If you’re not the owner of the company you work for, or your father doesn’t own it, or you’re not a major shareholder, then you should always keep in mind that one day you will leave the job—either through retirement or being asked to leave.
You shouldn’t wait until you’re fired or retired before planning your next move. Prepare now.
Losing a job can be very stressful. It’s normal to feel confused and upset. But it’s important to stay calm and think clearly about your next steps instead of reacting emotionally.
Let’s look at what you should do before leaving your job or after losing one.
What to Do If You Lose Your Job
1. Create an Emergency Fund
This is money saved up to cover your needs if your salary stops suddenly.
Try to save enough to cover six months of your expenses.
Put aside 10% of your income regularly or sell unused property or a car to build this fund.
Keep it in a secure place like a money market or an interest-earning account.
2. Build or Own a Home
Rent or mortgage is often your biggest monthly cost.
If you lose your job, you’ll still need a roof over your head.
While you’re working, try to build or buy your own house—even if it’s in a simple location. It will give you peace of mind.
3. Get Your Own Health Insurance
Your job might cover your health insurance now, but that may end if you lose your job.
It’s smart to look into getting your own insurance plan.
You can check with National Health Insurance Scheme (NHIS) for information.
Even if you’re healthy, it’s better to be safe than face big medical bills later.
4. Grow Your Network
If you’re always the smartest in your group, you need a new group.
Your network should include people who are smarter or more experienced than you.
About 80% of jobs come through connections.
Stay in touch with family, friends, teachers, past coworkers, and recruiters.
Also, go to industry events to meet new people.
5. Make Job Hunting Your Full-Time Job
Finding a new job can take longer than you expect—sometimes six months or more.
You might need to accept a job that pays less at first.
The economy is tough, and some jobs may not come back.
But don’t lose hope—good people still get hired.
Keep a clear head, stay focused, and don’t rush your decisions.
6. Improve Your Skills or Talents
Think of yourself like a small business.
Look for “customers” (companies or people who might need your skills).
Come up with 10 ideas for each one—ways you can help them or solve their problems.
If possible, pitch your ideas. If not, move on to the next opportunity.
Conclusion:
Losing a job can feel like a big blow. But having a plan will help you bounce back faster.
Start preparing now so you’re not caught off guard later.
The best time to plan for job loss is while you still have one.