You’ve always been a diligent worker. One of the first to arrive each day, one of the last to leave each evening. You’ve prided yourself in being professional; the boss can always depend on you. But, if, like so many people across the globe over the last five months or so, you’ve found yourself, through no fault of your own, without gainful employment, don’t panic.

It could be that, as per Jamaican employment laws, you were initially temporarily furloughed, and then the company opts not to reinstate you, as a result of the economic upheavals it is going through.You could find yourself in the growing worldwide ranks of the COVID unemployed. Or, perhaps, you dodged the initial round of redundancy exercises your company carried out earlier on. But you’ve determined the probability of the company coming back to full financial strength as being very low, perhaps because of its tangential relationship to the tourism and entertainment industries, and you are bracing for bad news.

It’s a good idea to have a plan for how to move forward in the event of an unplanned job termination. Here are some simple steps:

1. First, understand that termination of employment, in this manner, is a shock to the system because it’s usually not planned for. Neither panicking nor remaining on the sofa in denial or a catatonic fog, however, is the answer. So, take some time to breathe and acknowledge the trauma, even while refraining from bitterness and blame-assigning.

2. When you’ve done this, take a critical look at the status of your savings, in particular, your emergency saving fund. Chances are it does not contain the requisite equivalent of six months’ salary that financial advisors often suggest having, in order to tide you over in the event of an emergency such as this. From whatever funds you’re paid off, then, prioritise what definitely needs to be paid first, like your mortgage, rent, car payment, and the like. Hopefully you invested in an insurance policy that will cover your mortgage payments in the event of job loss. (NCBIC offers this service) But the aim is to spread your money around so that you can make payments on all your bills, if possible.

3. If the funds you find yourself with are sadly lacking to help make ends meet for the mediumor short term, only then should you use credit cards, and only as back-up. Assuming there is enough available credit, of course. Remember, the aim is not to dig yourself deeper into debt in this time of uncertainty.

4. Also, if the funds available to you from your salary and accrued vacation time are unable to do the absolute necessity, in terms of financial commitments, you may want to consolidate your loans into one monthly payment with a low interest rate for credit card debt. If you pay rent, and your landlord is amenable, try to work out an agreement wherein you get a short-term rent “holiday”. Have a mortgage you don’t want to default on? How about securing a low-interest home equity loan? Remember, financial institutions like NCB are there to provide assistance to people going through challenges and stand ready to help in your time of difficulty.

5. Now would be the ideal time to recast your budget and see where any cutbacks can be made. It seems inconceivable that some people, when faced with a substantial severance cheque, choose this time to buy the 65-inch plasma TV they’ve long been fantasising about. But this actually does happen! This is not the time for major, non-essential purchases. Cut your memberships; I am a huge gym advocate but you can exercise outside of the gym. Look at subscriptions like streaming services, etc.

6. If you hadn’t already done so, consider other revenue streams as sources of income in the interim. Whilst working entry-level at a Mickey-D isn’t something you might be interested in, there are so many other options.What about offering errand services for friends and acquaintances, if you have a car? Be creative and consider things there’s a demand for. Who knows? The side hustle could transition into something permanent! Small businesses always need someone to assist them with their bookkeeping.

7. There is no better time to update your résumé and actively begin your job search. Don’t wait for the phone to ring; it likely won’t. As a matter of fact, in updating your resume, it could possibly occur to you that you’re interested in entering another field orendeavour. Nothing wrong with using this time to re-create yourself if you weren’t really happy in your last job. Take advantage, too, of business and employment-oriented services like LinkedIn for professional networking opportunities and let them work for you. It’s time to get back on the horse.

8. Finally, if there is any means possible to continue paying the premium on your employer’s group health insurance coverage until you get back on your feet in another job, do so. Especially if you’re not vested at the time of your redundancy. Or, maybe you can find a singleinsurance policy that’s more affordable. In times of personal upheaval, don’t sacrifice health coverage on the altar of expediency.

Losing your job, even for other reasons that aren’t COVID-related, doesn’t have to be the end of the world. See opportunities that exist in the silver lining of the unemployment cloud, and remember, as with any other rain cloud, it lasts only for a while.