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ITWORKS: 7 steps to take if you’ve been laid off (step 4)

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You’re looking for a new job and need expert advice on how to handle a job search and your finances. Congratulations…you’re in the right place. Whether you are planning to stay in the education field, or investigate other areas of work, ITWORKS will help you focus on your next steps and energize you as you take action.

Check out Step 3 here.

Step 4. “O”: Off and running.

You’ve done the background work−organized your information and records, established your priorities, and lined up where you can go for assistance. It’s time to put all of this to use.

Financial ‘to do’: With less money coming in, you may have to dip into your savings. Decide where you’ll get the money you need for day-to-day expenses. Start with your emergency fund first, then follow with sources that don’t generate fees or have tax implications. They should also be easy to access. Examples include your chequing account, high-interest savings account, money market investments, or Tax-Free Savings Account. Your long-term savings (including Registered Retirement Savings Plan, or RRSP) should be accessed last.

Clients of Educators Financial Group know that we are committed to helping members of the education community. We can speak with you about strategies to improve your cash flow, as well as your eligibility for a loan. Make sure to get in touch with an Educators financial expert to discuss your options.

Other lenders may also offer short-term loans. You’ll need to share the following with them:

  • Confirmable and specific income earned (this could include welfare payments, government benefits, or investment income)
  • Your credit rating
  • Assets (if you own a car, motorcycle, RV or boat outright, or have some equity in a property, the lender may be willing to use this as collateral to secure your loan)
  • Bank records and financial documents supporting that you can repay your loan

You can also apply for a loan with another person (a co-signor or guarantor) in order to boost your eligibility. It’s best to call a Lending Specialist at Educators first to discuss your eligibility.

Job search ‘to do’: You’ve updated your resume and LinkedIn account, and decided whether you’re using a recruiter (or head hunter), are networking with friends and peers, or both. Time to set specific goals. Many coaches use the acronym ‘SMART’ to describe successful goal setting:

Specific: Making a list of companies you want to target is more specific than looking at all the ‘help wanted’ ads.

Measurable: Acquiring 10 new LinkedIn contacts a week is a measurable goal; ‘making new contacts’ is not.

Achievable: Ensuring your goals are achievable is one way of keeping up your morale. Applying to three positions in a week is probably achievable, while getting a new job in two weeks may not be.

Realistic: When thinking about the jobs you’re interested in, be honest about your current qualifications and realistic about your expectations. Will you need to go back to school? Would you be able to make that happen (either financially or otherwise)?

Time-based: Having a set amount of time will give your goals structure. (And your savings may dictate how long you can be out of work.)

And remember, at Educators Financial Group you have the support of a team of financial experts and an organization that has worked with the education community for over 45 years.

We can answer your financial questions during this challenging time. Give us a call at 1.800.263.9541 or get started online.

Ready for more? Check out Step 5 of ITWORKS: ‘Remain flexible.


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