Released: November 18, 2008

10 tips how to prepare for a layoff

Source: Laura T. Coffey, Today show (MSNBC)

The numbers are grim enough to make anyone wince. Last month the unemployment rate in the United States reached 6.5 percent, its highest level in 14 years. Even worse, many economists are predicting that the jobless rate will climb all the way to 8 percent in 2009.

At times like this, it’s important to take charge of your situation while you still have a job and a steady paycheck. The following tips can help you do just that.

1. Create an emergency fund. Make it your top priority to set aside enough money to cover your basic living expenses for three to six months. This should give you the ability to pay your rent or mortgage, buy food and repay debts during a bout of unemployment. Consider socking this money away in an online-only, high-yield money market account or a short-term certificate of deposit.

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