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This is another guest post from Joe Plemon from Plemon Financial Coaching. Joe is the Money Columnist for The Southern Illinoisan. Earlier I had to wrote 5 Ways to Survive a Layoff. Joe takes a bit more direct approach about what things you can do immediately.
Q: Joe, I have been told that the company I work for will be making layoffs over the next few months. I will be given a 30 day notice if I am going to be laid off. My wife and I have been working the debt snowball, focusing first on our credit card debt. We also owe on two cars and our house. Should we continue our debt snowball at this time? Any other tips?
A: Because you are facing a possible emergency, you should temporarily stop your debt snowball and start building your emergency fund. For now, make minimum payments to everyone and save every extra dollar you can. If the layoff happens, you will need that emergency money. If the crisis passes and you are confident of your job situation, you can use the extra savings on debt at that time.
Other tips: […]
