Tuesday, November 18, 2008

I WAS JUST LAIDED OFF, AM I PREPARED?



I know that it has been sometime between blog posts. Therefore, I want to apologize to my readers. Unfortunately, the state of the economy in Illinois has effected me directly!!! I was just laid-off. Before, I was laid-off, I was going to write a post on how to prepare if this happened to you. However, it turns out that I am writing to make sure that I have taken the necessary steps to prepare for this horrid turn of events right before the holidays. The steps that I would tell you is as follows:

1. Create an emergency fund.
I have a small pot that will be to pay some bills that will last me some months. However, it is not enough. I want to encourage those that have employment to set aside enough money to cover three to six months of your basic living expenses.

2. Start Slashing Your Spending
I was so closed to going nuts for the holidays and unfortunately I lost my job just before Thanksgiving!!! If there are expenses that you normally spend during this time such as, movies, cd's, fast food, then I urge you to think about it and save. You may think that the number 1 at McDonald's, Wendy's, or Sonic will not hurt you, but I assure you that it will.

3. Use Credit Cards with Great Caution
Personally, I do not use credit cards at all. However, in the state of this economy you can never be so sure that a layoff is coming. Therefore, it is important that you pay extra attention to your credit. Pay attention to those hidden interest rates and hidden expenses. Also, take advantage of getting your credit report for free at www.annualcreditreport.com. I also urge everyone to put a credit alert on all of your credit reports. This is the time of year that there is normally an increase in identity theft.

4. Avoid PayDay Loans
I know that it is very alluring to think that there are places the will loan you money and you can pay them back during payday. I know from personal experience that it is too good to be true. For instance, a long time ago I got a payday loan from this company that shall remain nameless (e-mail me if you want the name) and got a loan for $300.00. Unfortunately, I did not know that I had to pay an additional $200.00 in interest!!!

5. Network!!! Network!!! Network!!!
I never expected to get laid off today. However, I have always made sure that I had plenty of copies of my resume and that it remained updated. Therefore, I am encouraging everyone to do the same and network with each other, whether it is via blogging or a social media forum. Do not wait until it is too late to network. Always have a back up plan!!! (Speaking of which, if there is anyone who knows of good (clerical/administrative) employment, please e-mail me. I will forward you my resume.)

I guess after writing this blog, I am not truly prepared. I am perhaps partially prepared. However, is being partially prepared for the personal effects of the economy crisis enough? This is definitely not the Thanksgiving that I was hoping for, however, I am thank you for my readers and me even being alive to blog about being alive:) I am also grateful that a majority of Americans went out and voted for there American dream... We did it.

If you have any information regarding any employment, please forward me an e-mail so that I can develop a post particularly for people living in the Midwest area. Also, post your comments and show support by blogrolling and following this blog. Happy Holidays!!!