I recently posted 3 things to do first to protect your money after being laid off. Some of that advice was subsequently featured on GoBankingRates.com in an article that includes even more valuable advice for anyone going through the jarring and unpleasant experience of a layoff.
According to the GoBankingRates article, someone who finds herself suddenly unemployed should also immediately consider these steps:
- Make an emergency budget
- Slash nonessential bills
- Streamline transportation methods
- Cut retirement savings
- Modify your mortgage
- Lower debt payments
(Read the details and more steps at GoBankingRates here.)
Dealing with unemployment is stressful and challenging but smart decision making can get us through it. Have you ever been laid off? What steps did you take to protect your money?