Sunday, 17 January 2016

How to cope when one of you faces a job loss

Well here at the Pink house we are facing one of our biggest challenges.  A redundancy.  Mr P's office is downsizing and it looks as though he will be one of those affected.  Unfortunately they do not offer a good severance package, particularly as he has not been there very long.

When faced with job loss, it can be easy to get into a rut of anger, despair, stress and the ultimate desire to give up.  We've got that way ourselves.  However, we sat and had a long chat, pulled ourselves together and started working together.

  1. The talk is the best starting point.  Sit down with your other half and discuss fears, hopes and feelings about the matter.  I voiced to Mr P that I felt this would be a great opportunity for him to go back to school.  He agreed that teaching a STEM subject had always appealed to him, but his lack of degree had always deterred him from pursuing this.
  2. Work out the financial impact.  Can you get away with losing an income for a short or long period of time?  Do you need at least a matching income or can you reduce your earnings a small amount?  This will identify how soon a new job is required and whether you can go for part-time or lower salaried positions.
  3. If a new job is needed ASAP then get applying.  Spend your evenings on the computer going through every job site you can find, looking for keywords that suit your skills and experience.
  4. Evaluate your current outgoings and make cut-backs immediately.  Even if you have a good severance package or a new job in the pipeline, it's best to get your outgoings to the minimum now to protect yourself against the unknown.
  5. I love The Interview Book by James Innes.  James has a number of great books for those seeking out a new job, including CV writing, cover letters, and even fitting in to a new role once you're successful.  I can't recommend him enough.
  6. Look at how you shop for food.  Mr P and I have started shopping around a once a month Approved Food shop.  I've mentioned Approved Food before - we love this online retailer.  We're building a stockpile for around £50 per month and planning our meals around our stock.  We also look at what's on sale in Aldi for fresh fruit and vegetables, meat and breads.  Frozen foods can be purchased at our local Farmfoods, who often have great deals and send out coupons in their mailers.
  7. Declutter and sell what you don't need.  If you don't use it you don't need it.  Make some money off of it!
  8. Finally - stay positive!  Particularly around the children.  See this as an opportunity to change the way you live for the better, be it re-educating yourself, spending more time with family, or starting a brand new career.
I'll keep you updated on our journey through this life change, the highs and the lows, and the decisions we make.

Love Pink xx

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