By David Uffington
King Features Syndicate
The National Foundation for Credit Counseling recently issued a newsletter with steps to take to prepare for possible job loss. Here are some ideas:
• Don't be caught off guard. Pay attention at work to any rumors of layoffs or closings.
• Do your best work. Come in early and stay late. Say yes to special projects.
• Polish your resume, especially if you've been on the same job for a long time. Spend the money to have a professional update it to highlight your most marketable skills.
• Find out now what your company will offer for job retraining, placement help and severance packages.
• Learn about government benefits and stay current on changes to those.
• Take care of medical and dental issues now, while you have medical coverage. Learn about COBRA, and consider whether you can sign up on your spouse's coverage.
• Know how much you spend per month, make a budget and pinpoint areas where you can decrease spending. Cut down now and put the money away in savings. It's suggested that you also add 10 percent of your current income to savings.
• Pull your credit report now and have any errors fixed. If you apply for a job where a credit report is likely to be checked, a report that's error-free is better than one that contains errors about old debt.
• Pay down your debts while you have the income to do so. If you lose your job and fall behind on any payments, it will be much harder to climb out of that hole later when you're re-employed. Deal with the debt now and you'll only have to worry about everyday expenses.
There's one thing not on the list from NFCC, and it's this: Stock up on a reasonable amount of nonperishable foods and other household items now. Canned fruit, vegetables and meat, as well as box dinners such as macaroni and cheese will come in handy if you lose your income. You'll be able to conserve every dollar you have if you don't have to continually shop and spend. Add in personal-care items like soap, deodorant, toothpaste and laundry detergent. If you're interviewing for jobs, you'll need to look your best: clean and well-fed.
For more help, go to www.nfcc.org, scroll down and click Consumer Tools.