If you've been laid off or just lost your job, there are some steps you should take to minimize the effects you are suffering. Hope these help in some way.
FIRST, PRAY AND ASK FOR GOD'S HELP AND GUIDANCE AND KNOW THAT HE WILL MEET YOUR NEEDS:
- If you receive a severance package, put it in a money market account (to live on as long as can)
- Stop contributions to college or retirement savings.
- Stop paying any extra on debts...etc..credit cards, mortgage (only pay required amount)
- Do a detailed budget of necessary household budget, cut lifestyle drastically, (drop cable, no eating out, carpool if possible to cut gas bill, drop cell phone if possible, (these changes are just temporary until you can get back on your feet)
- Never cash out your 401k unless you are facing bankruptcy.
- Roll over 401k at prior job directly into a Roth Ira.
- Don't be afraid or too proud to take part-time jobs to get some money in the household, while looking for another fulltime job.
- Consider changing careers.
- Don't panic, try to stay focused on just doing anything it takes to keep $$$ coming in. (deliver pizza, deliver papers, cut grass, anything short of something criminal-DON'T GO THERE!!
Bible verse: I can do everything through him who gives me strength. Phillipians 4:13 NIV
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