In todayís falling economy, layoffs are a very common phenomenon. If you are one of those unlucky ones who have been offered a pink slip without any fault of yours, there is no need to worry. Yes, lay offs can be a very disappointing experience but keep your head cool and act wisely. This will make you succeed.
First things first, try to have an idea of your savings and asset situation. If your employer is offering you some type of retirement savings program, donít hesitate to take it. The money that you contribute in the retirement savings account can be very useful in the long run. Having a good amount in your retirement fund can help you be financially stable even after you retire. Extend your retirement account as long as possible. Making early withdrawals from your 401 (k) or IRA account can make you liable to tax cuts.
After you judge your retirement savings, the next step is to see whether it is possible for you to sustain the pre-layoff retirement savings rate. Take a look at your expenses. If your expenses outweigh your savings, you need to cut down on them and contribute more to your savings. Also stop making use of credit cards and do not spend freely as you wish.
It is vital that you always take your lay off as just a temporary unemployment phase. Just have patience and you will surely find some better job offers once the market recovers. So itís better that you act with prudence and take your time.