Prepare for a Layoff

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By bitsdawg

Are Your Home, Finances, and Credit Safe?

Can you pay your rent or mortgage if you lose your income?
Can you pay your rent or mortgage if you lose your income?


Prepare For A Job Loss

With dismal job reports coming out of the federal government, and the economy in a tailsping, are you prepared for a job loss? Many Americans are concerned about their jobs, and I am hearing from people in all levels of the financial spectrum.

In fact, many bankers, engineers, and managers are just as concerned about a job loss as are factory workers and waiters! Most of us will face a loss of income at some point in our working lives, and I have experienced a couple of layoffs myself.

Can You Pay Your Bills?

The difference between having a job loss be a crisis or an opportunity is preparation. Do you have 6 months worth of expenses saved somewhere it is easy to get to? If not, do you have a plan to replace your income? Learn how to prepare for unemployment with a supplemental unemployment protection. Most employees can qualify!

Also, now while you are employed, please look at your expenses and debts. Try to minimize unsecured debt and cut out anything you can so you can save some money. If we do slide into a recession, cash will probably be king! You want to have cash, and not owe Cash!

Keep Your Networks of Friends and Coworkers

Also, look into your network of friends and business associates. If you are locked out of your work computer can you still access these people? Networking is one of the best ways to find a great opportunity quickly. You can use social networks to keep in touch with important people, or simply make sure your contact list has been backed up on a home computer! Not only can these people help you find a new job, they can also help you stay positive during a period of unemployment. Don't keep all your friends at work!

Is Your Resume Shiny?

Make sure your resume is updated too. You do not want to have to scramble to replace references and update your latest skills and experience when you are worried about paying bills. This may also be a great time to update your skills with some continuing education to make your resume stand out.

What Can You Downsize?

Believe me, there are worse things in the world than moving into a smaller home. Is it possible you could cut your losses by selling that large home you really cannot afford and moving into a smaller home or an apartment?

Do you need to drive a brand new car? If you are not upside down on your car loan, and I hope you aren't, can you sell it and buy a 5 year old auto that will get you from place to place.

Can you color your own hair, paint and trim your own nails, or cook your own past a little more often? I mean...c'mon, of course you can do those things! And 100 jumping jacks in your living room will probably do you as much good as the expensive gym membership you haven't been using anyway.

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Comments

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myfreeforum  says:
13 months ago

I think these tips are pretty timely givien the rising unemployment figures we've been seeing on the news.

bitsdawg profile image

bitsdawg  says:
13 months ago

Thanks for you comment. I think we're all just trying to hang in there.

readabook  says:
13 months ago

I am really glad to hear about this product. I did not even know something like this existed.

pageup  says:
13 months ago

Its the hardest thing to imagine. I can feel the pain of the people who get laid off during financial crunches.Its better to play safe in such scenarios by enrolling in an insurance cover which covers the employees against any layoff or outsourcing.

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