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6 Ways to Cope and Bounce Back after Unemployment

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Being jobless is a situation nobody wants to be in, or even think about. However, with news continuing to circulate concerning high unemployment rates, massive layoffs and the collapse of major industry leaders, unemployment is actually something that can happen.

Even though the unemployment rate in Singapore is relatively low, at 1.9%, according to Trading Economics, you need to be prepared for unemployment no matter what your career situation is; unemployment anxiety, can result in depression, binge drinking and financial stress when searching for new employment.

The following are 6 recommended ways in which to successfully cope with job loss and recover after unemployment.

1. Care For Yourself 

Self-Care is essential to bounce back. Continue to maintain a healthy schedule while job hunting and focus on the goal of obtaining new employment, rather than on the previous loss. Ensure that time is made for relaxation, even during this emotional period, in order to keep from falling into depression.

Read Also 6 Steps to Make the Most of Time off During Unemployment.

2. Create An Action Plan

Research also suggests that an action plan will assist an unemployed individual in staying on track. This should include updating or creating your new resume and cover letter, and researching job openings online. Consider this a time of opportunity and write, or rewrite, a five year plan that includes professional and financial goals.

3. Ask For Assistance

Organisations exist that can assist in finding the right employment for your specific job skills and experience. During times of long-term unemployment, filing for benefits will assist financially. Remember that you are entitled to unemployment benefits after periods of work and these benefits will assist in reducing the pressure placed on a spouse to cover all daily expenses.

4. Stay On Budget

This may include cutting back on some luxury expenses during times of financial stress. Utilise coupons, sales and other money managing tricks to keep from falling too far behind. Use the help of Non-Profit Organisations that offer groceries or assistance in catching up utility bills if overdue.

5. Manage Your Finances

Financial Recovery typically entails paying off debts that have occurred during times of job loss, rebuild savings before increasing spending habits and in many cases, the need to adjust to a lower income. Continue to stick with the budget used while unemployed until all debts and bills have been caught up and savings have accumulated.

6. Be Flexible

Explore new career paths with more positive outlooks in order to find a job with a reduced chance of unemployment in the future. Career centers contain a wealth of knowledge on career exploration and new job fields open consistently in a changing economy. A new career provides opportunities to follow passions not previously explored and could lead to increased job satisfaction.

Keep in mind that this is only a temporary down period. Daily Finance also suggests thinking like a trader on the market to keep spirits up during financial stress. Traders have up and down days, but understand that it’s the long-term effects that are of the greatest concern. Unemployment can be emotionally and financially difficult, but these are temporary set-backs that can be overcome with the right strategy and positive thinking.

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This article was first published by The New Savvy. The New Savvy is a financial platform that aims to empower women through meaningful content that are relevant and practical. The New Savvy provides resources to demystify finance and spur financial consciousness. We want to make money interesting to women and transform women’s relationship with money.

DollarsAndSense.sg aims to provide interesting, bite-sized and relevant financial articles.

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