Author of "Your Journey from Fired to Hired"

Budgeting After Being Fired

While it might seem like just one more change, if you've recently been fired the time to make changes to your budget is now!  Statistics tell us that the average person waits six months after experiencing a life event before they adjust their spending habits.  During this time, emergency savings are often depleted and credit card debt can rise to an unmanageable level.  David Hill, a nineteen year credit counseling veteran has identified four critical elements to minimize the effect that your job loss has on your financial picture:

1.  Develop a budget

2.  Reduce Discretionary Spending

3.  Do not assume new debt

4.  Seek Credit Counseling as needed

Sure it won’t be easy, but these changes are likely short-term.   Besides, without taking these steps you will likely still be “paying” for your period of unemployment long after you are back to work!

Resources:

“Your Journey from Fired to Hired”- Pages 35-36

 

 

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