What to Do if You're Concerned You Might Be Laid Off
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Loading... - Valeria Nina
- 08 Mar 2023
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The job market in the U.S. remains strong overall, but recent high-profile layoffs at technology and media companies and predictions of a recession later this year may have you thinking about job security.
If you're worried you could be laid off — or if you've lost your job — here are recommendations from experts: IF YOU ARE CONCERNED YOU MAY BE LAID OFF
START SAVING
It's crucial to start building an emergency fund even when you feel secure at your job but especially if you think you might lose it. You might not be able to save enough to cover the whole time you'll be out of work, but even a small amount can reduce your stress.
When you start thinking about saving, Jesse Mecham, founder of the money management app YNAB, recommends that you ask yourself this question: What do I want my money to do?
Maybe a year ago, you wanted to save for a large trip abroad, while now you want to have money in case you are out of work for six months.
People "would have a very different answer now than they might have had a year ago when they thought that their job was extremely secure,” Mecham said. Read More..
