If you are worried that a layoff might be in your future, then it is important to start preparing right now. Make sure that you do the following now, so you will be in good financial shape if you do get laid off.
Medical Costs
Now is the time to take advantage of your insurance. If you get laid off, you may not be able to carry insurance, depending on how long your were in your job and whether or not you can afford private insurance. Have every member of the family get physicals and well visits, so you can address any issues that might come up. Get your prescriptions filled, and see if your doctor will write you a three-month supply at a time. Get teeth checked, dental x-rays done, cavities filled, etc. Also look into state-financed insurance programs for children.
Food Bill
Without overspending, try to build up a good stockpile of food to have on hand in the event that you have to limit your grocery shopping after a layoff. Use sales and coupons to get food for the lowest price available. For example, if products are buy one get one free, buy enough for a few month’s supply of non-perishable foods. Alternately, put extra money into grocery gift cards that don’t expire. Keep them in a safe place. I find that for some people this is an easier way to save for food than is putting money in savings. Take the time now to learn how to make inexpensive meals from scratch.
Monthly Expenses
You want to have a plan in place that will cover your monthly expenses until you can get a new job. Ideally you should save this money yourself. Cut back on expenses now. Not only will you add to your emergency savings, but you will also get used to living a more simple life. This can be helpful if you are faced with the shock of a layoff. Explore other options such as relying on family to help with bills or baby sitting during a job search, taking a temporary job during nights and weekend to bring some money in while you continue to job hunt, etc.
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Money Saving Steps to Take When You Are Laid Off