We are living in uncertain times. Some employers have furloughed employees, while others have laid off employees. Some employers are able to give their employees some notice while others do not. If you think this could happen to you, what should you do now, before it does happen to prepare?
Here are some ideas:
- If you don’t have one already, write down all your current expenses. Go through bank and/or credit card statements for the last 2-3 months in order to get a clearer picture of all that you are spending and where.
- Think about the next 2-3 months and whether there are any specific expenses (especially those that do not come up monthly) coming up such as a bi-annual insurance payment or vet expense or birthday gift so that you can include those in your budget.
- Then once you have them all in one place, start figuring out which ones can be eliminated. (Remember, this elimination does not have to be forever, just for now. Or maybe if you do eliminate it now, you will find out that it really was not as important as you thought.)
- Determine the best way to build this up now before you are unemployed.
- Add this as a line item in your budget in order to make it a priority.
- Determine some ways to bring home more.
- This may be a second job, side hustle, or turning that hobby into something more.
- Perhaps you can sell some stuff you already have that you don’t need or use anymore.