Create a job loss backup plan

Keep your resume updated

It’s important that you always keep your resume updated so that if you ever lose your job, you’ll be ready to apply for new jobs. Make sure you are always taking notes on the projects you’ve worked on, your accomplishments, and the skills you’ve learned at your current job. When you consistently take notes on what you do at work, it’ll be easier to update your resume in a way that accurately reflects your career.

Continue networking

Networking is important for everyone, whether you are actively looking for a new job or comfortable with your current job. By networking, you’ll make connections who can help you find a job if you ever lose your job and vice versa. Attend networking events like happy hour meetups and career fairs, or discover virtual networking opportunities on social media platforms. Make it a point to stay in touch with coworkers from your previous jobs or old friends from college, whether that means staying in touch through email or meeting up for coffee. By keeping your existing connections fresh, you’ll know who to talk to if you lose your job.

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Grow your emergency savings account

If you ever experience job loss, you will no longer have a steady income. It’s important to create and contribute to an emergency savings account that can keep you on your feet if you ever lose your job. Consider opening a high-yield savings account, which provides higher interest rates than traditional savings accounts on the cash that you keep in the account. It’s typically recommended that your emergency fund should be equivalent to three to six months’ worth of expenses, although this can vary on many factors such as your lifestyle, dependents, and the cost of living in your area.

Consider freelance work

Consider taking on freelance work on the side so that if you experience job loss, you’ll have some form of income. There are plenty of websites out there in which you can list yourself for freelance work. If you don’t have time for freelance work on the side of your current role, that’s okay: this is where networking comes in. If you do lose your job, you may find someone in your networking group that is looking for a freelancer.

For example, maybe you made a connection with someone who owns a small skincare company. If you’re a writer and lost your job, you can ask them if they need any help writing content for their website. Come up with ways you can improve their website to make your pitch even stronger.

Make a career backup plan

The demand for jobs is always changing, and you never know if your career will go extinct. It’s important that you take the time to research other careers that you are interested in and how you can get a job in that career. For example, maybe you’ve always been interested in real estate. Take the time to research how much it costs to get a real estate license and what type of certification you need to get one.

If you’re not sure what other careers you would be interested in, talk to your friends. Ask them to identify any careers they think you would accel in and ask about their career path. You may find that what they do for work is something that you would be interested in, too.

Build your skills

It’s never too late to learn new skills. There are hundreds of certification courses you can take online that will add a nice touch to your resume. While getting career-relevant certifications will enhance your resume, you should also consider getting certified in other industries that you are interested in so that if you lose your job, you’ll have more job options in other fields.

Planning ahead is key to an organized life. The thought of potentially becoming unemployed is scary, but if it ever happens, you’ll be grateful that you made a plan.