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As unemployment numbers continue to rise, many employees are stressed about whether they’ll have a job next week or not. Some have already, some have already lost their jobs and are scrambling to find new employment. In this time financial planning is crucial. This is a time when people are feeling and are desperately in need of guidance. If you think that you are about to encounter a lay off, you need to be focusing your attention on what can be controlled: cutting expenditures, figuring out emergency funds, evaluating how to replace lost benefits, and making a game plan for the job search.
Finding Emergency Cash
For those that are still employed but the future of their job is uncertain, I would encourage them to have at least 12 months of savings in cash. Unfortunately many will not have enough. But if they’re still employed and the emergency funds are not there, tapping into their 401(k) might be a viable option. I know what you’re thinking. Tapping into your 401k usually goes against all that I stand for. And with this dismal market, it might be a dangerous move, but; if they become unemployed that option might now be available to them. […]
