"10 ways to survive a lost Job"

The economy has taken a nose dive in recent months, and it's taken more than a few jobs with it.The unemployment rate for December was pegged at 7.6 percent by the Bureau of Labor Statistics, which says 3.6 million jobs have been lost since the start of the recession.
And many experts feel the situation will get worse before it gets better. If you've recently lost your job, it's time to get your finances in order. Here are a few tips from to help you address your financial obligations and keep your credit score intact while you work to get back on your feet.


1. Don't burn bridges.
It's tempting to take out your frustration on your boss, but he is likely to be a reference for your next job or may even have a budget to hire you for part-time contract work.

2. Take stock
When you've lost your job, it's more important than ever to have a handle on your finances. Tally up your monthly expenses and create a survival budget to get a sense of how long your savings can keep you afloat. If you've been a diligent saver and have investments that won't be hard to liquidate, you may find that you have more time to find a job than you thought.

3. Apply for government benefits
It can feel embarrassing to head to the unemployment office if you've been laid off or fired. But don't delay, says Roberta Matuson, president of Human Resource Solutions. "You've worked for it and you've earned it". "Apply right away, because it will take time to get processed."

4. Cut back
This may seem obvious, but look for hidden expenses you may be able to eliminate. Consider dropping or reducing your cable, movie subscriptions and cell phone minutes. "That doesn't mean that you can't give yourself occasional permission to spend, "but make sure you're making those decisions consciously."

5. Prioritize your bills
It's never wise to let bills go unpaid, but if you're in a money crunch, make sure you know which ones to pay first. "If your creditor is happy but your electricity's been cut off, you've paid backward,". Creditors are persistent, but your five major priorities should be your rent or mortgage, utility bills, food, insurance and medicine.

6. Come up with a weekly cash
flow plan It's not difficult to come up with a monthly budget just tally up your fixed costs like mortgage and utility bills, and make some estimates about your discretionary spending. Unfortunately, it's easy to forget over the course of the month how you actually spend your money. You'll benefit by dividing your budget into weekly increments. "If you can control your budget, you can do so much more with your money". "It's much easier to do on a weekly basis."

7. Consider alternative health care options
COBRA is an easy but expensive option to retain your health care coverage after your last day of work. If you're relatively healthy and don't have chronic conditions, a bare-bones major medical plan may help you save money while still protecting you from catastrophic emergencies. The Web sites Insureme.com , Ehealthinsurance.com and Insurance.com offer good options.

8. Call your creditors
It may seem counterintuitive to let your creditors know you've lost your job, you're more likely to be able to cut a deal that way. "It helps to be proactive". The creditor may be willing to discuss some type of minimum payment. They're likely to be much more reasonable with you if you tell them upfront, rather than waiting for them to contact you after you've missed a payment."

9. Network wisely
Get in touch with people who may be able to offer help. "Ask for 10 minutes of their time -- and stick to the 10 minutes," she says. "Have a resume ready."

10. Don't pay off your debt
People often are eager to pay off their debts and close the accounts because of the psychological weight they carry when you're not bringing in any income. It's the wrong strategy. "Your ability to get lines of credit is compromised when you don't have a job," he says. "If you end up needing money, you won't be able to get a new loan."