If you're starting to get an unnerving feeling that your job is on the line, you can do a lot to soften the blow in the unfortunate event you do lose your employment. Preparing now can help you deal with the financial and emotional strain that comes with job loss. Here's how

1. Reassess Your Financial Situation.

Living within your means, setting up a proper budget, and saving money (even in a recession) are recurring Lifehacker themes, but there's no more dire moment than when you think you might lose your income to reexamine your finances. Make sure you have all your debts and assets accounted for in your financial snapshot.

2. Trim Your Budget To Boost Your Emergency Fund.

Next, reevaluate everything in your budget to cut the fat and redirect those savings to your emergency fund—your biggest financial priority right now. The typical 3-to-6 month goal for an emergency fund may seem like a big goal, but because you don't know how long unemployment will last, it's best to just try to save as much as possible. If your household has a second income, you can even try living on just that one income (or as close to it as possible).

3. Join Professional Associations and Start Networking

Joining an industry association or other type of membership might help with accessing new job postings, networking, and getting group discounts on medical and other insurance after you lose your job. The sooner you make professional connections, the greater the chances of you replacing your job quickly. This is also a good time to update and clean up your current social media profiles and join professional social networking site LinkedIn, which future employers will likely check out.

If layoffs are already happening in your company, it's time to update your resume and start posting it anonymously—most of the top online job search sites, including top-voted Indeed will let you do that.

4. Find a Side Job or Volunteer Work

A part-time job or freelance work can help sustain you after you become unemployed, and volunteer work can also sometimes lead to paid opportunities later. Many successful companies started in people's basements and garages as hobbies at first, so now's a great time to tap your entrepreneurial spirit and consider your own business.

And Finally...

If the threat of unemployment looms over you, try not to stress. Take care of yourself and comfort in the fact that you've prepared. Even if your job stabilizes and you don't lose your job, you'll come out of this exercise with a larger emergency fund, a stronger professional network, and a possibly lucrative side job.

source:
http://lifehacker.com