What to do if you get a pink slip...

Start drinking heavily is not the answer, people. If you have your friends Jim Beam and Jack Daniel console you, you'll be just as jobless but with a massive hangover. Not a pretty picture.

Now being that the company I work for has had no less than three layoff rounds in 2008 and unpaid furloughs and who knows what else in 2009, this is a question I face every day. Advice from my wiser-than-his-years son John is to not worry about that which I cannot control. Advice from my DBF Rus is to live month by month, or week by week -- if I have a job in March, it's been a good month.

Now, being a planner, I can't completely do this. As a mom, I have to plan, and I want to know we'll have food on the table and that the bank won't come and take the house.

Given the deteriorating state of the economy, here are a few tips. Hopefully, I won't need them and you readers won't either. These are courtesy of the Better Business Bureau of Mississippi:

Say Goodbye to the Old Job
Employees need to make sure they understand the terms of the situation including any benefits they are eligible for. Many companies provide a severance package and, by law, employees are entitled to any accrued vacation. Laid-off employees should also ask their former employer for references - if they left on relatively good terms - to help with their job search.

Line up Unemployment Benefits and Health Insurance
It’s important to get the ball rolling immediately by applying for unemployment benefits through the state unemployment office since it can take up to three weeks to start receiving checks. Eligibility requirements typically take into account wages earned, length of employment, and reason for unemployment.
If the employee received health insurance under their former employee, he or she can apply for coverage under the Comprehensive Omnibus Budget Resolution Act (COBRA). COBRA provides up to 18 months of health insurance after being laid off. A company’s Human Resources department will have application information or employees can go to the U.S. Department of Labor Web site at www.dol.gov.


Evaluate Family Finances and Cut Wasteful Spending
Having and managing a budget is crucial to success in unemployed situations. If the employee didn’t have a family budget, now is the time to make one. Money will be tight and evaluating expenses, including finding ways to cut costs, will help a family get through the lean times. The worst thing to do is to ignore bills. The BBB recommends keeping in contact with lenders to explain the current unforeseen situation and potentially work together to find solutions for weathering the financial storm.

Keep Busy
Job hunters should take inventory of their career and consider the opportunity to change occupations or relocate to a new city. Being laid off can be a discouraging time to start looking for a new job, but it is definitely not the time to let the grass grow underfoot. Fill the down time in a job hunt by volunteering, learning new skills or taking continuing education classes.

Check with the BBB for information on potential employers and/or employment agencies and counselors. Go online (www.ms.bbb.org) or call 800-987-8280 for information from the Mississippi BBB.