Take immediate charge of your financial situation

monthlyexpensesThe first step in your plan should be to realistically assess your monthly budget and find what you can cut and what you will likely have as incoming revenue. Here’s a list of what others have found to be helpful tips / tricks:

  1. Look over your monthly expenses and see what you can cut. If you are one of the 45% of Americans that don’t track a monthly budget, don’t despair – start with a Excel spreadsheet and lay out your expenses.
    • I immediately called Verizon and asked them to help me find a cheaper plan due to the layoff. The nice lady saved me $30 / month.
    • I called the cable company and found that I could save $40 / month by going with a new plan that got me faster internet speed (but no HBO).
  2. Do you have a mortgage? Call your bank and see if they can work with you on a different payment plan during your time of unemployment.
  3. Schedule Doctor’s appointments before your insurance runs out.
  4. Evaluate your monthly memberships – do you really need to continue the monthly massage membership? How about the wine of the month club? Can you forego the $50 / month gym membership and take your workouts outside? Cancel anything you deem is unnecessary.
  5. File for unemployment. Immediately. There is no shame in it. After all, you paid into the system.
  6. Carefully read any documentation you’ve been asked to sign before you sign it. If you have questions get a professional to look at it.

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