Welcome to the latest series on JosephSangl.com – I Lost My Job – Now What?
In a time of increasing unemployment and job loss, I thought it might be helpful to write this series. It is my hope that it is a help to those who have experienced a job loss.
Part One – Prioritize. Prioritize. Prioritize.
When one loses their job and paycheck, all expenses must immediately be prioritized. Some might need to be reduced, and others need to be eliminated.
Let me be state some items that are WANTS. Cable/satellite TV, internet (YES!), cell phone, home phone, dining out, entertainment (the type that costs money), and clothes.
Let me be clear, I have met hundreds of people who have "tried to hold on" to items that were WANTS not NEEDS.
Here is my general order of priority for expenses:
- Food & Medicine (groceries – off brand/generics)
- Housing/Utilities (loan, insurance, taxes, utilities)
- Transportation (loan, insurance, taxes, gasoline)
- Secured debts (boat, motorcycle, four wheeler, furniture,etc)
- Unsecured debts (credit cards, student loans, etc.)
Take some time to put together a written spending plan. Once all of the expenses are itemized, prioritize them.