Loss of a Job

If necessary, cut expenses to the bone. Give up the third car for the kids, skip eating out and stop buying the expensive, gourmet coffees each week. Without blinking an eye, you should be able to cut your monthly expenses by at least 10-15% - and that adds up after a while.

Employers are required by law to pay unemployment tax. You've earned it. Visit your state's unemployment office, listed in the blue pages of the telephone book, to register and start collecting those weekly checks 'til you're gainfully employed again.

Get the word out - tell your friends, brother-in-law and the guy at the deli that you're back in the job market. And be sure to let your old competitors that you're now free to join them. They might be very interested in your ideas.

Unless you have terrific writing skills and an eye for detail, use a professional resume preparation service to create your resume. These pros know how to present your strong points in the best light. A professionally done resume should cost you between $100 and $200 depending on where you live.

The Internet has changed the way employers look for employees. In fact, many large companies use the Internet exclusively to screen applicants, so log on and connect up with your next employer. Here are links to two of the biggest sites on the Net: Monster.com and Career Builder.com.

Register with several different employment agencies. Meet with a counselor (think of it as a practice job interview), make a good impression and get them looking for you, too. A word of caution: never pay an employment agency for their services. The employer should always pay.

If you lose your job, and your company has more than 20 employees, you should be entitled to extend your old job's health insurance for up to 18 months under COBRA laws. However, since you'll be picking up the tab, you should comparison shop to find out if there is a cheaper alternative. Also, consider a higher deductible, because this insurance is only meant to tide you over until you find another job. One site where you can compare rates is ehealthinsurance.com.

Hold a family meeting and give the kids the news of your job loss. It may cause some anxiety, but less than not knowing the whole story. Ask each family member to make sacrifices and contribute as you work through this family problem, and let all family members know that some serious belt tightening will be required by everyone.

The average worker will have 5.5 jobs in his or her working life, and today, changing jobs is pretty much the norm. If you get laid off, get to work the next day. Set up a home "office" (it can be the dining room table) and make finding a new job your job for today.