1. Don’t bury your head in the sand

As difficult as it may be to force yourself to get an overview of your financial situation, especially if you’re up to your neck in debt, you really need to get down to business and start reviewing. Look at details like the interest rates you’re paying and if you can get a better deal, if there are 0% balance transfer options you can move to, or if you can refinance or consolidate debt. If you think your work may be ending, before you do is the best time to do it!

2. Start trimming

Review your bank statements, make a list of all your expenses, and then see what you can reduce. Decide what it is that you can do without and then eliminate it. If you feel like you can’t, see what you can trade in … try DVDs / movies online instead of going to the movies, find cheaper places to buy your coffee to go and try to reduce how often you have them, prepare to cook or Meals prepared at the supermarket instead of buying takeout from the restaurant. You will find that small savings add up.

3. Think before you buy

Before making a purchase, think about whether you really need what you are buying. If so, have you shopped around to see that you are getting the best deal? And when you feel pressured by a salesperson, consider what’s worse: being out of pocket or just saying you’re not interested at the moment. Make a conscious effort to be more aware of where your money is going.

4. Think about your daily commute

Check how much you spend on fuel, due to maintenance, taxes, etc. and / or public transport. Look at all the areas where you could save … Can you use public transport more often, share the elevator, get a less fuel efficient car, get a better car, etc.? The best time to check the latter is while you are still employed …

5. Know your options and rights

Make an effort to start learning more about the benefits at work you are entitled to … Check if you can access training budgets, time off for training, any insurance that covers you for job loss, etc., and find out the details to see if they might apply to you. Also see if your employer offers any benefits regarding medical, dental, and other coverage. Take advantage of these while you’re employed, as these copays can often be cheaper than paying full price for services that cannot be accessed for free thereafter.

The fear and uncertainty surrounding job loss, even if it is imminent, is terrible … but being aware of your own situation, planning and taking action will help you feel more in control. There is often not much you can do to lose your job and, in most cases, it is not your fault … so if you find yourself in this situation, remember that there are aspects that you can control. Try to stay positive, see it as an opportunity, take control of what you can, and try to find as many resources and expertise that can be the most supportive in your development and job search. I wish you the best of luck … here is a wonderful new beginning!