I know it seems like we talk a lot about getting fired on this blog, but for good reason.  It’s a really traumatic experience and usually people going through a sudden job loss need all the support they can get.

We published a series of articles about what to do if you get fired, which will help you determine what your rights are and set your goals for the future, but a new article came out in the LA Times over the weekend that provides some great advice about what to do in the event of any job loss (whether you’re fired or laid off.)

The author, Kathy Kristof, offers some excellent advice that can really save your bacon should your job get pulled out from underneath you.  I’ll summarize her advice here but please visit her article for the full story.

Ask questions.  As soon as you know that your tenure with the company is coming to an abrupt halt, find out what kind of severance package they’re offering and what they plan to do with your vacation time.  Sometimes, your company will allow you to use your vacation days to prolong your stay at the company, effectively stretching your benefits a bit further.

Understand COBRA.  COBRA (Consolidated Omnibus Budget Reconciliation Act of 1986) gives employees the option to stay on their former employer’s insurance plan.  This can be a lifesaver if it takes awhile to find a new job.  The premiums are not subsidized by the company, however, so they could increase by double or even triple.

Apply for unemployment.  A small portion of your paycheck is deducted every month for unemployment benefits that can provide you with a small financial cushion in the event that you lose your job.  Kathy recommends that you apply for unemployment benefits as soon as possible because the paperwork takes awhile to file and you’ll probably want your money sooner rather than later.

Learn your rights.  There are a number of laws in place that protect employees who have lost their jobs for specific reasons.  If the circumstances of your job loss correspond with these laws, you may be entitled to a number of options.  You can learn more about your rights by contacting your state employment office.

Assess your finances.  As soon as you know that you’re losing your job, go home and evaluate your budget.  If you can cut your budget down now, your severance money and savings will last you a lot longer.  You never know how long it will take to find a job so it’s best to figure out in advance how to make your money stretch a little farther.

Tap savings strategically.  Figure out where your money is and identify which accounts you’ll take money out of should you need to.  There are some kinds of accounts that will charge you hefty fees for withdrawing money so bear this in mind when making your plans.

Plan ahead.  If your job is currently stable, thank your lucky stars but start putting money away anyway.  It’s better to have money set aside “just in case” than to be surprised to find out that you’re being laid off and realize you have no financial safety net.