By Caroline Ceniza-Levine,Senior Contributor

Copyright forbes

Furloughed Or Laid Off? 3 Steps To Take Now

The federal government has shut down, leaving millions of workers furloughed from their jobs. The private sector isn’t immune to job insecurity, as even large companies are telegraphing upcoming layoffs on WARNTracker.com. Losing a job unexpectedly can happen to hard-working, smart, ambitious professionals. Everyone needs a career contingency plan beyond hope and job hugging. Here are three steps to take now in case you have already been furloughed or laid off, or you want to prepare in advance:

1. Make Your Job Search Your Job

If you have already lost your job, you have at least 40 hours each week, plus time saved commuting, to work on your job search. If you still have a job but are concerned about the security of your role, department or overall company, earmark some time on weekends, after hours and during your office breaks to get job search ready.

Update your marketing materials

Optimize your LinkedIn profile, including the About summary section so prospective employers can easily get to know you. Update your resume for recent work wins, new skills and trending keywords (e.g., AI) that are genuinely part of your experience. Draft a cover letter for a live job posting, even if you don’t feel ready to go on the market. The draft will give you a template you can use when you are ready to apply, so you’re not scrambling last-minute when you see an opening that interests you.

Reconnect with your network

The worst networking outreach is when you haven’t heard from someone in forever, and they immediately jump to asking for a favor. Take the time now to send catch-up messages to everyone you know. This forces you to organize your contacts, to flex your networking muscle, and most importantly, to avoid being that annoying networker who only reaches out when they need something.

Research companies to identify decision-makers

In addition to connecting with people you know, you’ll need to build relationships with people you don’t know but would like to. List your dream companies. Identify departments or specific roles you would be interested in. Research company web sites, as well as tap your existing network, to find out who works in these departments or hires for your target roles.

MORE FOR YOU

2. Target Moneymaking Opportunities Outside Your Current Career Path

Making money, even if it’s from jobs unrelated to your main career path, is critical if you have little or no emergency savings or severance. Keeping up with your expenses helps minimize the financial urgency of your situation and helps you maintain the confidence you want to convey as a jobseeker. With money coming, you buy time to work on your job search. Knowing that you have a source of funds, even if it’s not optimal now, can prevent you from jumping into the wrong job.

Part-time jobs give structure and flexibility

Your neighborhood restaurant or retail store probably hires on an ongoing basis given the turnover typical of frontline service jobs. These jobs often offer part-time schedules, which are great at giving you some structure in your work, but flexible enough to leave time for your job search. If you can give up some weekend time, instead of regular business hours, you can preserve time for job interviews and networking meetings.

Consulting assignments keep your skills sharp

If you can pick up temporary work as a consultant in your field, that gives you both money and the opportunity to keep your skills sharp during your employment gap. It also gives you relevant work experience to talk about in your job interviews and networking meetings.

Bartering are an alternate way to earn what you need

Trade your skills and labor with someone else who wants what you have and can provide what you need. It can be as simple as working parents trading babysitting with each other, so each parent has kid-free time. Or, you might trade your marketing experience to help a resume writer grow their business, while they update your resume. Or, you might have a hobby or special skill (e.g., you’re great at tennis) that you can trade.

3. Be Ruthless About Cutting Expenses

With an unexpected job loss, you don’t have time to squirrel money away for later. You have to preserve your money right now by ruthlessly cutting expenses.

Separate your wants and needs

Pull your credit card and bank account statements over the last few months to get a clear picture of where your money goes. Identify which expenses you need to survive, and tag everything else as a want. Treat all the wants as nice-to-have and unnecessary because that’s what being ruthless means. Unless you already have a year’s worth of emergency savings, start cutting your wants and funnel the money to build your savings.

Find free and discounted ways to treat yourself

It can be jarring to cut your spending to the bone, but you can still treat yourself with free resources and discounts available in many cities and towns. For example, museums and other cultural sites often have free admission days – keep a running list of these so you have something inspiring to do when you need a break. Movie theaters and other entertainment venues often offer pricing discounts on certain days or times of day, and you can take advantage of these while your work schedule is more flexible. Parks and hiking trails offer natural entertainment.

Renegotiate with vendors and lenders

If you currently make large annual payments (e.g., car or home insurance), get on a monthly payment plan so that you can avoid a large one-time outlay while you’re preserving funds. Check with lenders (e.g., credit card, student loan) to see if you qualify for a lower rate or to make lower payments while you’re unemployed. Canvas different utility providers (e.g., cell phone, Internet) to see if there are better rates or programs.

Bonus Tip: Answer The Wake-up Call

Losing a steady paycheck can be the wake-up call you need to fully realize that no one job provides 100% security and to act accordingly. Since you can lose your job through no fault of your own, resolve to work outside your current job to secure your own career and financial future. Prioritize job search readiness over doing extra, unpaid work (i.e., ghost growth) for your current employer. Build up your savings with side hustles and alternative income streams. Maintain flexibility with your expenses so you can cut as needed. Manage your individual career path apart from your current job: have career goals outside of what your manager wants; nurture professional contacts outside your company; maintain visibility of your expertise and value within your broader industry and not just your day-to-day role.

Editorial StandardsReprints & Permissions