your salary, but it can help you float for a while, Lions said.
The Labor Bureau has tips for applying for unemployment.
Remember you’re not your job
Since firing from work can affect your self-esteem, Brian Podvin recommends creating a list of good qualities about yourself that adds your own overall value as a person. Bryan-Podvin calls this a “non-financial asset list.”
“If I had done my own non-financial assets list, I might say I’m a pretty good partner and a fun aunt,” she said.
When working with clients, Brian Podbin recommends creating this list to remind you that your self-worth is part of your net worth.
Adjust your spending
If you lose your job, you need to be more strategic about your spending, said Jesse Mecham, founder of the Money Management app YNAB.
“With layoffs, it becomes even more essential to deal with all the dollars with more attention than in the past,” Mekham said.
Part of YNAB’s budgeting strategy is to give each dollar a job, such as paying rent, buying groceries, or adding them to a savings account.
When adjusting your spending, Brian Podvin recommends that you approach this with sympathy. She recommends reminding you that this is a temporary pause rather than a permanent change in your lifestyle, as reductions can cause bleeding from not doing activities that make you happy.
Avoid using too many credit cards
While it’s almost inevitable that you’ll pay some expenses using a credit card, it’s best not to rely entirely on credit while you’re looking for a new job.
“If getting a new job takes a little longer than they thought, that credit card has just become their anchor,” Mekham said.
Unemployment is temporary, but mecham recommends staying at the same level and cutting costs rather than leaning towards credit.
Find community resources
Whether that means finding a food bank near you or applying for a temporary hardship program, look for community resources.
“Many communities offer temporary difficult programs with regard to bills they need, such as electricity and water,” said Brian Podvin.
USA.gov offers a perks finder that lets you find available programs and how to apply them.
Applying job hunting with planning
As you are applying for a new job, Lyons recommends taking the time to assess whether your professional goals are still the same.
If you continue in the same field, the Lions recommend “looking ahead” your resume.
“You want to ensure that your employer can bring what you can do, whatever unique value you can bring to that particular job that other candidates can’t bring because of previous experience,” Lions said.
Lyons also recommends activating your network by contacting past LinkedIn colleagues and attending industry networking events. Online certification is another great way to make yourself a better candidate, she added.
Create and maintain routines
Having something everyday will help you take care of your mental health and maintain integrity in applying for a job.
Plan your day to include them eating at your normal times, exercising, and applying for work for a specific time.
“When we’re fired, unemployment can really feel aimless, especially when we come out of nowhere,” Brian Podvin said.
It’s also important to avoid isolating yourself and rely on your support system for emotional support, she added.
The Associated Press is supported by the Charles Schwab Foundation for education and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.
Original issue: June 24th, 2025, 12:35pm EDT
