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8 Steps to Help You Survive Being Laid Off

By Jean Chatzky

3. Look at Your Spending

Get a good sense of where your money is going. To do that, go over the last month or two of your bank statements, looking at how much you spend on fixed expenses like the mortgage, the car, and the utilities, and how much you spend on extras like restaurants and entertainment. Use this worksheet to keep track. PDF

Once you know where your money has been going, you can figure out where to cut back. The restaurants and entertainment, for instance, go. The coffee shop, the new clothes, and the spontaneous trips to the mall or bookstore do too. And depending on your expenses, other things may need to be cut as well, including your cable (but not your Internet—you'll need it to search for jobs and send out resumes).

What stays? The fixed expenses, plus prescriptions, groceries, and other necessities.


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.