If you suddenly lose your job, you’ll need to stop spending immediately and take the time to assess your financial position — unless you do it ahead of time.
Take the time now to position yourself so you spend as little cash as possible for at least a month after losing your income. This will give you time to think and get a handle on your situation.
Here are some ideas:
• Food is on the list of must-have items. Stock up on sale items with a long shelf life, such as canned vegetables, fruits, stews and meats. Drink mixes, powdered milk and boxed side dishes like macaroni and cheese need only to have water added. Keep track of expiration dates if you keep the food longer than a month. Use them up before expiration, and replace as you go.
• Put aside essentials like toothpaste, bath soap, deodorant, laundry detergent and a few cans of oil for the car. Add in a new oil filter if you’re in a position to be able to change the oil yourself.
• Utilities such as electricity, water and telephone — can you pay ahead by a few months?
Other things to do now:
• Know within $10 just how much money you actually need to survive each month.
• Update your resume. Get books from the library about how to create a good resume.
• Check into networking groups in your area, and join one.
• Make a list of social-services phone numbers, including local food pantries and meal centers. Know where and how you’ll apply for unemployment benefits.
• If you don’t have a computer, learn to use the ones at the library. You’ll need them for your job hunt later.
• Build up as much of an emergency fund as you can. Ideally you’ll have three to six months of salary banked for each wage earner in the household. If that sounds impossible, think about being down to your last $5. If worst comes to worst, what will you spend it on? Food ... or gas for the car to get to a job interview? Every dollar in your fund will count.
• Find out how much unemployment pays in your area. That extra money will help stretch your emergency money.
Uffington does not personally answer reader questions, but will incorporate them into his column whenever possible. Write to him in care of King Features Weekly Service, P.O. Box 536475, Orlando, FL 32853-6475, or send e-mail to columnreply@gmail.com.
Take the time now to position yourself so you spend as little cash as possible for at least a month after losing your income. This will give you time to think and get a handle on your situation.
Here are some ideas:
• Food is on the list of must-have items. Stock up on sale items with a long shelf life, such as canned vegetables, fruits, stews and meats. Drink mixes, powdered milk and boxed side dishes like macaroni and cheese need only to have water added. Keep track of expiration dates if you keep the food longer than a month. Use them up before expiration, and replace as you go.
• Put aside essentials like toothpaste, bath soap, deodorant, laundry detergent and a few cans of oil for the car. Add in a new oil filter if you’re in a position to be able to change the oil yourself.
• Utilities such as electricity, water and telephone — can you pay ahead by a few months?
Other things to do now:
• Know within $10 just how much money you actually need to survive each month.
• Update your resume. Get books from the library about how to create a good resume.
• Check into networking groups in your area, and join one.
• Make a list of social-services phone numbers, including local food pantries and meal centers. Know where and how you’ll apply for unemployment benefits.
• If you don’t have a computer, learn to use the ones at the library. You’ll need them for your job hunt later.
• Build up as much of an emergency fund as you can. Ideally you’ll have three to six months of salary banked for each wage earner in the household. If that sounds impossible, think about being down to your last $5. If worst comes to worst, what will you spend it on? Food ... or gas for the car to get to a job interview? Every dollar in your fund will count.
• Find out how much unemployment pays in your area. That extra money will help stretch your emergency money.
Uffington does not personally answer reader questions, but will incorporate them into his column whenever possible. Write to him in care of King Features Weekly Service, P.O. Box 536475, Orlando, FL 32853-6475, or send e-mail to columnreply@gmail.com.