• What Is OWN?
    Watch the preview!
    GO
  • Money News
    Advice and tools to manage your money
    GO

Think You Might Get Laid Off?

By Jean Chatzky
How to keep your job
Photo: © 2009 Jupiterimages
Corporation

Is the rumor mill working overtime at your job? Do you think you could lose your job? Prepare yourself financially before you get fired, are laid off, or even see a pink slip.

Start Bolstering Your Emergency Cushion

Trust me, you'll thank yourself later for passing on that new pair of shoes and sticking the money in savings instead. Now's the time to start eliminating the extras you can do without.

But the fact of the matter is, most of us have already cut the fat in our budgets, so where do you find the money to build up a cushion of cash if you don't already have one? If you're sure you've exhausted other resources, it's okay to pull back on your retirement contributions for a bit and direct that money into a liquid savings account instead, says Nathan Dungan, founder of Share Save Spend.

What you don't want to do is tap into your retirement account after you've made the contributions, because with that kind of withdrawal comes taxes and fees.


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.