Getting your Finances in Order

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Getting your Finances in Order
Keep a Monthly Balance Sheet
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Anytime one is faced with sudden job loss, it is incredibly important to get your finances in order. You should already have a pretty good idea of what your monthly expenditures are, but if you do not, now would be a good time to start doing a monthly budget sheet. Since you will need to live on considerably less money and you have no idea how long your employment will last, making every dollar stretch just a little bit longer is a good idea. Here are some tips to help get your finances in order:

Before you do anything, spend some time assessing your own financial picture. Look at the bills you have due, when, and how much money you have in the bank and in cash. Now look for any money you might be able to tap into if needed, such as savings bonds, children's savings accounts (Putting food on the table and a roof over your head is more important than what you have saved for college, as you can always save when things turn around), whole life insurance policies you can borrow against or cash in, and loans others may owe you. Only consider taking money from your IRA as a LAST resort.