In today’s fast-changing job market, layoffs can happen at any time — often without warning. Events like the COVID-19 pandemic have also led to widespread job losses. For a family that depends entirely on one income, losing that job can be frightening. It’s not just dependency, but over-dependency on one person and one income source.
When you are the sole earner, your salary supports everything — from groceries and rent to school fees and medical bills. But what if that job is suddenly gone?
This article is a practical guide to help you navigate job loss and, more importantly, be prepared in advance so you can handle the situation calmly and confidently.
The Immediate Impact of Losing a Job
When you are the only earning member and your family depends on your income, job loss brings both emotional and financial stress. It leads to fear, anxiety, and uncertainty. You might find yourself asking:
“How will I pay the bills?”
“What about my child’s school fees?”
“How long can we survive without an income?”
These are valid concerns. But remember — this is a phase, not the end. With the right steps, you can manage the situation wisely. Nothing is permanent.
First 72 Hours: What to Do Right After Losing Your Job
The first few hours are the hardest. Here’s what you should do immediately:
Stay calm and don’t panic: It’s normal to feel overwhelmed. Take a deep breath and stay grounded.
Talk to your family: Don’t keep the burden to yourself. Be open, especially with your spouse if you are married. Mutual support makes the situation easier.
Check your savings: Look into your bank balance and emergency fund to see how long you can sustain your lifestyle.
List essential expenses: Prioritise rent, food, electricity, internet, and school fees. Cut everything else unless absolutely necessary.
How to Survive Financially During the Layoff Period
Here’s how to manage your money wisely while you look for your next job:
Use your emergency fund: If you have built one, now’s the time to tap into it. That’s exactly what it’s for — periods of sudden income loss.
Cut all non-essential expenses: Pause OTT subscriptions, gym memberships, online shopping, and dining out. Trim everything that’s not critical right now.
Talk to banks or lenders: If you have EMIs or loans, contact your bank and ask for a short-term pause or loan restructuring. If repayments are tough, explore waiver or deferral options.
Use any final payments carefully: If you are receiving advance salary, severance, or bonuses, use the money wisely — not all at once.
Explore temporary work: Consider freelancing, online teaching, consulting, or short-term gigs based on your skills. Reach out to friends and relatives to discover more opportunities. Even a small income stream helps reduce financial and mental stress.
Steps to Take Towards Getting a New Job
Job loss can also be a chance to reflect and rebuild:
Update your resume and LinkedIn: Don’t just refresh your CV — also prepare for interviews. Candidates often miss out due to poor communication or preparation, despite strong experience.
Start networking: Reconnect with former colleagues, clients, and professional contacts. A past client who valued your work may now be open to hiring you.
Upskill continuously: Take free or affordable courses online to upgrade or learn new skills. Share your progress on LinkedIn and engage with industry professionals.
Apply regularly, not blindly: Focus on quality over quantity. Try cold emailing. If you get a response, don’t rush your reply — take time to respond thoughtfully and professionally.
How to Be Well Prepared in Advance
If you are employed today, it’s wise to prepare for tomorrow. Here’s how to be ready — both financially and professionally:
Build an emergency fund: Aim to save 3 to 6 months’ worth of basic living expenses. Keep it liquid — in a savings account, FD, or liquid mutual fund. It will give you breathing room if you face income disruption.
Start a side income: Relying on one income is risky. Start a side hustle — freelance, tutor, blog, or explore passive income through investing (dividends, interest, rent). Grow it over time instead of spending it.
Buy personal health and term insurance: Don’t rely only on employer-provided insurance — it ends with your job. Personal policies protect you and your family from financial shocks.
Manage your expenses smartly: Don’t upgrade your lifestyle just because your salary has increased. Stick to a budget, avoid impulsive shopping, etc.
Keep your network active: Stay in touch with peers, seniors, mentors, and industry contacts. A strong network can speed up job opportunities during crises.
Keep learning and upgrading: Stay updated on industry trends — whether AI, analytics, or automation. Take short courses, attend webinars, or watch tutorials to stay competitive.
Build a strong portfolio: Maintain a record of your best work — projects, results, client feedback. A well-made PDF or personal website can help you stand out during job applications.
Wrapping Up
Losing a job as the sole breadwinner is emotionally and financially challenging. But with thoughtful planning and a calm mindset, it’s manageable. Don’t wait for a crisis to hit — save early, budget smartly, invest in your skills, and protect your family with insurance.
If you do face a job loss, your preparation will help you stay strong and bounce back without panic. Also, don’t neglect your mental health — speak openly with family, follow a daily routine, and stay active. The right mindset can carry you through even the toughest phases.
*The article is for information purposes only. This is not investment advice.
*Disclaimer: Teji Mandi Disclaimer
