How to Prepare For Unemployment While You Still Have a Job

As Amanda Reaume writes in an article up at ABC News, losing your job isn’t always a shocking development:

“For most people, getting fired or laid off isn’t something that takes them by complete surprise. Your company might be facing financial difficulties or they might already have laid off some of your colleagues. You might have been reprimanded by your boss or gotten a bad performance review. Often, you have an idea that your job isn’t as secure as it once was.”

If the alarm bells are sounding around you, it’s probably time to get preparations in order for the worst case scenario. The last thing you want is to find yourself unemployed and not have any idea what to do next. Reaume’s helpful article lists several tactics for getting your life in order before the pink slip comes. They include:

1. Starting your job search early: It’s easier to find a new job when you’re already employed. Dealing with unemployment is a lot easier when you’ve already got interviews planned.

2. Ignore your boss’ words of assurance: Your supervisor is there to make sure you’re at your most productive. Telling you that your job isn’t going to exist next year does not mesh that goal. Even if your boss says not to worry, Reaume says to trust your gut.

3. Take a side job: Save save save is the name of the game if you’re looking at six months’ unemployment. You can collect some extra scratch through consulting, tutoring, dog walking, etc.

4. Take care of your debt: If you’re depending on your income to pay off debt and interest, you’ll need to shift money around to prepare for an income-less existence. Reaume recommends selling your car to pay off car payments, deferring student loans, and signing up for a new credit card with a limited 0% interest trial.

For more on these and other tips, check out the full article (linked below) and be sure to let us know what you think.