Being jobless is a situation nobody wants to be in, or even think about. However, with news continuing to circulate concerning high unemployment rates, massive layoffs and the collapse of the main industry leaders, unemployment is something that can happen.

Even though the unemployment rate in Singapore is relatively low, at 1.9%, according to Trading Economics, you need to be prepared for unemployment no matter what your career situation is; unemployment anxiety can result in depression, binge drinking and financial stress when searching for new employment.

Coping With Unemployment

The following are 6 recommended ways in which to cope with job loss and recover after unemployment successfully:

  • Coping with Unemployment #1: Care For Yourself 

Self-Care is essential to bounce back. Continue to maintain a healthy schedule while job hunting and focus on the goal of obtaining new employment, rather than on the previous loss. Ensure that time is made for relaxation, even during this emotional period, to keep from falling into depression.

Also, read 6 Steps to Make the Most of Time off During Unemployment.

  • Coping with Unemployment #2: Create An Action Plan

Research also suggests that an action plan will assist an unemployed individual in staying on track. This should include updating or creating your new resume and cover letter, and researching job openings online. Consider this a time of opportunity and write, or rewrite a five-year plan that includes professional and financial goals.

  • Coping with Unemployment #3: Ask For Assistance

Organisations exist that can assist in finding the right employment for your specific job skills and experience. During times of long-term unemployment, filing for benefits will assist financially. Remember that you are entitled to unemployment benefits after periods of work and these benefits will help in reducing the pressure placed on a spouse to cover all daily expenses.

  • Coping with Unemployment #4: Stay On Budget

This may including cutting back on some luxury expenses during times of financial stress. Utilise coupons, sales and other money managing tricks to keep from falling too far behind. Use the help of Non-Profit Organisations that offer groceries or assistance in catching up utility bills if overdue.

  • Coping with Unemployment #5: Manage Your Finances

Financial Recovery typically entails paying off debts that have occurred during times of job loss, rebuild savings before increasing spending habits and in many cases, the need to adjust to a lower income. Continue to stick with the budget used while unemployed until all debts and bills have been caught up and savings have accumulated.

  • Coping with Unemployment #6: Be Flexible

Explore new career paths with more positive outlooks to find a job with a reduced chance of unemployment in the future. Career centres contain a wealth of knowledge on career exploration and new job fields open consistently in a changing economy. A new career provides opportunities to follow passions not previously explored and could lead to increased job satisfaction.

Keep in mind that this is only a temporary down period. Daily Finance also suggests thinking like a trader on the market to keep spirits up during financial stress. Traders have up and down days but understand that it’s the long-term effects that are of the greatest concern. Unemployment can be emotionally and financially difficult, but these are temporary setbacks that can be overcome with the right strategy and positive thinking.

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Founder @ The New Savvy
Anna Haotanto is the Advisor (former CEO) of The New Savvy. She is currently the COO of ABZD Capital and the CMO of Gourmet Food Holdings, an investment firm focusing on opportunities in the global F&B industry. She is part of the founding committee of the Singapore FinTech Association and heads the Women In FinTech and Partnership Committee. Anna is the President of the Singapore Management University Women Alumni. Anna invests and sits on the board of a few startups. Anna is also part of the Singapore Chinese Chamber of Commerce & Industry Career Women’s Group executive committee. Anna’s story is featured on Millionaire Minds on Channel NewsAsia. She hosts TV shows and events, namely for Channel NewsAsia’s “The Millennial Investor” and “Challenge Tomorrow”, a FinTech documentary. Anna was awarded “Her Times Youth Award” at the Rising50 Women Empowerment Gala, organised by the Indonesian Embassy of Singapore. The award was presented by His Excellency Ngurah Swajaya. She was also awarded Founder of the Year for ASEAN Rice Bowl Startup Awards. She was also awarded the Women Empowerment Award by the Asian Business & Social Forum. Anna has been awarded LinkedIn Power Profiles for founders (2018, 2017), Tatler Gen T, The Peak’s Trailblazers under 40 and a nominee for the Women of The Future award by Aviva


  1. […] Unemployment can be overcome with smart networking. Jumpstart your stalled job hunt by connecting with individuals relevant to your industry. To best do this, become part of a job-hunting group. Meet other unemployed people and plan your job-hunting together. It is vital that you maintain a support system to help you cope with being jobless. […]


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