Unemployment
April 18, 2009 3 Comments
I have been discussing the possibility of being laid off for quite some time and finally the day came on Thursday. When I arrived at work I was tipped off before I ever even made it in the door that there was another layoff, this time affecting 54 people. This meant that I would be on the list of those being let go. My supervisor told me that I would need to meet with an HR representative to go over some information concerning the layoff process and benefits.
The volume of our work has dropped significantly and future orders are anemic. The company announced a cost savings initiative which included reduced salaries, shortened work weeks and the company suspended its 401(k) match. Further layoffs should not have come as a surprise for anyone, but for many it was.
I have been preparing myself for this moment for quite some time and have been making as many steps as possible in order to get my finances in order to minimize the impact of a layoff on my life. I stepped up my debt reduction plan and managed to eliminate my credit card debt by the end of February. At the same time, I built up my savings and Emergency Fund however, my savings account was drained as a result of automobile maintenance.
Fortunately I will be eligible for unemployment benefits while I finish out my last couple of weeks of school. I still have intentions of relocating in order to further my education in a few months. Although my income will be slashed, I have reduced my expenses significantly and will be able to save some money to help finance the trip.
Despite the reduced income, there is a bright side to all of this; time. I will be able to focus my attention on school as my final exams are fast approaching and having more time to study will give me more opportunity to pass my classes with high marks. I am currently carrying an A- average in my classes, so I hope to be able to keep this average through until the end. It would be nice to complete my Associate Degree on a high note.
More time will also allow me to pursue other areas of interest such as reading, exercising, bicycling, and hiking. My schedule now does not allow for much free time to focus on these areas. I have some arrangements to do some traveling in Central America in order to practice my Spanish. Despite being unemployed and out of school it is crucial that I continue to improve my skills and abilities in order to make myself more marketable.
I have a fundamental belief that life is not about a dollar bill but rather our experiences, so while I won’t have as much money as before, I don’t feel as though this is the end of the world. Quite the contrary, I feel that it is a great opportunity to realign myself and set out on a new journey, one that will ultimately lead me to a life of doing what makes me happy, which I haven’t been happy in my current position for quite some time.
I wrote yesterday about how we are slaves to the dollar, and I am not an exception. Having a steady income was able to provide me a comfortable lifestyle, with nice things, but I was dissatisfied with my job. I was burning out. Being let go is a relief in many ways. For those people who have been laid off, I encourage you to do what you can to find a silver lining in all of this.
Now would be a good time to re-evaluate your spending plan. Create a new budget and trim the fat so that you are able to survive. It may take some sacrifice, and for some people it may seem more like triage, but it is an opportunity to refocus your priorities and find what is truly important in life. After a while I believe that money won’t be the primary concern, but rather happiness and satisfaction will be the driving force that motivates our decisions.
About Steven
Getting laid off is emotionally and financially draining, but it sounds like you have approached it with a positive attitude. Good luck finishing the school year; with the way you are approaching the situation, I’m sure good will come of it.
For many people, myself included, a layoff can cause a great amount of confusion and uncertainty. We tend to put all of our self-worth into the work that we do, it is how we measure our success, our importance and for some, work gives life meaning.
Had this come a few months sooner, I may not have as positive an outlook because I was in a position where I relied on my job to get by. I was saddled with debt and living way beyond my means. I’ve been able to realize my errors and correct many of them. My only debt now is my car loan, and though it is somewhat expensive, it is nearly paid off and I will be able to manage the payment.
Life is more than work, more than money. It is about finding happiness, and hopefully this will be the opportunity I need in order to realign myself in a direction that will put me on a path towards doing something that brings happiness in my life, and not simply a paycheck. I feel like I have a very narrowed focus and know exactly what I want, it is only a matter of taking the steps necessary to get myself there.
You’re approach is right… you have your head on straight here… clearly something I would have expected as I’ve read more and more of your work.
You mentioned in this in your comment and it’s similiar to something my dad once told me… “a man (moreso than a woman) draws much of his identity and self worth from his job.”
I fully agree with this – there is something primal about it – and I’ve experienced this through my own ongoing joblessness. But if we know this and treat it the right way, we can learn and grow through this situation.
Good luck to you through this challenge. I look forward to reading along as you benefit from the process.
Dave