Top 5 Ways to Prepare For a Job Loss

PortraitMany people have faced the devastating financial effects of losing their job; however, with a little planning, there are things you can do to help ensure that losing your job does not throw your family into financial ruin.

Of course, the more time you have to prepare, the better able you will be to weather this difficult time, so begin your preparations early and you can enjoy the peace-of-mind of knowing that your family will be taken care of, regardless of a potential job loss.

Planning for an emergency is an essential part of ensuring the safety and well-being of your family. Whether it is a job loss, illness, natural disaster or some other catastrophe, knowing how to survive in an emergency is crucial. Fortunately, with a few helpful tips it is possible to begin making plans immediately.

Consider the following important factors as part of your emergency preparations:

  • Plan for multiple streams of income. Even if you are already employed and have no indication that your job is in imminent danger, it is important to consider alternative ways to bring in income. This might include utilizing your talents in unique and creative ways.
  • Downsize before it is necessary. Evaluate where you are currently spending your money and look for simple measures where you can eliminate waste. Living frugal will allow you to reduce expenses and save for any type of emergency.
  • Start an emergency food storage plan. Food prices continue to rise and the loss of a job or other emergency will still find you in need of food. Fortunately, stocking an emergency food pantry will allow you to take advantage of today’s prices while also offering protection against future food needs.
  • Learn to barter. Bartering is a time-honored tradition and something that every frugal individual should master. You can swap child care for tutoring, lawn maintenance for home baked goods; the possibilities are unlimited. Find individuals willing to barter and you can save a great deal of money.
  • Save Your Money. Implement a savings plan immediately. Even if you think you do not have anything to save, it is important to put aside some money each week. If necessary, you might need to pick up a part-time job to begin your savings plan. However, having some cash on hand will be essential for those times when you need goods or services that you will not be able to acquire through bartering or other methods.

The thought of facing difficult times is certainly not something many people want to contemplate, but the best defense against these unpleasant circumstances is a plan of preparedness and frugal living.

Agnes is an emergency preparedness advocate and and supports establishments that offer practical lifestyles to consumers. She recommends FoodInsurance.com for families who are looking for high quality food storage supplies.

Additional information
References:
http://www.littlehouseliving.com/learning-to-barter.html
http://www.dailybread.com/index/why-food-storage

 

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