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Preparing For Possible Unemployment: Part Two

According to a CNN/Opinion Research Corp. survey, worries about unemployment have tripled over the past year. Here are a few more tips from the NFCC to help you plan ahead for potential unemployment.

  • Address any current medical issues and research medical insurance options. If you’re been delaying having that tooth filled or your annual checkup, be sure to take advantage of insurance coverage while you still have it. The loss of medical insurance can be devastating. If you’re married, you may be able to be covered by your spouse’s insurance, but knowing this in advance will make the transition easier. Also inquire about COBRA. This is a costly option, but is better than going without health insurance.
  •  Track your spending. The only way you can know where your hard-earned money is going is to write down every cent you spend. Do this for at least 30 days. The goal is to discover any leaks and plug them so that you can begin socking money away for the time when you may not have it.
  • Have adequate savings. Americans should ask themselves how they paid for their last emergency. If it was with a credit card, that’s a red flag. Begin putting at least 10 percent of each paycheck into a savings account. If you receive any windfall money, pretend it never happened and deposit it into your savings account.
  • Create a budget. Budget is not a four-letter word. If it helps, call it a spending plan. The point is to be in charge of your money, not the other way around. After you’ve tracked your spending, you’ll be able to assign dollar amounts to each spending category. This results in using your money to your best advantage
  • Involve your family. Make all financial decisions family decisions, and your likelihood of success will increase dramatically. Talk about everything from the bills to the budget. The home is a great place to teach your children about financial issues, including the inevitable problems. Remembering when Mom and Dad worked through the hard times will be a nice cushion when it’s their turn.

If you need financial help, find an NFCC Member Agency closest to you by dialing (800) 388-2227, or go online to www.DebtAdvice.org. For assistance in Spanish, dial (800) 682-9832.

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