Preparing Yourself for Job Loss in Tough Times

Economic conditions being what they are, companies are cutting back on expenses and laying off workers in a big way, and you could be at the receiving end of bad news and next in line to get discharged from your job. You need to strengthen yourself financially to face the inevitable with courage, if a job loss hits you.

Keep an ear to the ground and be aware how outside forces impact your organization and the changes occurring within the organization, so that you can respond faster in an emergency without getting caught flat footed.

Making yourself well-liked and respected within the organization at every level is hard work but definitely worth every minute. If you are an integral part of the network you are less likely to be hit when the shrapnel explode.

Gets a professional career specialist to upgrade your job resume taking note of those key words connected to an organization’s progress figure in your resume, and your skills have a modern flavor and strength. Acquire skills and academic qualifications even if it entails joining evening classes.

Keep a buddy in HR and placement services within your company so that you can keep abreast of the way your organization extends placement help, imparts job training, and formulates severance packages, and the government help employees are likely to get in a lay off.

Loss of health insurance cover can be quite unsettling in the event of a job loss. Maintain a backup private insurance cover even if it is expensive, ensure your spouse is covered by a separate policy, be aware of the Consolidated Omnibus Budget Reconciliation Act (COBRA) that permits you to retain health insurance benefits for eighteen months following a layoff, so that you are protected while you search a new job.

Keeping tabs on expenditure is a great way to plug income leakages and to maximize the income you have. Keeping a diary exclusively to track daily expenses will give you a bird’s eye view of the state of your finances.

If the last emergency caught you off guard and you were saved by your parents it indicates you are not resilient enough financially. Shave off 15% from every category of major domestic expenditure to divert savings to an emergency bank savings account.

A tight budget gives you enormous control over money. Budgeting represents the best way to extract the maximum benefit from precious dollars. By tracking expenses you are preserving scarce resources that you will need in emergencies.

The home is the best playground for teaching children the benefits of financial prudence, get the family involved in all budget discussions. The decisions you take will be learning lessons for the children that they can apply in future.

When your credit report is available free once a year, familiarize yourself on your financial status and keep the report spotlessly clean because even potential employers may be scrutinizing it in future. By erasing errors and keeping all payments up to date you are painting a picture of financial stability that will stand you in good stead when you search a new job.

Don’t hesitate to access professional debt counseling services to reduce debt while you still have your job, and always endeavor to keep debts servicing within 15% to 30% of your income, using all the resources made available by your company.

If the inevitable happens, and you find yourself facing a wage cut or in a part time job, you will need breathing space to search better jobs and perhaps move to a new city which can be an expensive proposition. There is no point wasting your existing savings or hard earned money. Get a loan for vehicle title that will get you 60% to 75% of the resale worth of your vehicle within minutes at interest rates that hover below 25% APR, enabling you to repay the loan in comfortable monthly installments till you settle down financially. Auto collateral loans are the best emergency cash resources which will not strain you like payday loans. Fast car title loans will give you a sizeable sum in double quick time with the least formalities.

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