What to Do When You Are Suddenly Fired — a Financial Action Plan for the First 48 Hours

The shock of being fired can paralyze your thinking, which is exactly when you need a clear plan. In the first 24 hours: do not sign any severance agreement immediately — take it home and review it carefully or have a lawyer look at it. Apply for unemployment benefits that same day; many systems have waiting periods that start from the filing date, not the job loss date.

In the next 24 hours: calculate your runway by dividing your savings by monthly essential expenses. Freeze all non-essential spending immediately. Contact your bank about hardship programs if your runway is short. Panic is natural, but a written plan beats panic every time. List your monthly essentials, your available resources, and your next three action steps. You will feel more in control within an hour of doing this.