The first 72 hours after a job loss involve both emotional shock and time-sensitive financial decisions. This guide provides the sequence to follow while things are still unclear.
Hours 0–72: the immediate actions
- File for unemployment immediately. Benefits begin from the week you file — delays cost you weeks of payment. File at your state's unemployment website.
- Review your severance agreement carefully. Don't sign anything immediately — you typically have 21 days (or 45 days if over 40). Have a lawyer review if significant money is involved.
- Understand your healthcare timeline. Employer coverage often continues through the end of the month of termination. COBRA gives you 60 days to elect continuation.
- Document your exit. Keep all communications about the termination, any promises made, and your final paycheck including unused PTO calculation.
Week 1: the financial audit
- Calculate your actual monthly expenses (not estimates — actual)
- Identify your liquid savings: checking + savings + accessible investment accounts
- Calculate your runway: savings ÷ monthly expenses = months of financial stability
- Review unemployment benefit amount (typically 40–50% of prior salary, state-dependent)
Bills to prioritize if cash is tight
| Priority | Bill type | Why |
|---|---|---|
| 1 (always pay) | Mortgage/rent | Housing security first |
| 2 | Utilities, food, transportation to job search | Basic functioning |
| 3 | Health insurance | Medical crisis during job loss = catastrophic |
| 4 | Car payment (if needed for job search) | Repossession harder than late payment |
| Defer (negotiate) | Credit cards, personal loans | Unsecured debt — creditors will work with you |
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