Laid off. Living paycheck-to-paycheck. What should you do?

With over 70% of Americans living paycheck-to-paycheck, this situation happens more often than you might imagine!

You see, when you are living paycheck-to-paycheck, bills go past due THE INSTANT that you miss ONE paycheck.

So what should you do if you encounter this situation?   I have prepared 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.
  • Go get a job that earns something to help bridge the gap between full-time positions.
  • Apply for new jobs on,, and the newspapers.
  • Spend all of your money 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!!!  TODAY it might happen to you.  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?

Looking for additional Personal Finance Resources?  You can obtain free tools by clicking HERE and purchase books/materials by clicking HERE.

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1 Comment

  1. Moneymonk on July 19, 2007 at 8:51 am

    You forgot: Donate blood. just kidding, or am I?

    Sometimes you have to hit rock bottom to know not to do it again.

    This is another reason why you should strive to have an emergency cash cushion or keep a simple lifestyle. Regardless of how much my income increases we ten to keep the same lifestyle. The only thing we need is a house, food, electric, water and gas. Those bills are constant. As for the rest it’s an added bonus.

    When you have a emergency fund and/or debt-free, you do not have to worry about calling any creditors. The less stress you have.

    “if you are living paycheck-to-paycheck, but still have a job – consider yourself warned!!! ”

    I agree. If you have debt and barely making ends meet. Concentrate on making more money or cutting your lifestyle.

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