San Jose, CAHIGH 71°F
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San Jose, CAHIGH 71°F
LOW 43°F
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Surviving a Layoff
Financial experts say the average American family is only a paycheck or two away from financial distress. And if you aren’t afraid of losing your job, then you probably know someone who is. Who’s going to survive? Well, it’s going to be those who have a “Can do” attitude.
My friend and associate Janet and her husband have survived his job loss and have recovered. Here are Janet’s suggestions for staying ahead:
- Crunch the Numbers –Figure out your current monthly net income. Identify how many days are left at your current income and estimate your new income level after the layoff.
- Get Lean – Each month pay your basic needs first, such as housing, utilities, food, essential medications, and transportation. If money remains, try to keep up with your existing payments to creditors.
- State the Facts – Make your creditors, including your mortgage company, aware of your employment status. Ignoring them will only add stress and create more problems later. Communicating with creditors immediately increases the likelihood they will work with you to explore options, such as special hardship programs. Only agree to payment arrangements that are realistic for your new situation.
- Avoid the Credit Trap – The temptation to use credit during a financially-tight time may seem like an easy answer but can lead to additional debt with long-term consequences.
- Don’t Go It Alone – Remember, “You got people” out there! Take advantage of community resources such as social service agencies and faith-based organizations that can become part of your employment transition team.
For more help, be sure to check out the Beehive’s Jobs section for information on unemployment benefits, job search sites, tips on resumes and interviewing, and more.
I’m happy to report that Janet’s husband is now enjoying a new position!
