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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About the author
Enrique 'Kike' Faúndez is an Information Systems and Management Control Engineer from Universidad de Chile, with master’s degrees in Finance from Universidad de Chile and Industrial Engineering from Pontificia Universidad Católica de Chile. He has 15+ years of experience in regulated financial services across finance, operations, and digital product development. He founded CashControlly in Santiago, Chile, with the conviction that personal financial control should not be a privilege, but an accessible and well-designed tool.
- Master's in Finance, Universidad de Chile
- Master's in Industrial Engineering, Pontificia Universidad Católica de Chile
- Information Systems and Management Control Engineer, Universidad de Chile
- AI and ITIL certifications
- 15+ years in regulated financial services
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