With the economy being the way it is, many get up every day for work, and worry about whether or not they will still have a job at the end of the day. It can cause a lot of stress and anxiety wondering if you will still be able to support your family in the coming months. There is good news for those who may fear losing their job. You can actually plan now to prepare for a job loss. By taking the time to plan now if you are laid off, your family will be able to manage until you find something else. The list below may prove to be helpful when preparing for a possible job loss.
1. The first way that you can prepare for a possible job loss is by stocking up on food items. The one thing that is on the top of the list after a person loses their job is how will the family eat. While you have a job, avoid wasting money and put it to good use. You can purchase caned goods, such as fruit, and vegetables. Beans are very affordable and are great meal fillers to have on hand. It is a good idea to fill a box or plastic storage bin with nothing but canned goods. If you belong to a wholesale club you can buy in bulk and save money in the process. Pasta and rice are also good items to stock up on. Whatever has an expiration date of more than a year is good to keep on hand. It may also be a good idea to purchase a water filter instead of buying cases of water. The money you save can be put away.
2. Put away at least ten to fifteen percent of your paycheck. By automatically deducting this amount from your paycheck and putting it into a savings account you will be building a cushion for yourself. If you are living paycheck to paycheck, try to set aside at least a few dollars each month. This may mean cutting back on a few items in order to do so.
3. Learn how to cut your electric bill in half. Some wait until the prices get too high, or until they are laid off to start cutting the electric bill. You will be able to find more money to save if you cut your electric bill now. Leave lights off during the day and unplug any items that are not being used when you are at work. For example there is no reason for your home computer to be left on when you are not at home. Most computers have a screen saver mode that allows you to cut the electricity that your computer is using without turning it off completely.
4. Purchasing clothing when they are on sale and off season. Whenever you see clothing items on sale you should take the time to purchase what you can. This is especially important if you have children. You will find the biggest deals on clothing at the end of the season. For example at the end of the fall season, you will be able to get great deals on fall clothing. The same goes for summer. At the end of the summer season you will be able to get great deals on summer clearance items. I have found it best to purchase one or two sizes bigger than what your kids currently are. This way as they grow they will still have clothing to wear. Just store away the larger clothes until they are big enough to fit them. When you are faced with potential job loss you will not have to worry about purchasing clothes since you will be well stocked.
5. Get as much training as possible. If you have limited skills, why not get additional training while you still are employed. Some employers offer special training programs. Take advantage of these, since you never know when the new skill you just learned will come in handy, especially if you lose your job. Learning another trade will also prove to be helpful. This will give you more options when you are looking for work.