Gone are the days when you joined a company right out of school and there you remained until retirement. Gold watch, retirement package, and all. Today, we change jobs more often during our lifetimes, and unfortunately it’s not always voluntary, as anyone who’s been laid off can tell you. If you’ve  been laid off or fear you soon might be, here are a few ways to deal with what may be your immediate future:

• Cut Back. On everything.

Finding another job could take a while, especially in today’s economic environment, which means your savings could vaporize in the process. If you haven’t been a saver, start now creating a budget and stick to it. Know exactly how much money you have, and keep close track of how much money you’ll need. The first of the month seems to come around more often when you’re out of work. Track your expenses. Put off major purchases and trim smaller ones. There are more ways to save money than you may think.

• Reduce retirement savings.

This is where a short term loan to yourself

, can make a big difference. If you’re still employed but fear the worst, this may be the one and only time it makes some sense to temporarily halt contributions to your 401(k) plan . Could very well be that you’ll need that money to survive the next few months, and early 401(k) withdrawals come at a steep price. Besides, you may be able to make a lump-sum contribution later if it was a false alarm. Consult a financial professional about your particular situation.

• Ask about severance benefits.

If you’re laid off, find out what benefits you may have coming. Many employers offer severance pay or help with health insurance premiums. But there’s no law that says they have to, so check. Many companies also provide outplacement counseling, which could include professional assistance with resume writing, interview skills, and job searches.

• Put some polish your resume.

There’s a good chance you’ll be competing against hundreds of other job applicants, so you want to make sure your resume stands out. It should accurately reflect your accomplishments and show potential employers you have the experience and qualifications they’re looking for. Be concise and look organized. It’s a good idea to update your resume regularly anyway, especially after a promotion or a change in job responsibilities.

• Get on your network.

Let family and friends, and acquaintances know you’re looking. They may know of opportunities, or be inclined to spread the word on your behalf. Look for networking events sponsored by the Chamber of Commerce, local colleges, trade associations or other business and social organizations. Help, in this case, will be where you find it.

Now it’s not the end of the world, but being laid off can be stressful. So you have to have an effective game plan centered around good common sense, and determination, to get you back in the game.

Post from: Cherry Creek Today | News, Shopping and Real Estate In Denver

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Times are tight, the holidays are coming, and you’re tired of the budget. Boo hoo.
Seems you haven’t quite figured out that the best money-saving strategies are, more often than not, the simplest ones.
If you don’t need it, don’t buy it. Sage advice in these uncertain times.

Here are some more DO’s and Don’ts on Budget Basics:

• DO recognize your bad spending habits. Your neighbors are never as impressed as they appear to be.
• DON’T kid yourself. If you don’t have the money for a purchase when you hand over your credit card, chances are good you won’t have it when the bill arrives.
• DO yourself a favor. Set goals for major purchases, and look for ways to reduce unnecessary spending while setting priorities.
• DON’T blame anyone but yourself for financial chaos. Those designer shoes didn’t follow you out of the store on their own.

Budgeting and saving is hard work, and don’t let anyone tell you it isn’t, but with a little self-determination (no, make that a lot of self-determination) and planning,  you’ll sail through, especially when times are tight.

Banner photo by pbo31, available under a Creative Commons Attribution-Noncommercial license.

Post from: Cherry Creek Today | News, Shopping and Real Estate In Denver

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