Be Thankful

According to the Department of Labor, the jobless rate increased to 7.2% or approximately 11 million Americans that are currently unemployed. In December 2008, 2.6 million jobs were eliminated. In addition, employers reduced hours, benefits and perks. Many employees now have to do the work of 2 to 3 employees due to layoffs for the same or reduced pay. It seems no industry is immune to the layoffs.

The largest layoffs occurred in the construction, manufacturing, temporary services and retail industries. The government and health care industry were the only industries that actually created jobs.

Some private sector employees gave no notice to employees who came into work one day and were laid off the same day.

If you have delayed furthering your education, now is the time to go back to school or gain at least one other skill to make yourself more marketable to a potential employer. You should have at least 2 skills that you can list on your resume to become more appealing to hiring companies.

If you still have food, clothing and a roof over your head, be thankful. It may be a cold winter and many people are homeless and jobless which will make this winter season even harder.

To help ease the pain of a layoff:

1. Start saving every dime, quarter, nickel, penny, and dollars you can.

2. Reduce all your expenses – eat Ramen Noodles, oodles & noodles, tuna fish, bologna, hot dogs, breakfast food, etc. for dinner to save money on groceries.

3. Modify your tax withholding for six months to get extra money to pay down debt and pay for monthly expenses. After June 30, 2009 change your tax withholding back to your original deductions to prevent owing taxes at the end of the year.

4. If you are currently contributing to a 401K, halt contributions for 3-6
months to get extra money to pay down debt and start a savings account.

5. Prepare for the worst by creating an emergency fund to cover bills and monthly expenses for 8-12 months.

6. Keep up to date with the employment trends and news. This will help you to know when to start applying for jobs. Polish your resume and keep it up-to-date so when a job becomes available you can apply for it.

7. Lower your job expectations. You may have to take a significantly lower pay cut to get hired. When you do get hired learn everything about your job, take training classes and be a model employee. This will help you to get promoted at a faster rate and increase your salary.