Losing a job is never really easy, especially for people who need it the most. Even if you receive compensation when you leave employment before retirement, you still lose income, health insurance, other benefits and most of all, financial security that go with it.

Losing your job doesn’t necessarily mean a hard push to the brink of financial dilemma, and worst a financial disaster. If you are wise enough to plan ways and actions to help you handle situations like this, it’ll be much easier and lesser financial mistakes could be encountered along the way.

Here are some actions you can take to make the event that resulted in a transformation easier to deal with, and will help you maintain your financial health through this hard time:

First is you should tie up loose ends and collect all compensation due from your job. See to it that you turn in all of your expense reports and to receive a paycheck for all your work until the very last day.

Second is to explore freelance or part-time work options before you leave your employer. It is of utmost importance to apply for unemployment benefits as soon as possible. If you have worked sufficient hours in the past years, then lost your job not in anyway your fault, you may be eligible for unemployment benefits.

Check health insurances you were able to acquire during employment and keep those benefits by completing any necessary paperwork. According to COBRA, or the Consolidated Omnibus Budget Reconciliation Act, you can hold on to your employer-based group insurance coverage for yourself and dependents for up to 18 months, and sometimes longer.

The next step is to make a list of your monthly expenses and find out which you can cut, or reduce immediately. Prioritizing your debts is also an important step. Pay the essential ones first if your cash reserves are short and can’t pay all bills and balances all at once. Never put at risk your ability to provide for yourself shelter and medical care if and when the need arises.

If applicable, think through getting a roommate or a bed spacer who can help mitigate the cost of your rent or mortgage. Low-commitment jobs can also offer immediate income while giving you ample time to look for a new job.

Another important thing to keep in mind is to do everything you can to avoid getting into, or deeper into, any kind of debt. Avoid using, or lessen the usage of credit cards since they are notoriously hard to pay.

Lastly, never lose hope and determination. Hundreds and millions of people lose their jobs every single minute of every day. You can never truly succeed if you have never faced defeat. With proper attitude, you can earn the advantage of getting more rewards and benefits that is only more deserved by people of your age and stature.