🏀The Layup for Layoffs🏀
Actionable advice for being laid off
Thanks for reading Finesssing Finance. Your support is recognized for fueling my journey to help people with free, accessible personal finance content.
Preparing for the Worst and Hoping for the Best
Over the course of the past few weeks, my fiancée and I were waiting patiently for the news of Snap Inc’s layoff announcement. We lived our lives knowing that at any moment the rug could be pulled out from under both of us and our financial income would be cut by half.
Last Thursday, our suspicions were confirmed as my fiancée was laid off along with 20% of employees at Snap Inc. In one day, she lost access to her benefits which included:
Healthcare through the end of September
A weekly grocery stipend
A financial planner
On the bright side, Snap was kind enough to let her keep a brand new Macbook Pro 14 and dual monitors with accessories. Snap also provided a generous severance to aid in the sudden transition from a full-time employee.
The Steps We Took to Handle the Transition
As I became the only source of income for the household, we chatted out a game plan for moving forward. Here’s what the road ahead looks like for us:
Apply for Unemployment within the first week of being laid off
This one is one of the first immediate steps. We don’t know how long it will be until she finds a career that’s suited for where she wants to go next. In the meantime, we’re seeking additional income to help supplement what was lost.
Networking and career events
We’re looking out for new ways to navigate her career. My fiancee is challenged with where she wants to go with her life and what the next step is for her. We’re broadcasting the situation to the world and seeing what the world returns with.
Cushioning our savings
Thankfully we’ve received severance as part of the layoffs but not many people are fortunate. The golden rule of thumb is to have an emergency fund of 6 months of your expenditures within your savings should disaster strike at any time. To manage the transition, we’ll be focusing on savings rather than investing during this time and finding ways to downgrade our lifestyle.
Being Laid Off and Mental Health
It’s easy to blame yourself for being laid off but know it’s not your fault. Our economic system goes through periods of booms and busts. We’ve sat down at the table and are trying our best to support each other during this time, knowing that we need to keep looking toward the future together. With our wedding less than six months away, we’re coming together for a brighter future.
If you enjoyed this post, please be sure to subscribe and share with a friend.
That’s all and have a great week,
Jordan