Downsizing is a word that all of us have become familiar with. More and more companies are doing it everyday. No matter what field you are in there might be a possibility that you could lose your job. People are laid off or jobs are totally eliminated all the time. One of the things you have to do is accept you might lose your job. How do you prepare for this?
Losing your job can be intense and not being prepared is the worst thing that could happen to you. Everyone in these days and times should be prepared if they lose their job. The first thing is to always have a six to twelve month emergency savings account saved up. Start now by setting aside money just for that. You might want to have two savings accounts. One to save for things that you want in the future like a new house, car or that fantastic vacation you have always been wanting to take.
The other savings is strictly for if and when you lose your job. Make sure you have enough money saved up for living expenses to live off of for the next six to twelve months. If you see a track record of people losing their jobs where you work, pay attention. Don't be in denial thinking that it couldn't happen to you. If you are in a lot of debt start trying to get out of it now. Try to pay off as many credit cards as you can.
Don't get into any new debt. If you need a new car, try to hold off as long as possible. If there are signs of people losing their jobs at where you work, don't buy anything that will put you deeper in debt. Postpone any vacations and any other plans that you might have that you have to spend extra money on until you feel secure again about your job. One of the most important things you can do to prepare yourself that you could lose your job is to accept that it could happen to you. Don't think just because you have been with a company for a long time or you have a certain position it couldn't happen. That's your first big mistake. If you don't accept that it could happen to you, you won't feel like you have to prepare for anything.
Preparing yourself for when you might lose your job can be a lot of hard work and discipline. You might have to change your life style to start preparing for this. There will be things you will have to cut back on to accomplish that goal. When you take the time and effort to start preparing yourself for if you lose your job you can't lose. You will have gotten out of debt and have money saved up to live off of until you find another job.
That will give you comfort while you are out of work. But if you are one of the lucky ones who do stay employed, by preparing yourself to be without a job, you will have become debt free and money sat aside to do some of the things you want to do. Either way it go you can't lose if you are prepared.
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