None of us wants to admit that there might be a time when there is a sudden loss of income. A job loss or disability can be devastating. However, if you prepare before something like this happens, you will have a sense of security even at this uncertain time.
Get disability insurance.
How would you provide for your family if one of the two family breadwinners was injured? Or what if the sole provider for your family was not able to go to work? If you are relatively healthy, disability insurance can be quite inexpensive. Of course this depends on your job. Office jobs, for instance are less expensive to insure than construction or other manual-labor type jobs. It is important that your family has money to live on if there is a disability. Read this article for some information about different types of disability insurance.
Save money.
The advice to have money set aside for a rainy day has been repeated over and over. Do you know why? Because it’s important! It generally takes months to find a new job, and you really need to have money set aside to cover your expenses while you have no income.
Store food.
Storing a few months or a year’s supply of food can be extremely useful in the event of a job loss. Imagine having the comfort of knowing that your family has plenty to eat even in this unpredictable time. Check out this article for other reasons to store food.
Keep learning.
Make sure that your knowledge and skills are diversified. There is nothing worse than losing a niche job and realizing that you are not qualified to work in many other positions.
Stay-at-home moms should be prepared too.
In the event that the sole provider is unable to work, a parent who stays home with the children should be prepared with a plan for how to provide for the family if necessary. Check back for the next article, “When a Stay-at-Home Mom Must Go to Work.”
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Five Tips to Prepare for Job Loss