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Proactive ways to prepare for losing your job.

Not to be a downer but the fact is America is currently facing an unprecedented unemployment situation. In fact, theEconomic Policy Instituteexpects 14 million jobs could be gone by this summer. If you’re amongst those still working, and feeling like your time might be limited, it’s time to hope for the best, but prepare for the worst.

  • Slash your budget. It’s time to cut out any and all nonessential spending. Financial counselor Kumiko Love recommends a switch to a “bare-bones budget.” Enough to keep your lights on and to keep yourself fed, but cut out the rest.It might be hard to get through the current crisis with only one streaming service, but you’ll thank yourself later.
  • Prioritize your bills.Once you’ve slimmed your budget, take a look at what expenses you have left and decide right now which are the most important if your situation changes. Financial planner Brittney Castro says to prioritize food and housing expenses, keep credit expenses low, and to call your service providers now to find out what sort of options you have with your payments.
  • Start networking like crazy.The job market is about to be filled with unemployed people looking for work so start figuring out your plan-B career now. You’ll want to put some feelers out but you also don’t want to come across as thirsty. Career coach Christy Noel says to simply “get back in touch so you can reach out to them and they’ll be receptive when the time is right.”So fire up your LinkedIn account, start liking some posts, and sending out some “hellos.”You might need to cash in on those relationships soon.

Get more tips on getting prepared for a job lossHERE.

Source:HuffPost


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