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How to Prepare for a Layoff

If you think your company might lay you off, take these steps to prepare


Get Organized

businesswoman seated at conference table in office
Thomas Barwick/Iconica/Getty Images

You can’t assess what a layoff will do to your financial situation if you don’t know what your financial situation is, so now’s the time to conduct a thorough review of your finances and get them in order by setting financial goals, tracking your spending, creating a budget, and determining your net worth.

Start an Emergency Fund

If you’ve been meaning to set aside three to six months living expenses, but still haven’t gotten around to it, now’s the time to play catch up. Open a money market account or a high-yield savings account, and get that emergency fund going post haste.

Cut Your Spending

Find ways to spend less on necessary purchases and delay all unnecessary purchases until you feel the layoff risk has passed:

Create a Bare-Bones Budget

Make a list of your necessary expenses, and total them to determine how much money you really need to survive.

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