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Step 1
Begin now by cutting back on unessential spending. Stop eating out as often and buying that latte on the way to work. Put the money saved into an account that will earn interest.
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Step 2
Trade down on your vehicles. Cut expenses by trading the equity in your car for an older, less expensive model of car. By trading down, you can own a vehicle free and clear, meaning no car payments to have to worry about. Also auto insurance will be cheaper.
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Step 3
Update your resume and begin posting it on job sites, such as Monster or Career Builder. The goal is to have a job waiting should the layoffs begin to happen. Even if a layoff doesn’t manifest, you may find a better job.
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Step 4
Use any networking contacts you may have to find out about unadvertised job openings in your area or field of experience.
Comments
monomdeplume said
on 11/17/2009 This article takes a pro business standpoint. If I am in the crosshairs, I get the wheels greased for a good lawsuit. Start looking for company violations of law, and start reporting things to government agencies. If you are in a right to work state you're screwed. If you live in a good state with protections take advantage of the opportunities to sue for wrongful termination. Look for things like OSHA violations, EPA violations, accounting fraud, not getting paid on time, things you can use to prove the company targeted you later on. This is the best way to prepare for coming layoffs. Screw getting fired, because your boss doesn't want to lose his posh corner office.
robertsloan2 said
on 11/6/2008 Ah, the other half of my comment got cut off.
My second suggestion is while still employed, to live frugal but split your savings into savings and buying down credit cards till entire bills are gone from your monthly expenses. This can save money. When a bill is eliminated, put that money into buying down the next one.
The process may take a long time but it puts you in a good situation if you can do it -- an empty card is a last resort loan during emergencies. Use the savings first.
robertsloan2 said
on 11/6/2008 Great tips! I appreciate your common sense attitude toward debt, spending and being prepared for a layoff.
kohuether added what I would have added -- and I'll add it a little more strongly. Start building up your side business before you need it as a primary income. An established part time career is easier to launch than to start up cold out of nowhere.
I've done it, and I had several years of selling art on weekends before I lost my last typesetting job to the company firing everyone they could right before an unannounced bankruptcy. I was in a trial period and only had it for a month. So I looked at what I got in from art, looked at the cost of living in the area and realized if I cut way back on lifestyle I might survive without bothering to get a job.
I said "I'm not unemployed, I'm self employed." I went out on Saturday with my portfolio and knocked on shops and galleries
kohuether said
on 11/5/2008 These are some great tips. I'd also add start thinking about other things you want to do that will allow you to be self employed, such as writing, and start building up your business before the layoff. You can make good money working for yourself it just takes time. And the nice thing about businesses like writing is that the only overhead is really your internet connection, computer and maybe postage. Most people already have those things.