How To Prevent A Disaster If You Think You Will Lose Your Job

by A Guest Author

Having a job is the greatest thing in the world. You know that every month you will receive a paycheck and be able to go out and spend lots of money. Treat yourself to things you really like. It's not uncommon to live outside your means because you know you always have that check to fall back on. Credit card companies are happy to supply you with huge limits to encourage your spending. Life is good. Can it even get any better?

But suddenly you might become frightened. Maybe things aren't going the way you'd like at work. It's possible you could get fired. That could be entirely in your head, but it's still a scary thought. And let's face it, with the way the economy is going at the moment it wouldn't be a surprise. You need to reassess your life. If you think there is any chance of losing your job something must be done. And here is how you do it in 4 easy steps.

Cut your spending

The first thing you need to do is look at everything you're spending each month. Everything that is not a necessity needs to be cut out. That means all those trips to fancy restaurants. Learn to cook nice food at home. Perhaps you could save some money by cancelling your cable subscription. It's going to be tough. Nobody likes to live frugally, but unfortunately it has to be done if you are to have any chance of surviving.

Start an emergency fund

Everyone should already have an emergency fund stashed away. Something that will tide you over if the worst was to happen. Even if you are not making great money it still needs to be done. It will prevent you from being left high and dry. But how much will you need? It's hard to find another job at the moment. You might be looking a while. I wouldn't want to have any less than 12 months savings, but you will definitely need at least 3 months minimum.

Start looking for another job

To cut out any chance of your life being completely turned upside down you could start hunting for another job. It's much easier to find a new job while you already have one. If you aren't prepared to jump ship quite yet you can try and find a part-time one. Something you can do a few hours per week. At least you'll still have something coming in if you receive the 2 dreaded words: you're fired.

Look into refinancing your home

If you have your own home there might be a chance you could work something out with the mortgage company and take the money to add to your emergency fund. This should only be done as a last resort if you really feel like you're counting down the days until your last paycheck. There are other options you can do with your home. Maybe take in a lodger. Or maybe think about renting it out while you go stay with family. Just know you have options and you won't sink with the ship.


About the Author

Matt M is a career consultant and works for a leading company that deal with people who are looking for jobs in hertfordshire. He writes many articles sharing vital tips and tricks on searching good jobs, improving work profile and resume writing trechniques.

This post was written by A Guest Author

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