Avoid financial peril after a job loss

Photo courtesy of Metro Creative

A job loss can come as a shock. However, with level-headedness and smart planning, many people can avoid dire financial situations in the wake of a layoff.

Losing a job can be devastating. Even in a strong market, companies can go out of business or reduce payroll. Being let go can initially tug at one’s pride, and after a layoff sets in, it may cause individuals to start worrying about their financial futures.

While many people can survive and may even enjoy a few weeks of rest and relaxation after a job loss, financial concerns may surface soon thereafter. A 2017 GOBankingRates survey found that more than half of American adults have less than $1,000 in their savings accounts. Financial planners typically advise people to have at least three month’s worth of earnings socked away for emergency situations, like a medical issue or a job loss. Even though the survey also found more than a quarter (27 percent) of respondents have $10,000 or more saved, that might not be enough to survive a job loss for six months or more.

These strategies can help professionals who recently found themselves out of work avoid financial difficulties.

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