Preparing for Unemployment

Advice

1. Revisit your budget 
2. Consider alternative housing options 
3. Prioritize emergency savings 
4. Pay Off Debt 
5. Consider your health insurance options
6. Look at your mortgage 
7. Review your cell phone bill 
8. Network, network, network 
9. Avoid draining retirement accounts 
10.  Find some additional income source 
11.  Apply for unemployment benefits 
12.  Establish a HELOC 

Take Away: There are simple, and more complex, steps you can take to put yourself in a position where you can withstand a furlough, pay cut, or lost job. Many of these consist of sound financial principles at all times, whether the economy is expanding or contracting. 

Resources:

Greenway’s Spending Plan

Greenway’s Goal Setting Workbook