4 Tips for Financial Survival After a Lay Off

Have you (or someone you know) ever been laid off from your job?  I have.

If you find yourself in the company of nearly ten percent of workers recently laid off from their job, you may not be prepared for the loss of income. Hopefully you are able to qualify for unemployment benefits, which may help get you through the next few months until you are able to acquire a new job. However, these benefits alone may not maintain your existing lifestyle before your lay off, but they will help to offset some of the anxieties that come with it.

Housing

If you are renting and realize that you may not be able to cover the rent and feed your family, appeal to your landlord for a short-term reduction or, if necessary, see if they will release you from your lease so you can search for a different location that is more affordable to your current situation. If you have a mortgage on  your home, apply for a modification or try to refinance if you have a partner that is still employed.

Utilities

Reducing the cost of utilities can go a long way. By lowering your thermostat before going to bed or when no one is at home, you can significantly reduce your heating or air conditioning bills. Turn off lights when you are not in the room. Also, lower the temperature on your hot water heater and take shorter showers.

Cable & Cell Phones

If you have a large cable bill, see if you can remove some of the unused channels temporarily until you return to work and can afford it. Instead of having premium channels, keep basic cable and subscribe to Netflix to watch movies and television shows. Another bill that can save you lots of cash when adjusted is the cell phone. Reduce your monthly minutes and cancel any added features. Don’t fret you can add them back at a later date. Or, have you cell phone provider evaluate your usage to find a more affordable plan based on your monthly usage.

 Groceries

When it comes to food shopping, go prepared by checking the local flyers first to see who is offering the best deals of the week, plan your meals, cut coupons and, most importantly, stick to your list. Generic store brands are a great way to save money on some of the products you currently use. Budget your food shopping down to the necessities.

There are many ways to survive being laid off, even if it means you have to cut back temporarily. Many of us live beyond our means and do not think about saving or scaling back until it is too late. By learning to survive on a budget and within a single salary, you will be able to keep your head above water until you are able to find another job.

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What are some additional Financial Survival Tips after a Lay Off?