The reality of the severity of the economic crisis and how much tougher it's going to get hasn't really sunk in yet.
I've been laid off before and the two months it took me to find a new job seemed like hell. But with the high rate of unemployment - and it's increasing every day - it's going to take a lot longer to find another job. A LOT LONGER. Anyone got any predictions?
There is a certain level of stress that comes with being laid off. Then there is a little more after looking for one or two months. After that, it hits you that you could be unemployed for months to come and how are you going to manage!
For the recently unemployed, you're probably not feeling this way...yet. Don't wait till the stress and worries build. Plan ahead and start planning today.
Here's what you can do:
- draft a budget today
- identify which expenses you can temporarily eliminate
- identify which expenses you can cut back on
- get a roommate to share expenses
- stop eating out or at least budget for it
- rent movies to watch at home rather than going to a movie theater
- negotiate with your credit card companies for a lowered payment plan and interest rate; don't wait till you fall behind
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