What to Do Immediately

1. As soon as you are notified that you are being let go ask your employer about the following: COBRA health benefits, severance, last paid date, last benefits date, references or reference letter.

2. Apply for unemployment benefits immediately (you don't have to wait for your last paid day) - many states are running low on unemployment benefits and it can sometimes take several weeks before benefits are received - always double check to make sure that you are in the system to avoide having to reapply and wait several more weeks. See Unemployment.

3. Make a list of the resources you already have - bank accounts, cash on hand, retirement plans, investments.

4. Make a list of the resources you have access to - government, community and family.

5. Check with your state's Division of Family Services to see what programs you may qualify for - often it is easier to make an appointment to see a counseler in person (take these with you - drivers license for all adults, social security cards adults and all dependants, all bank statements, unemployment benefits if you've been approved already, investment statements, retirement plan statements, mortgage payments and property tax info if they are due soon). Often you are able to file for qualified assistance while there. Many states now also have online applications. To see what benefits you may qualify for take a short survye here.

6. Make a list of your household expenditures. Figure out what is neccessary, non-essential and what your contract terms are on things such as cell phones, satellite/cable TV and security services. Get rid of all the non-essentials immediately - this will help stretch your cash reserves from the beginning. Check to see what the penalties for breaking your contracts are, if it would be benefitial to break or to let them expire and cancel services. If it is more expensive to break the contract, try to scale back services to the absolute minimum. For necessary expenditures, try to find ways to save money on these services. Look for ways to cut back on heating, electricity and water utility costs. For tips click here.

7. Create a monthly budget based on scaled back expenditures and unemployment benefits only.  Save your cash reserves for emergencies only.  For budget advice click here.

8. If you have not already started using coupons, invest in a subscription to your local newspaper.  Most papers are running great specials on subscription services that will be cheaper than buying the Sunday paper at the local store. There are also many online coupon resources available to you. A few cautions from experience - only use coupons for items that you already buy and need (you will have more options if you are flexible on brand), be sure to apply for store rebate programs and use rewards before they expire, and be cautious about rebate programs - only use them for larger companies as often no rebate check will arrive. For coupons click here.

9. Update or write your resume and cover letter. Contact family, friends and work acquaintances to let them know that you are looking for work.  Sign up for networking sites such as LinkedIn or Facebook to help spread the work. For resume help click here.

10. Get creative about income solutions while you search for new employment.  A few options: consulting, temp work, substitute teaching (most districts require 60 hours of college credit), babysitting, or cleaning. Be careful about work at home programs - many are scams (you should not have to pay to have access to any opportunity to work). If you are crafty and want to sell your product, look around your home for your supplies to begin.  For sites to sell your work click here.

Let us know what has worked for you and share tips in the Message Boards.

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