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Whether the economy is in a recession or your company is just cutting back, a layoff is always a distant possibility. It's worse when a layoff takes you by surprise, leaving you without a job or financial security. Do yourself and your family a favor and prepare for a layoff now so that you can still support them if you lose your job.
Step 1:

Start saving. The only way to survive a layoff is to have some other source of money to get you by. An emergency fund is crucial when preparing for a layoff. You should plan to have at least 4 - 6 months of living expenses set aside. Set aside as much money as you can on a weekly or monthly basis, and commit to growing this emergency fund despite anything else you'd rather purchase. That way, if you are laid off you'll have a cushion of money to get you by until you can secure more employment.

Step 2:

Get your résumé ready. You never know when you're going to be laid off, but it helps to be prepared for whenever that time comes. If you are laid off, don't take it as a vacation time, assuming your previous employer will hire you back in the next few weeks. There's never any guarantee of that. Instead, look for other work, even if it is temporary. Look in your local classifieds and on the internet for available jobs in your area, and don't be too picky about salary. You'll be grateful for any money as you prepare for a layoff, so swallow your pride and think about how each penny you earn supports your family, whether you're a lawyer or a cashier. You need to keep working so get your name and your résumé out there.

Step 3:

Cut back on spending. You can also prepare for a layoff by taking control of your spending. Changing your spending habits now will drastically affect your bills in the future. With less bills to pay, you won't feel as much stress or uncertainty during a layoff. Try not to put anything on your credit cards so that you're not paying unnecessary interest on those each month. And cut back on any other expenses that aren't necessary for your daily survival. Consider whether you need all of those TV channels each month. And decide whether now is the best time to get that new car/dog/house. The more money you can save by not spending, the more prepared you will be for a layoff.

Comments

While you are expecting (or has been) a lay-off, it will be a wise to research some Internet marketing programs available.

In my opinion, the economic recession is pushing more and more people to consider self-employment. Starting an online business is a very low-risk way to put your toe in the entrepreneurial pond because the start up costs are minimal, the overhead is low, and the returns can be high.

eric thai's picture
By eric thai 37 weeks 5 days

    Another very popular choice is network marketing. With the right company you are looking at a minimal investment and a great return. In addition, you will have access to people who can show you how to replace that corporate income working a fraction of the time you are used to! Check out what is working for me...www.payyoueveryday.com

    By Becky Miller 36 weeks 4 days