5 Ways You Can Be Prepared When Facing a Job Loss
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Are there rumors going around your company about a potential merger, layoff, or downsizing? Are you afraid and unsure of how to proceed? You'll feel more in charge of your financial condition if you follow these 5 suggestions:
1. Examine your monthly bills closely and thoroughly. Are you in debt up to your neck? This is the time to start making financial concessions and attempting to control the interest rates you are currently paying.
Can you immediately pay off a portion of your debt? Transfer to a different credit card with a lower rate? Is it time to refinance your home equity loan or mortgage? This should be taken care of right now, not after you've been given the pink slip.
2. How do you cut costs every month? If you give up buying lattes every morning, you could save roughly $80 in a month. Rather than going to the movies, rent a DVD. It is entirely up to you to determine what you can and cannot live without, but these two items are excellent examples of the latter. Reducing the amount of time you eat out will give you more money when you need it most.
3. Consider whether you need to buy that item as you take out your wallet to pay for regular expenses. A shopping spree to lift your spirits is not what you need right now. Rather, try to be more conscious of where your money is going every day and week. 4. Considering the skyrocketing cost of gas, is it wise to purchase a hybrid vehicle or one with higher fuel efficiency? While you are still employed, do it now. Check to see if the dealership provides any incentives for customers, like a rebate or a loan with a lower interest rate.
5. Are you aware of the benefits to which you are entitled at work? Ask the human resources department what benefits you are currently eligible for by taking a moment right now. Make the most of your health insurance benefit by scheduling any necessary physicals or tests as soon as possible. Make the most of any dental or vision benefits you may have by scheduling a dentist appointment or getting your contacts or glasses adjusted right away. The co-pays are significantly cheaper. later making the payment. You feel more in control of situations when you are aware of them and act upon them. In the majority of cases, a committed issue is not your fault. It's a managerial choice that will most likely result in an improvement in your quality of life.
You'll find a new job soon enough if you look at this as a chance rather than a setback. Best of luck!
