Unemployment figures go up and down. But the statistic that matters most to you is your own, and if you’ve been laid off or your company has gone under, you’re competing with an army of others for the few available jobs. Still, this difficult period doesn’t have to be a financial or personal disaster. Manage your financial affairs carefully while you’re out of work and you’ll survive the economic crisis. You might even emerge in better shape than you were before.

Eight ways to triumph. No single approach will work for everyone, of course, but these eight suggestions could help you overcome an unexpected pink slip.

1. Don’t panic. It’s normal to be nervous if you’ve suddenly been sent packing after years of gainful employment. But now’s the time to take stock of your situation as calmly as possible. Pull out all of your account statements, apply for unemployment benefits, and look for ways to keep your finances under control while you hunt for another job.