Preparing for Unemployment

How to Prepare for Unemployment

The economy isn’t faring too well, and even though some economists say the tide is turning, many people out in the trenches will disagree wholeheartedly. There are a number of unemployment tips and debt prevention tips out there but not many people talk about preparing yourself for unemployment before it happens.

So why should you prepare for unemployment while you’re still employed? You should always hedge your bets a little bit and establish a bit of a savings fund just in case the economy catches up with you and you suddenly find yourself unemployed. Having anywhere between three months and a year’s salary set aside in case you do lose your job is always a good idea, no matter what the financial environment is like. People don’t just lose their job by being fired or downsized, health crises and family issues do arise and having that savings cushion always provides some peace of mind.

Cut back on the extras and look for deals If you can’t imagine saving anything extra while  your every dollar is stretched as far as it will go then it’s time to find ways to save. Cutting back on the extras is an excellent way to start saving. And if you just can’t imagine cutting out your date night dinners and some other nonessentials, then how about looking for deals and coupons and two for one opportunities so you can still save some money.

In addition to financially preparing for unemployment, plan to be a desired job applicant. Stay ahead of the competition through professional organizations, advanced training and any other edge you can earn for yourself during your career.

 By preparing for the worst rather than sticking your head in the sand you will find yourself better able to handle any situation that comes your way.

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