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What to do when you lose your job.

A lot of folks are losing their jobs, or at least some of their income. Here's a brief list of things to consider if this happens to you:


1) Do not panic; this is temporary.

2) File for unemployment. If you can't make at least half of what you were making, file. Just do it, there's no shame.

3) Look into Mortgage Deferral or Forbearance. If renting, speak with your landlord about their rent policies.

4) Find Health Insurance. Look into COBRA, the Federal Health Insurance Market Place, or my favorite, faith-based plans like Medi-Share.

5) Scrub your Budget. Get aggressive with it. The only things you must have are food, shelter, utilities and transportation. The rest is all negotiable.

6) Stop all debt reduction and investment activities. You are conserving all financial resources until your income is stable again.

7) Find alternative income. Sell some stuff, deliver pizzas – anything legal (and moral) to bring in a little extra to fill the void.


The name of the game is to reduce expenses as much as possible and maximize any income you still have. You need to stretch whatever money you have as long as possible.


If you were fortunate enough to have a 3–6-month emergency fund prior to losing your income; these actions may allow you to stretch it almost indefinitely.


If you don't currently have a 3-6 month emergency fund, it may be a good idea to speak with Three Points Financial Coaching to develop a plan to get there as soon as possible. www.threepointscoaching.com

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