What should you do when you are living paycheck-to-paycheck AND you have lost your job?
With over 70% of Americans living paycheck-to-paycheck, this is a great question to ask!
When you are living paycheck-to-paycheck, bills go past due THE VERY INSTANT you miss ONE paycheck.
So what should you do if you are in this situation? Below is a list of things that I would do IMMEDIATELY if I were living paycheck-to-paycheck and lost my job.
- PRAY!!! It really does work!
- Call every single creditor you owe and inform them of your situation. Humbly ask them to help you. Ask them if they would please lower the interest rate to 0%, charge no fees, and give you three months of no payments. Most of them will work with you!!! Communication person-to-person works so well!!!
- File for unemployment.
- Immediately cut out all non-essential expenses. Get rid of the cable, internet, home telephone (keep the cell phone), gym membership, etc.
- Get a job – ANY job! Obtain a job that earns something to help bridge the gap between full-time positions.
- Apply for a better job. Apply for new jobs on monster.com, linkedin.com, hotjobs.com, and the newspapers.
- Prepare a spending plan. Spend all of the money you do have on paper BEFORE you actually receive the money. In other words, start PLANNING your spending! Free tools are available by clicking on “Tools” at the top of the page!
By the way, if you are living paycheck-to-paycheck, but still have a job – consider yourself warned!!! You might be laid off TODAY! What would your family have to do if you lost your job TODAY? Why not make today THE DAY that you change your family’s entire financial future?