Echo

Number three, we've got to reassess our discretionary spending.

What are your recurring charges that just no longer need to be on your budget?

So subscriptions that are unnecessary, even like automatic investments into your retirement accounts.

I think all that stuff needs to be put on pause.

Right now, you need to just hoard cash because you don't know what, you know, it's going to take for you to get another job.

Number four, make a plan for your debts.

Start having some conversations with your creditors to help them understand like, hey guys, my financial situation is changing.

Work with me.

There's a lot of opportunities for you to negotiate with the credit card companies to potentially lower your balance.

You could talk to a debt management or a debt settlement company if you're having a hard time keeping up with your debt.

There may be opportunities for you to restructure your student loans, maybe extend the payment periods, maybe lower your monthly payment amount and even potentially lower your interest rate.

So what I care about is you having the ability to keep your roof over your head.

So I say pay your mortgage, pay your car, and then everything else can really fall down the priority list.

I would recommend taking a look at the unemployment options in your state.

And then you also want to understand what is the potential severance package that you're going to get?

How is that going to play in?

Are you going to get paid out for that PTO that you haven't used?

Or should you just use it because you're not going to get money for it?

start looking up what COBRA means because a lot of people get that letter in the mail and they're like, what is COBRA?

And so that's how you can retain your healthcare coverage for up to 18 months after you get laid off.