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!
“Your Journey from Fired to Hired”- Pages 35-36
- General Information:
- Locating a Credit Counselor Near You:
- "Choosing a Credit Counselor" - enter Keyword "Choosing Credit Counselor"
- US Department of Justice - List of Approved Credit Counseling Agencies - enter Keyword "Credit Counseling Agencies"
- National Foundation for Credit Counseling
- Association for Independent Credit Counseling Agencies