She Strengthens

Regaining Control After a Layoff

Living in San Francisco, the most expensive city in the United States, I thought I had it all figured out. I had a stable job, a great credit score, and a nest egg set aside for a rainy day. But when I got laid off from my nonprofit job of four years, my world was turned upside down.

Facing Financial Insecurity

In the aftermath of my layoff, I felt financially insecure, despite my best efforts to be responsible with my finances. I had always been proud of my ability to save and plan for the future, but suddenly, I felt like I was no longer in control.

Taking Back Control

To regain control of my finances and feel more secure, I took six crucial steps:

Step 1: Assessing My Net Worth

I made a list of all my assets, including my savings, checking accounts, credit cards, stocks, and even the cash in my wallet. By adding up these numbers, I got a clear picture of my financial standing. This exercise helped me calm my nerves and understand where I stood.

Step 2: Liquidating Credit Card Points

I converted my credit card points into cash, which I could use for daily expenses. This was a small but welcome infusion of funds.

Step 3: Cutting Discretionary Spending

I had to prioritize my discretionary spending and cancel or suspend memberships that weren’t essential. I suspended my Hulu account and gym membership, but kept Netflix and Amazon Prime. Instead of going to the gym, I committed to taking three-hour-long walks a week and visiting the local city pool.

Step 4: Using Unused Gift Cards

I scoured my apartment for unused gift cards and used them to buy essential items or guilt-free treats. This was a welcome surprise that helped me feel more in control.

Step 5: Applying for Unemployment

My dad reminded me that there’s no shame in applying for unemployment. I paid into the system, and it’s there to help. The application process was easy, and I received guidance on how much I could expect to receive.

Step 6: Meal and Shopping Planning

To reduce my expenses, I created a meal and shopping plan. I aimed to try one new recipe a week and wrap my food purchases around meals that worked well with that dish. This helped me avoid food waste and save money.

By taking these six steps, I regained a sense of control over my finances and felt more prepared to face the unknown. Being laid off is scary, but with a clear plan and a willingness to adapt, I’m confident that I’ll find my next role and continue to thrive.