Layoff Prep: Some Personal Thoughts

Again, I'm no financial professional, but here are some of my own thoughts and strategies for surviving and preparing for a layoff.

1. Insurance:

• If you're laid off, do you know what your COBRA rates would be?
• Have you looked at other sources of health insurance policies? A good place to start is ehealthinsurance.com
• If you have kids, they might be covered by CHIP here in Texas. There are eligibility requirements that I can't quite figure out (think income), but you should investigate.
• Do you have a supplemental life insurance policy through your job? Is it portable? Check with your HR department and be sure to fill out the required paperwork if you lose your job.
• I plan to investigate other sources of disability insurance as well, as that is a huge benefit to lose if laid off. Oy.

2. Savings:

• If you still have a job, try to sock away as much as possible in the highest yield savings account you can find. [again, see disclaimer]
• My local bank offers a pitiful rate on savings account, but I have an online account (ING) that does much better. Just make sure wherever you put your money is FDIC insured!
• Research bank accounts here.
• Sources of cash to beef up your account: sell stuff you no longer need on Craigslist; have a garage sale; shop for groceries with a list [and coupons!] and eat at home more; bring your lunch to work; cut services you don't need
• Still have a phone? Try making these 5 phone calls that can save you cash.

3. Stock up.

• Besides money, stock up on household, beauty and non-perishable food items. Stack coupons and store sales for big savings [more on this to come]; buy in bulk when you come across a good deal.
• On a few shelves in my garage, I currently have enough deodorant, shampoo, toothpaste, dish soap and body wash to last my family a year. Yes, Mike has always referred to me as "Depression Era". That's nice.
• Think pasta, tuna, cereal, oatmeal, canned goods, etc. Just be sure to keep track of the expiration dates.
• TIP: not going to use something by the expiration date? Donate it to your local food bank! More families are in need and could put that food to good use. An added bonus of being thrifty is having enough to help others.

4. Network. Now.

• Lots of closed-door meetings at your company? Sense of impending doom? Dust off that resume and get it updated. Now.
• Then start sending it out.
• Use Facebook and LinkedIn to get in touch with prospective professional contacts.
• Get in touch with a headhunter or recruiter.
• Be discreet, but tell trusted friends that you are looking for a job. You never know who they know or what opportunities they hear about...

Nothing revolutionary here, but hopefully some ideas to get you going.