Take Charge and Reach Your Goals:

Budgeting While Unemployed

Plan Ahead

If you think your job is in jeopardy, set up an emergency fund immediately

Deposit as much as you can weekly into your savings

If you are certain that you will be laid off, consider changing your tax withholding to have less tax taken out of each of your remaining paychecks

Ask for Severance

Companies are not legally required to give employees a severance

Try to negotiate for a package

Ask about receiving pay for unused vacation or sick days

File for Unemployment Insurance

The sooner you file, the sooner you will start receiving checks

You are eligible even if you receive a severance or a buyout

Don’t Panic

Don’t dip into retirement accounts or run up high credit card bills if you can avoid it

You may have to pay taxes and a penalty fee if you make retirement withdrawals early

Looking for Cash

Look into the terms on any whole life policy that has a cash value as a temporary resource for needed funds

Rework Your Budget

Change the amount of life insurance you need

Research alternative quotes for liability insurance

Review your cable and cell phone plans

If it’s discretionary, do your best to do without it