(ARA) - Losing your job is tough. But in the midst of a recession, rebounding and finding new employment is even harder. While uncertainty and doubt may overwhelm you, job loss can be an opportunity to reevaluate your career, take control of your situation and, most importantly, regain your self-confidence.

However, while building a resume and making connections to find a new job are a priority, the first issue most people should address is money.

The following checklist from Thrivent Financial for Lutherans, a not-for-profit financial services organization, provides some immediate tips to stay financially afloat after a job loss.

* Draft a survival budget

Anticipate that you'll be out of work for at least six months. It's impossible to predict how long your unemployment will last, of course. But you can control what you spend and save. Tips on increasing your cash flow are also available at thrivent.com/jobchange.

* Make sure you and your dependents have health insurance coverage

It may be least expensive to join your spouse's plan, if that's an option. If not, look into COBRA coverage through your former employer. The 2009 economic stimulus package from the federal government requires that a percentage of COBRA premiums be paid by your previous employer for a period of time. Details are available on the U.S. Department of Labor Web site, DOL.gov.

* Examine credit card debt

Contact your credit card company about lowering your interest rate. If you have credit card debt, you may need to make just the minimum payments until you get back to work. If your debt is significant or you are having trouble making even the minimum payments, try to negotiate a payment plan with your creditors. For help managing your debt, learn about Thrivent Financial Bank's Debt Savvy program.

* File for unemployment benefits

You have a right to receive benefits you've paid for. Rules may vary by state.

* Maintain your life insurance coverage

It may be tempting to save cash over the short-term by canceling your life insurance contract. But if you try to resume coverage on a lapsed contract at a later date, you'll pay more and you may have to prove insurability with a medical exam.

* Avoid drawing upon retirement funds

Resist the urge to dip into retirement savings except as an absolute last resort. Receiving that money now could mean early withdrawal penalties and taxes you hadn't anticipated. Plus, you'll lose the potential earning power of that money for your eventual retirement.

You can find additional tips on job interviews, information on job boards and networking, sample resumes and more, including money tips for after you land a job at Thrivent Financial's Web site www.thrivent.com/jobchange. financial security is a critical part of dealing with job loss," says Laura Dierke, manager of financial education programs for Thrivent Financial. "Working in partnership with your family to discuss these money topics can be extremely beneficial."

"Regaining

The road to a successful job transition will come with many twists and turns. But taking ownership of the situation, moving forward with confidence and taking advantage of the tools available will help you get back into the job market.

Courtesy of ARAcontent