Losing your job for whatever reason can be a serious blow, financially and emotionally, especially if it's unexpected. If you’ve been laid off, here are some ideas for keeping your life on an even keel.
- Stay positive: If you’ve been downsized, it’s not a reflection on you. It was a business decision.
- Claim unemployment insurance: You can apply for Employment Insurance (EI) benefits online. It may take as long as 28 days to receive EI benefits, so don't delay. EI benefits are not guaranteed, you must qualify to receive them. If you have questions, contact your local HRSDC office.
- Check your spending: Simply taking stock of what you have and how long you need it to last can prevent you from ending up in serious financial trouble. Our Budget Calculator can help.
- Maintain your insurance: If you had health or other insurance coverage through your employer, you may need to replace. Or join your spouse’s plan.
- Stay busy: Whatever the reason for your job loss, being unemployed is not a vacation. You still have a full-time job: finding a new job.
Things to avoid
Using consumer debt: The last thing you need is more debt. So avoid using credit cards or consumer debt to maintain your spending levels.
Dipping into your RRSP: Resist the urge to dip into your RRSP. It’s tempting, but the decision could come back to haunt you.