There are plenty of steps to take if you are laid off, but what you don't do may be more important.
With the unemployment rate at 7.2% last month, up from 4.9% a year earlier, it's realistic to imagine you may be one of the unlucky ones out of a job in the near future. Here are some big mistakes people make after being laid off that you want to avoid.
Take a vacation or extended break: When the economy was strong and jobs plentiful, those laid off sometimes decided to take a mini-vacation or break before beginning their job search. Doing that today could be disastrous to your finances. Chances are, it's going to take time to find new employment, so beginning the process as quickly as possible is in your best interest. If you need a break, try to negotiate a week or two before you start your new job, but only after you have secured it.
Keep living like you didn't lose your job: There are a lot of reasons why people justify continuing their old lifestyle. Doing so will drain your limited finances quickly. If you have lost a job, come to terms with it immediately and begin cutting out all unneeded costs right away. It's much easier to upgrade your lifestyle when you find new employment than to run out of money when you haven't been able to find a job.Get lazy: If you lose a job, you should immediately treat finding new work as your new 9-to-5. That means getting up in the morning, working just as hard and spending the same hours doing all the things you can to land new employment. It's easy to get lazy, rise late in the morning and devote only an hour or two a day to finding a new job.