Posted: 17 Apr 2009 05:00 AM PDT
In December, I shared a guest post that provided 10 essential steps to take before you're laid off. But what if it's too late? What if you've already lost your job? In this economy, more and more people are facing that situation, including long-time GRS reader Allen. He writes:
I'm a fan of education, and I applaud Allen for considering this route. But I think he needs to be cautious of new debt while doing his best to manage the debt he currently has. If he's already living a frugal lifestyle, there's not going to be much room for him to cut further expenses. (Can he give up the car?) That means his top priority has to be generating additional cash.
For now, I believe Allen should do what he can to bring in some sort of income — any income. Pick up a short-term job, even if it seems like a dead-end, but don't let it become permanent. Better yet, seek help through a temporary agency. (When I was working at the box factory, we often found great future employees through temp agencies.) But I've never faced this situation before, so this purely theoretical advice seems inadequate.
Have you been laid off? How did you handle it? Do you have general advice for Allen's situation, and for others who might have lost their jobs? What about his specific questions? How do you cope with a layoff when you already live frugally, and when you still have debts to pay?
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