The First 3 Things You Should Do if You’re Part of The Layoffs

For many people 2013 is shaping up to be a tough year. Wall Street banks will lay off nearly 200,000 people. Bank of America will terminate 30,000 employees under its expense cutting program “New BAC”, while Citigroup has plans to lay off 4,500 workers. At Barclay’s the plan is to let 3,000 workers go and at Morgan Stanley the proposed job cuts sum to 1,800 individuals. I was laid off a week ago so I know full well how difficult this time period is for many readers. It’s not over. Here are some thoughts on how to move forward in the coming weeks:

  1. Stop the Bleed – You are entitled to unemployment benefits. These will be a huge help in buying time, especially if you have fixed expenses like rent. The first 26 weeks are covered by the state government where you worked. Thereafter, you may still be entitled to receive unemployment benefits but you will have to file for an extension. The claims after the 26th week are paid by the federal government. As long as your taxes are paying for it, take advantage.