Hi Money Minder,
I got laid off today from my job as an Insurance Adjuster. This was hands down the best job I’ve ever had. My employment officially ends November 15th of this year. I do have severance, but I’ve never had to deal with this before so idk how it works. I live in MA, I’m 32 years old.
The only upside, if there is one, is that I live alone, pay rent, and only have my dog to support, so there’s no risk to other people. But, this is still devastating to me as I thought I was going to get promoted.
What do I do right now before anything else? What’s a good plan of action? My mind is going in 20 different directions. I have student loans to pay, both private and federal, and a car payment.
I appreciate any help.
Sincerely,
Jobless and Stressed
Response from THE MONEY MINDER:
Hello There,
I’m sorry to hear about your job loss as an Insurance Adjuster. It’s completely understandable to feel devastated, especially when you had hopes for a promotion. However, it’s commendable that you are already thinking about your next steps and taking proactive measures in this situation.
Given your situation living alone with just your dog to support, it’s a good thing that there is no added financial burden on others. For now, before anything else, take a moment to breathe and assess your financial situation. Start by reviewing your severance package to understand what benefits you are entitled to and how it works. If you have any questions about it, don’t hesitate to reach out to the HR department or your supervisor.
In terms of a plan of action, prioritize your expenses and focus on the essentials like rent, student loans (both private and federal), and your car payment. Consider reaching out to your lenders to discuss alternative payment plans or options available to you during this time. It’s also a good idea to create a budget to track your expenses and income, allowing you to make informed decisions about where you can cut back or save money.
Remember, seeking support from friends, family, or a financial advisor can provide you with additional guidance and resources. Taking things one step at a time and staying organized will help you navigate through this challenging period. Stay positive and focused on finding new job opportunities or alternative sources of income. You’ve got this!
Best of luck, and remember, we’re here to support you through this process.
Farewell,
THE MONEY MINDER
