Dave Ramsey Says One Thing is Vital For Many Experiencing Layoff Fears

A particular focus can make a jobless period less stressful.

Radio host and author Dave Ramsey believes one strategy can help people who have recently been laid off.

Obviously, there are many steps that need to be taken between the layoff and getting hired by a new company.

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For couples, though, a theme can be focused on through the period to help things go as smoothly as possible.

Ramsey says people in relationships that are going through a layoff need to focus on teamwork.

"Dear Dave," wrote an advice-seeker named Anjanette, according to KTAR News in Arizona. "Earlier this month, my husband and I both were laid off from our jobs within a few days of each other. The layoffs were not our fault. The company is letting several people go as a cost-cutting measure."

"We cashed in an annuity because our finances have been tight, but the good news is he began training for a new job last week," Anjanette continued. "We don’t have children, so I am interviewing or filling out applications every day. Should we use the cash from the annuity to live on until things are stable again, or should we use it to pay off debt?"

First, Ramsey replied with some practical advice.

"Dear Anjanette," he wrote. "If you haven’t done so already, contact your creditors and explain what happened. Let them know the layoffs weren’t because either of you did anything wrong, and that you’ll get current with them as soon as possible."

Then Ramsey acknowledged the very human fears the couple was dealing with.

"This is a scary situation you’re facing, so make sure you two keep the lines of communication wide open and encourage each other while you’re solving this problem," he wrote.

Ramsey addressed a positive development in the couple's journey.

"The good news, though, is it sounds like things may be looking up. Support your husband all you can as he takes on his new job, and make sure you continue looking for work, too," Ramsey wrote. "A little extra money never hurts, so temporarily taking on a part-time gig while you’re looking for a permanent position isn’t a bad idea, either."

"Of course, you need to be honorable and pay your debts if possible," he said. "But that may have to be put on hold for a while. Right now, the important thing is keeping food in the house and the lights and heat on."

Ramsey also talked about the importance of being a team and being strong together.

"Hug on each other, stay determined and keep each other’s spirits up," Ramsey said. "You’re a team, and you’ll get through this."

Layoffs have been an increasingly common occurrence recently, with technology companies who cut staff making a lot of the big news.

The good news is that technology professionals laid off from big companies like Google  (GOOGL) - Get Free Report or Amazon  (AMZN) - Get Free Report generally find work quickly -- many smaller companies are struggling to find talent and have funds to offer competitive salaries.

"We're seeing a lot of active hiring in the small to mid-cap tech companies all across the U.S.," Bert Bean, who leads the IT staffing firm Insight Global, recently told CNBC. "These companies didn’t overhire as much as their larger competitors did throughout the pandemic when the tech sector experienced rapid growth, so they haven’t had to resort to hiring freezes or layoffs."

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