Here’s How to Get Back on Your Feet After Being Laid Off
She Makes Money Moves is a new podcast from Glamour and iHeartRadio. Hosted by Glamour editor in chief Samantha Barry, the podcast shares intimate, unscripted stories from women across the country along with advice from financial experts to help guide those women—and women everywhere—forward. Download a new episode every Tuesday, then visit glamour.com/money for an article like this, with more insights from that week’s expert.
In 2018, American businesses laid off 21.9 million workers. And while layoffs happen across the board—and are actually on the decline in the country as a whole—some industries have been hit harder than others. For one, 7,200 people have lost their media jobs so far in 2019. Then there’s Elon Musk’s Tesla, which let 3,000 people go, and Toys R Us, which gave 31,000 staffers pink slips. So no matter what, it’s beneficial to have a plan in case the worst happens when it comes to your work.
The guest on this week’s episode of She Makes Money Moves was unexpectedly fired, which left her without health insurance and forced her to contributions to college and retirement funds. She had some emergency savings, but she was worried about her mortgage payments. To help her—and women in similar positions— figure out a game plan, Barry welcomed financial expert Tiffany “The Budgetnista” Aliche onto the podcast. Here, Aliche shares her best advice for getting back on your feet and getting that new gig.
Make a noodle budget.
Do you know what your “noodle budget” is? You should. It’s your financial baseline—your life without the bells and whistles like cable and other subscriptions. It’s the lowest amount you can spend each month on food and other necessities, plus your essential bills like rent. It’s the “If I had to live on ramen noodles for a little while…” budget. After getting laid off, you want to cut back on or eliminate anything superfluous in your budget. Of course, it’s a temporary solution to help you ride out just this period. The less you spend, the longer your savings will last you as you look for a new job.
Give your résumé a refresh.
Keeping your résumé updated is always a good idea, even while you’re employed. Anytime you get a promotion, work on a challenging project, or master a new skill, add it in. That way in case you need to move on, you’re ready for it. While you’re at it, keep a running “brag book.” It’s a document (or even a file in your Notes app) that gives you space to keep track of specific ways you were able to save or make your previous employer more money and what tangible value you added to your company, monetary or otherwise. You’ll want that info at your fingertips if you’re looking for work.
Clean up your social.
Social media is your résumé before your résumé. Is your LinkedIn picture low-res or out-of-date? When’s the last time you copy-edited your bio? Are your social media profiles filled with pictures you’d rather a new boss didn’t see? Do a quick evaluation of your public presence to ensure that it paints a picture authentic to who you are now. Not who you were in school a decade ago.
According to a survey by Fidelity, the sponsor of She Makes Money Moves, 80% of women aren’t talking about money with the people closest to them. Today Glamour invites you to the conversation: Subscribe on Apple Podcasts, in the iHeartRadio app, or wherever you listen to podcasts, and join us as we help women raise their voices and make money moves.
Originally Appeared on Glamour
