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  1. #1
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    Default What some good financial steps to take when you are getting laid off in a few months?

    I am getting laid off at the end of May or possibly sooner. What are some steps to take to ease the burden? This is the only income I have and jobs are tight in my area. The # 1 and # 3(the one I work for) are laying off people. My whole plant is shutting down. It is depressing so I am needing to prepare now.

    Thanks
    Cathy

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  3. #2
    Deal GURU
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    Default Re: What some good financial steps to take when you are getting laid off in a few mon

    Two of my son's have lost their jobs also! The economy is really going down hill! they had to sell their cars and move back home. Still looking but lately they've had a lot of interviews. You know it's bad when Wal-mart and McDonalds let you know they interview over 200 people for every opening they have! Here are some of the online place they are using and an article I had saved earlier this year. If you have a car you might deliver pizzas until you find another job. Several people had told us to try UPS but they are flooded with applications to throw those packages also. Times are hard don't be picky! My son's are thankfully still single so they are able to extend their search nation wide. Good luck to you! I sure hope you find something faster than my son's are! They've worked hard at odd jobs but that's all they can find.

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    8 ways to boost your income

    You've cut your spending, and you're still coming up short. Try these tips to bring in more cash.

    By Kiplinger's Personal Finance Magazine
    With credit drying up and the economy taking a dive, more Americans are leaning on their savings to make ends meet -- even after slashing their spending -- according to a survey by Country Financial, a group of insurance and financial-services companies.

    And the Americans who are relying the most heavily on their savings are young adults, with 58% of them tapping their reserves.

    This news is disconcerting because, let's face it, most Americans -- especially those of us just starting out -- don't have much savings in the first place. And tapping accounts such as 401(k)s and IRAs can have expensive consequences, from early-withdrawal penalties to diminished compounding returns (see "Don't borrow trouble").

    So what's a strapped person to do? First, if you haven't yet looked at ways to cut your spending, check out our bevy of ideas in "91 ways to save on almost everything." (Also, see "How to build your first budget.") Then, if you're still coming up short, before you raid your safety net of savings, consider adding to your income with these eight ideas:

    1. Sell your junk
    One man's trash is another man's treasure. And the Web makes it a cinch to hold a virtual garage sale. For instance, make a few hundred bucks by selling old textbooks on Amazon.com.

    Craigslist and eBay are other great sources for hawking your wares online, from old furniture and fitness equipment to collectibles and clothing. And with gold prices hovering near record highs, you could even sell your old jewelry.

    Reader tips: Ways to make extra cash

    You can also find buyers for your old tech gear to reuse or recycle. For instance, CellforCash.com pays up to $100 for used cell phones, depending on the model. And Hewlett-Packard offers a trade-in program that lets you swap your old computers and other tech gear for money, even if they're not made by HP. Before selling a computer or another gadget with sensitive personal information on it, wipe the memory clean. See Kiplinger's "What to do with your high-tech has-beens" for more info.

    2. Get a job
    This may mean getting a second job, or it may mean getting a first job to hold you over until the job market recovers and you can land your dream position.

    Retail, restaurant and customer-service jobs are prime targets. You can also search for part-time or short-term gigs on Craigslist for smaller income boosts. For instance, we found odd jobs such as stuffing envelopes for two days and helping out part time at a kennel during the holidays. (For more, see "Need an odd job? Give blood, watch " and "20 ways to make $100 more a month.")

    And if you're unemployed because you're waiting for the right opportunity, you can bide your time and still bring home a paycheck with a full- or part-time "steppingstone" job with an employer that offers good benefits.

    3. Sell your skills
    You may have a skill that someone else is willing to pay for. For instance, can you teach music, art or sewing? How about arranging a regular dog-walking or baby-sitting gig with a neighbor or family member?

    If you're academically minded, you could tutor students. You could also tutor if you know another language, or you could find a flexible translator position. Ask yourself what you do well and get creative.

    4. Rethink your rent
    If you're living alone, getting a roommate could boost your income (and cut some expenses in half). You might consider renting out other spaces, too, such as your garage for storage or your parking space for commuters, if you live close to public transportation.

    Another option to consider is apartment management. In exchange for maintaining an apartment building and dealing with residents, you could get discounted or free rent. You can usually find apartment-management opportunities among job listings.

    5. Claim unclaimed assets
    States are sitting on billions of dollars in unclaimed assets, including lost bank accounts, misplaced bonds and securities, dividend checks, uncollected utility deposits and unclaimed life insurance benefits, according to the National Association of Property Administrators. Check MissingMoney.com, a free site, to see whether any of the money belongs to you.

    To cast a wider net, go to UnclaimedAssets.com to learn where to look for billions of dollars' worth of unclaimed assets held by the federal government, including Social Security checks, tax refunds and pensions.

    6. Adjust your tax withholding
    If you received a tax refund last year and your financial situation hasn't changed much, too much tax is being withheld from your paycheck. Try our easy-to-use calculator to figure the correct number of allowances you can claim to boost your take-home pay. All you need to do is file a new Form W-4 (.pdf file) with your employer.

    You may also want to readjust your withholding allowances if you got married, had a child or bought a home in the past year.

    7. Get paid for stuff you do anyway
    You have to buy things -- groceries, gas, medicine and the like -- so why not buy them with a rebate credit card to get cash back in your pocket? (See "The 15 most rewarding credit cards.") Just make sure you pay off your balance each month so you don't accrue interest charges.

    You should also make sure you're getting as much out of your savings as you can. Don't park your cash in a traditional bank account earning pennies in interest. Instead, go with a high-yield online bank account. Most are paying in the 2% range nowadays. (See "Where to stash your cash now.")

    Plus, if you travel often for work, consider using your own credit card to purchase flights and submitting the expenses for reimbursement (if your employer can pay you back within 30 days so you won't have to pay interest). That way you can get more credit card rebate points on top of free frequent-flier miles for your own use.

    8. Hit up Mom and Dad
    Moving back home (if your parents are willing to take you in) for a short period is another way to put more money in your pocket to get through a tight spot. But what about asking Mom and Dad or a close friend to spot you some cash outright?

    You can boost your odds of getting the assistance you seek if you approach it like a business transaction. When you ask for the money, the next thing out of your mouth should be, "and here's how I'm going to pay it back." You could even offer to pay interest and set it up as a publicly administered loan though Virgin Money. (See "The right way to loan money to family members.")

    It also helps if this pitch is a rare instance -- say, to get you through a job loss, divorce, health crisis or other short-term money crunch. If you're constantly hitting up friends and family for money, you need to address the underlying cash-flow problem and fix it, or you may find yourself broke and friendless.

    If your friends or family say no, respect their decisions. Lending money may simply be outside their comfort levels. It doesn't mean they love you any less; it may just mean they don't want to risk straining your relationship. (See "Lending to a friend? Look out.")

    This article was reported and written by Erin Burt for Kiplinger's Personal Finance Magazine.

    Published Feb. 3, 2009

  4. #3
    Budget101 Done Digging
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    Default Re: What some good financial steps to take when you are getting laid off in a few mon

    I really do wish I could help but I just don't know what to do except pare down all your bills as much as you can. Phone, internet, cable TV, movies, eating out, shopping, anything that will take $ out of your pocket. Learn to cook from scratch & freeze excess. Plan menues using sale papers & coupons. Find food banks in your area and see if Angel Food Ministeries is available. Angel Food Ministries is for everyone, not just the people in need. Check with your State Agencies and see what steps you need to take and when to apply for medical assistance. You don't say if you are a one income family or how many of you there are or if you have savings to fall back on. Possibly the above mentioned tips won't be of any use to you.

  5. #4
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    Default Re: What some good financial steps to take when you are getting laid off in a few mon

    Thanks for the advice and good job sites. I am thinking about going back to school also. Ironically, the plant I work at supplies a lot of meat to the local food bank. I know everything will work out for the best.
    Cathy

  6. #5
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    Default Re: What some good financial steps to take when you are getting laid off in a few mon

    I to am having to look for another job. My job is also doing cut backs, a little birdy told me about the cut backs. So I'm looking now before this happens, I hope that your able to find something to keep you floating above water. I'm married, so that helps to have a two income family. Like Janice was saying, just do some cut backs at home to help save some money. We have food banks here, that I have had to go to a time or two when things have been tight. And the Angel Food Ministiers also helps. Just have to count every penny that you save and spend. Save all reciepts to see where you are spending and what you can do to cut back on certain things. I do wish you luck on your search. Hope all goes well for you.
    Tonia

    Wisdom is doing now what you will be happy with later on.

  7. #6
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    Default Re: What some good financial steps to take when you are getting laid off in a few mon

    Thanks for the advice on the Angel Food Ministeries. My husband has been out of work since Jan and our saving is just about out.

  8. #7
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    Default Re: What some good financial steps to take when you are getting laid off in a few mon

    JoAnn left you with some great tips and I totally agree with Janice.

    Here's my 2 cents. I lost my job 2 years ago due to a reduction in force and I started pairing down my bills....I really didn't know what I was paying for. I was able to reduce many of the bills by either combining services or elimnating them all together. I just started using Angel Food Ministries and wished I had years ago. Also, take a hard look at where ALL your money goes...write it down, it helps you to see where the pocket book leaks are. Try paying off your credit cards...but don't forget to pay yourself first (you will need some savings). My family now lives like we are on one income, which is good when my business is slow. Any money I make goes into savings and we are able to pay cash for any emergency. We just had our basement waterproofed and I cannot tell you how hard it was to write that check...LOL.

    I wish you the best!
    Jaime OH

  9. #8
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    Default Re: What some good financial steps to take when you are getting laid off in a few mon

    Keep your cash, and make minimum payments on your credit cards. If you pay off the cards, you may regret not having the needed cash later.
    Cathie, Homeschool Mom in TN

 

 
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