Thanks to the volatile job market, many people are only a missed paycheck or two away from a financial emergency. Stockpiling a massive reserve fund isn’t an option for everyone, so it makes sense to develop a contingency plan for a monetary worst-case scenario.
MainStreet offers some advice:
*Lower your employment standards. If you lose your job and can stick around in your industry as a part-timer or freelancer, the opening might lead to more lucrative employment down the line.
*Search for income in places you never looked before. Selling items to scrape up enough cash to get by may be a viable alternative to credit cards. Amassing high-interest debt could come back to haunt you.
*Talk to a financial planner. It could be valuable to streamline your expenses and get a fix on your financial master plan.
What to Do When You Run Out of Money [MainStreet]