Folks are whispering at the plant, holding meetings around the office water cooler. The corporation you work for is in the news...earnings down, layoffs inevitable - I HAVE A QUESTION....
Are you preparing for the Pink Slip?
It's not just a grapevine or rumor mill...this is the real deal - you may not have a job tomorrow. What are you doing so that the fall is not so hard? Did you receive a severance or buyout? Now is not the time for that Mega Entertainment Complex in your basement. Don't be among the folks who have gotten severance and buyout packages and foolishly blew through the money as if they had hit the $10m lottery. Now, they are suffering.
What to do if your company is threatening layoffs:
Stop spending (duh!) - I'm talking zero! No movies, no dinners out, no new clothes. Add all the money together from those little pleasures and SAVE it - you will be surprised at your progress.
Pay attention! - Read the paper, google your company and read all the news relating to the future of the company you work for.
Educate yourself on money management! - No more slacking! Balance your checkbook, be able to account for every dime you spend! Read, Read, Read about the areas you are weak in - master your money. (Ignore any comments that suggest going into debt for any reason)
Create a spending plan - (aka budget) Write it down!! (email me if you need a template) Also, list all your debts, know what you owe!
Look for a side gig! - Use a talent that can generate money without any major cash outlay. You could look for a job in fast food, Walmart, janitorial, - hey this is no time for pride issues.
Go to the Doctor - You, the kids, your spouse - dentist, family doctor, optometrist - get it all taken care of while you have a job!
Don't get discouraged by the numbers you see once you write out your budget, list your debts. Don't panic, everything can be worked out - it's NEVER the end of the world - no matter how bad the nightly news paints it!
Do begin to get your finances in order and stay away from any further debt.
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2 comments:
You have to start cutting back on household expenses long before the last paycheck arrives.
You can start it on your last day of work, if that's your only notice. But if you have any heads up, that's when to start.
Reason: Many of the money-saving tips that are effective for middle class and working class families need an investment of time or money or both before you see the savings in monthly cash flow.
Examples: CFL light bulbs, groceries by the box programs, coupons and rebates, living closer to where you work, eco-friendly cleaning techniques, switching your medications or your pharmacy, applying for college financial aid or scholarships. ...
Start now.
Start before that last paycheck arrives.
Make that unemployment check stretch as long as possible.
Thanks for your comment Monroe... You are absolutely right! I checked out your other blogs, good stuff!!
-Dorethia
www.connercoaching.com
www.twitter.com/DorethiaConner
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