Dealing with an Unexpected Job Loss

This week around the credit union we’ve been talking a lot about job loss.  Not because any of us are in that position, but because we know so many people that have been affected by the government shut down.  We’ve been brainstorming how we can help them, but it can be overwhelming to consider what we do in that situation. It gave us all an opportunity to consider how we could safeguard ourselves or our partners from financial hardship during unexpected job loss.

There are times when losing one’s job doesn’t come as a big surprise. There are signs that a layoff is imminent, and while it may rattle your nerves, the benefit of being able to prepare for it is invaluable. Often though, having to go without a paycheck is unexpected and can knock you off your feet.

If you just lost your job or you’re not getting paid because of a situation like the government shutdown, there are certainly a lot of things running through your mind. How will you make you pay your monthly bills? How are you going to buy groceries without a paycheck?

Here’s a simple strategy for moving forward whether you’ve just lost your job or you’re currently on going without a paycheck:

  • Determine how long your financial resources will last. If you need help, with figuring that out, check out our online learning center. It has a lot of free and easy to use resources for budgeting and saving. Or you can also come in and talk to one of our member service representatives. We’re happy to help.
  • If possible, don’t deplete your savings or increase your debt. Devise a budget that allows you to cut down on your expenses as much as you can.
  • If you do need financial assistance to talk to your credit union to see if they can help. At 1st Financial, we’re offering our members loan payment flexibility to help ease their financial burdens.

If that isn’t your situation, but you’re still dealing with the loss of a paycheck, we want to help. Call us at 636-916-8300 and let’s see what we can do.

While an unexpected job loss can be an overwhelming life-changing event, it is possible to successfully recover.

Until the next time,

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