In my role as a financial advisor here in Evansville, I’ve walked alongside many clients during times of great change. One of the most emotionally and financially challenging moments a person can face is job loss. Whether it comes unexpectedly or is a decision you've made, losing a job often feels like losing a part of your identity.
As a woman in the financial world, and in a community like ours where roots run deep and relationships matter, I've seen how job transitions impact not just careers, but entire families. Yet I’ve also seen how, with informed planning and mindset, this experience can become a powerful turning point.
The Emotional Toll is Real and Valid
Let’s start with what most people don’t want to talk about: the emotional side. Job loss isn’t just about income; it's about purpose, routine, and stability. You may feel fear, shame, or uncertainty. That’s normal. Give yourself space to process it and remember that this transition does not define your worth or potential.
Especially for women, who often juggle multiple roles as caregivers, partners, and professionals, the pressure to "hold it all together" can be overwhelming. It’s okay to ask for help.
Step One: Stabilize Your Finances
The first practical step after a job loss is to assess where you stand financially. Take a clear-eyed look at your emergency fund, any severance or unemployment benefits, and your expenses.
In my experience working with clients in Evansville and surrounding areas, a few quick actions can create breathing room:
· Prioritize essential expenses like housing, utilities, food, and insurance.
· Pause non-essentials and temporarily put a hold on discretionary spending.
· Communicate with creditors since many companies offer hardship programs that can help you protect your credit.
A budget doesn’t have to feel like a punishment; it can be a roadmap to resilience.
Step Two: Reimagine Your Career Path
This could be the time to reevaluate what you really want. Maybe the job you lost wasn’t aligned with your long-term goals or values. Or maybe this is the nudge you needed to pursue something different.
That could include going back to school, starting a small business, or finding a more flexible role that better fits your lifestyle.
Here in the Tri-State area, I see increasing opportunities in healthcare, education, logistics, and remote work. Take time to explore the local job market, refresh your resume, and reach out to your network. You might be surprised to see who is willing to help.
Step Three: Make Strategic Financial Moves
Job transitions are a good time to review your broader financial picture:
· Roll over your 401(k) from a previous employer into an IRA or a new retirement plan. Don’t let that money sit untended.
· Revisit your insurance coverage including health, disability, and life insurance.
· Consider a Roth conversion if your income is temporarily lower, which could save you money in taxes over the long term.
Working with a financial advisor during this time can bring clarity and more confidence. I’ve helped clients map out short-term survival strategies and long-term investment plans even in the middle of a job crisis. There is a path forward.
A Fresh Start, not a Final Stop
Losing a job is painful, but it can also be powerful. It can be the catalyst that leads you to a more fulfilling and financially sound chapter. And you don’t have to navigate it alone.
If you’re facing a job transition and unsure where to begin, reach out. Whether you’re looking to stabilize your savings, explore new career paths, or simply feel more secure in your next steps, I’m here to help.
After all, your next opportunity might be the one that finally fits just right.
Together, we can work to keep you on-track toward your financial goals.
Request a consultation to learn more.
Read more articles by Tamara D Schuler