Laid Off: How to Cope

Surviving a layoff isn't easy from a financial standpoint–at least not for most people. Here are some tips for cutting expenses, meeting your financial obligations, and conducting a job search.

Learn to Distinguish Between Wants and Needs It's amazing how the small things add up. Do you really need that cup of coffee from Starbucks? Or is it a want? If you've lost your job, pay for those things that keep a roof over your head and food on the table first, and don't spend money on things that don't meet these needs. If you have a family, convene a family meeting to discuss needs and wants with your children. Together, form a strategic plan to meet your financial needs.

Track Your Expenditures Again, it's amazing how the small things add up. If you track where the money goes, it's easier to identify areas where you can cut back. Knowing where the money goes helps you control it better.

Identify Opportunities for Savings There are an abundance of web sites offering tips for saving money on everything from credit card interest to long distance. Some of these include:

http://www.ClarkHoward.com http://www.Troubleshooter.com http://www.Frugal-Moms.com http://www.TheFrugalLife.com http://www.frugalgazette.com/ http://www.frugalfamilynetwork.com/ http://www.livingfrugal.com/

Tighten Your Belt, Then Tighten it More Your goal is to find the level of spending that you can live with. Keep reviewing your expenses and hunting for ways to cut costs. Get your budget as low as you can stand it.

Do SOMETHING to Earn Money We're living in tough economic times, so you can't afford to be as choosy about the jobs you take as you would like. A year ago, the job market was a seller's market–companies had a hard time finding good talent. Now the market is flooded with good talent, and we're looking at a buyer's market. Companies and recruiters can be more choosy about who they interview and hire. If you can't land a permanent job in the near future, consider temp work (even if it's at one-half or one-third of your previous salary). Employers and recruiters look more favorably on someone who's currently employed in ANY capacity, even a temporary one.

Encourage Your Kids to Contribute If you have teenagers above the legal work age, encourage them to get part-time jobs. Even if they only manage to cover their spending money, they've still taken some of the burden off you. Now is not the time for them to be selfish, or for you to worry that such work will have a negative impact on them. Kids learn responsibility by accepting it, not just from lecture or example. Getting a job will benefit them in the long run. Each family member needs to do their part to help the family survive. That's what families are for–to help each other through the tough times.

Don't be Casual About Your Job Search Don't rely on Monster.com to get you a job. Career experts agree that 80% of available jobs are identified through networking. A successful job search incorporates networking, newspaper ads, the Internet, and any other available resources. Looking for a job is literally a full-time job.