Steps to take when dealing with unexpected job loss

The loss of a job is one of the most stressful events during our lives. Many Americans are dealing with job loss during these tough times. Here are some steps to take if you are dealing with an unexpected job loss:

• Figure out how much money will be going out and how much will be coming in (in other words, list out all of your expenses, rent/mortgage, utilities, car payment, etc. Then list out the money that will be coming in, such as any severance packages, unemployment payments, or spousal support).
• Consider canceling any non-essential recurring payments 
• Create a budget 
• Use your emergency funds (If you have been saving for a rainy day, now may be a good time to use these funds. When you have an income again, you can replenish these funds.)
• Don’t be afraid to ask for help (contact your creditors to discuss your options).

For additional information on the steps to take in the event of a job loss click HERE