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8 Steps to Help You Survive Being Laid Off

By Jean Chatzky

2. Assess the Situation

Is your spouse still earning an income? Do you have an emergency fund? How much is in it and how long will it last? Do you have money in taxable accounts that could be liquidated? I'm not talking about your retirement accounts—if you tap into those early, you'll pay hefty fees and taxes—but other savings or investment accounts.

If you don't have money of your own readily available, you need to start thinking of other sources of inexpensive cash, like a home equity line of credit or a family member who might be willing to help you out.

What you don't want to do, if you can help it, is rely on credit cards, or even worse, credit card cash advances, many of which will charge you upwards of 18 or 20 percent in interest beginning on the day of the withdrawal.


Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc. and its affiliated companies and entities is not responsible for any losses, damages or claims that may result from your financial or legal decisions.