{"id":5664,"date":"2018-03-21T14:00:16","date_gmt":"2018-03-21T18:00:16","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=5664"},"modified":"2021-09-30T10:58:35","modified_gmt":"2021-09-30T14:58:35","slug":"how-to-budget-for-a-lay-off","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/how-to-budget-for-a-lay-off\/","title":{"rendered":"How to Budget for a Lay Off"},"content":{"rendered":"

\"\"<\/p>\n

We know what you\u2019re thinking, what do you mean budget for a lay off? Who can really anticipate being laid off? You\u2019re absolutely right. What would you do if you unexpectedly lost your job? How would you survive and make ends meet? Sure, we don\u2019t like to think of the worst case scenario but wouldn\u2019t you rather be better safe than sorry? <\/span><\/p>\n

Being laid off can come extremely unexpectedly and in Canada, employers are only required to give one week of pay for every six months you\u2019ve worked there for a severance package. If you are one of the few people out there who has been in your career for a dozen years, this isn\u2019t a bad deal, but today most people change their career <\/span>on average<\/span><\/a> 10-15 times throughout their career. <\/span><\/p>\n

What\u2019s even scarier is that <\/span>experts estimate<\/span><\/a> that it takes on average one month to find a new job for every $10,000 in salary you\u2019re looking for. So for example, if you\u2019re looking for $60,000 it could take up to six months. Not to mention that you can\u2019t count on what the job market will be at the time you are laid off. <\/span><\/p>\n

So how do you make sure you\u2019re prepared financially for an unexpected lay off? Here are some things to keep in mind. <\/span><\/p>\n

Apply for employment insurance <\/b><\/h3>\n

Employment insurance<\/span><\/a> (EI) is available for those that have been laid off without reason (aka you can\u2019t have been fired for something you did). Hopefully EI is not something you\u2019ll ever need, but there is a reason that you pay taxes every year and EI is a service you can depend on when you unexpectedly find yourself unable to work or without a job. <\/span>
\n<\/span>
\n<\/span>It\u2019s hard to determine exactly how much you will get on EI but it\u2019s dependent on how much you were making at your job before you were laid off. The <\/span>maximum<\/span><\/a> is 55% of your average insurable weekly earnings, up to a maximum of $51,700 (as of 2018). This means you could receive a maximum of $547 a week approximately. <\/span><\/p>\n

Reevaluate your budget <\/b><\/h3>\n

It\u2019s time to take a hard look at your <\/span>budget<\/span><\/a> because it\u2019s likely you\u2019re going to have to <\/span>make some changes<\/span><\/a> until you find a new job. Even if you don\u2019t feel it\u2019ll take you long to find something new, it\u2019s important to reevaluate your budget no matter what, because if it takes you unexpectedly longer than expected than you\u2019ll want to be prepared. <\/span><\/p>\n

Take a look at what you\u2019re spending money on, where you can cut back, and what your income will be (on severance or EI). Some places you may want to look at cutting back, aside from unnecessary purchases, are: your gym membership (maybe there is a trial you can do elsewhere or a cheaper plan available), groceries (be smarter with what you\u2019re buying), and your phone and internet bill if there are cheaper options available. <\/span><\/p>\n

Find part-time work <\/b><\/h3>\n

If you are looking for a full-time career, but still need to make ends meet, consider part-time work temporarily or even freelance work if you\u2019re in a field that you can offer your services out to people. The one thing to keep in mind when making somewhat of an income from elsewhere is that <\/span>EI will take this into consideration<\/span><\/a>. You can only make a certain amount before they deduct a certain amount of your part-time earnings off your bi-weekly payments. <\/span><\/p>\n

Being laid off is a part of life that can come unexpectedly and hit you like a ton of bricks. However, being prepared and knowing what to do in this situation can be incredibly valuable, even if you feel you have job security. If you can, start an emergency fund now for unexpected changes in your life like a lay off. This way you\u2019ll have a back up plan if things don\u2019t go as planned. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

We know what you\u2019re thinking, what do you mean budget for a lay off? Who can really anticipate being laid off? You\u2019re absolutely right. What would you do if you unexpectedly lost your job? How would you survive and make ends meet? Sure, we don\u2019t like to think of the worst case scenario but wouldn\u2019t […]<\/p>\n","protected":false},"author":3,"featured_media":5665,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[10,11],"tags":[294,1052,1148],"yoast_head":"\r\nHow to Budget for a Lay Off<\/title>\r\n<meta name=\"description\" content=\"We break down some things you should plan for in advance of a lay off to be more prepared, and also the things you can do when you've found yourself unexpectedly unemployed.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/goday.ca\/blog\/how-to-budget-for-a-lay-off\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"How to Budget for a Lay Off\" \/>\r\n<meta 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