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home › economic survival tips › Preparing for Job Changes › I'm a Couple Paychecks Away From Layoff › Get your Financial House in Order

Get your Financial House in Order

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If you’re concerned about being laid off soon, the first step is to get your financial house in impeccable order in case you find your income disappearing. You’ll want to have a clear picture of your financial situation — where your money is coming from and where it is going.

Here are steps to take.

  • Stop unnecessary spending and purchases. Eliminate everything that’s not necessary. A few obvious cuts: coffee breaks, cigarettes, sodas, eating at restaurants or grabbing fast-food on the way home, movie nights out, weekend driving trips, and so on.
  • Explore what you spend on essentials and nonessentials in the Wants Versus Needs Worksheet
  • Review your spending to identify additional spending leaks. The Plug Spending Leaks Worksheet can help.
  • Examine the debt you owe so you know where you stand financially. Review credit-card balances, car loans, student loans, and any other debt you currently have.
  • Start building an emergency fund. Take the money you would have spent on unnecessary items and funnel it into an emergency fund. Your goal: to save enough to live on for at least six months. Why? Because it can take six to eight months to find a job that replaces your current income. The Emergency Fund Worksheet can help.
  • Create a solid spending plan (also known as a budget) based on your financial situation today, as well as if you lose your job and steady income.

 

 

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