Surviving Downsizing

Out of work? Don't panic. There are many steps you can take to help yourself.

Apply for benefits immediately. The sooner you apply, the sooner you will collect.

Take a hard look at your household budget and cut back on expenses wherever possible. Your most immediate concern is to provide food and shelter for your family. Stop spending money on anything but the necessities.

Stop using credit. Contact your creditors to see if different payment arrangements can be made temporarily. For example, ask credit card companies to take less than the minimum payment or lower the interest rate.

If you have whole life insurance, check with your agent for any cash value or any low interest loan possibilities.

Make finding a job your new occupation. Tell everyone you know that you are looking for work and ask them for leads. Take a temporary job, perhaps one that allows for daytime job seeking, even if it's not what you want long term.

Consider this an opportunity to review your career choices and maybe look for a job in a different field. Take advantage of community resources that can provide assistance with necessities like food and utility bills.

Remember this is a temporary situation.

Back to Tough Times