Money Talk With Slater

Making Money Across the Board

Daily archives "July 14, 2018"

Manage Your Finances When You’re Laid Off

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No one is exempt from layoffs. Whether you’re 20 or 50, odds are that sooner or later you will find yourself, usual through no fault of your own, out of a job. So it’s only logic to plan ahead. Many money advisers recommend saving equal to six months’ salary to help you if you find yourself unemployed. You will possibly need more, particularly if you have a family and are the main bread winner.

Some things you can’t plan for

However, most of us don’t think about this scenario until we are really laid off. So what do you do if you haven’t organized your finances?

Determine How You Are Spending Your Money

When times are good, most people don’t consider how they spend money. We know how much the rent, car note, or mortgage is, but we don’t give much attention to daily spending. How much do we spend eat out at restaurants? What is your grocery bill every week? What about insurance and energy costs? Being more conscious of how you spend your money will make you think about spending it more wisely. Especially when you don’t have a check coming in every two weeks.

See Where You Can Cut Back

If you’re going to be laid off, you need to create a plan for reducing expenses. Create a budget that removes most unnecessary expenses, but don’t entirely remove entertainment. You need to keep up your spirits and stay in touch with your contacts. Though, you can reduce these expenses significantly. Find cheap places to go out to drink and eat. Go to budget movies instead of plays, always getting the reduced admissions. Don’t give up the gym but think about joining a less costlier one, unless you use the gym to network. Crank your thermostat up in the summer and down in the winter.