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Talking aboutlayoffsis always a stress-provoking conversation.
Read below for more of their insights on how toprotect yourself financially against layoffs.
Setting up an emergency fund is the very first step in preparing a financial plan.
Invest in learning new skills or certifications relevant to your industry.
This not only enhances your job security but also opens up opportunities for career advancement.
Invest in continuing education or certifications relevant to your field.
Attend industry events, webinars and networking functions to connect with peers and potential employers.
refresh your LinkedIn profile and resume to highlight your skills and accomplishments.
Identify areas where you could reduce expenses and increase savings, Ashley explained.
She suggested tracking your spending habits to identify nonessential expenses that can be cut.
Negotiate lower rates for recurring bills such as utilities, insurance or subscriptions.
Allocate more funds towards your emergency savings and debt repayment, she said.
Shirshikov agreed that its crucial to review and reduce expenses.
Reducing discretionary spending and unnecessary costs can free up money that can be redirected intosavings or investments.
Protect Your Investments and Retirement Accounts
Ashley also recommended safeguarding your long-term financial goals amid short-term uncertainties.
Review your investment portfolio for diversification and risk management, she said.
Consider reallocating assets to safer options like bonds orstable dividend stocks.
Avoid making rash decisions driven by short-term market fluctuations.
Understand Your Severance Package and Benefits
Dont overlook any applicable severance options, Ashley said.
Maximize the benefits and financial support provided by your employer.
Familiarize yourself with your companysseverance policies and entitlements.
Review health insurance options and understand the timeline for coverage post-employment.
She equally recommended consulting with a financial advisor or HR professional to clarify any uncertainties.
Maintain Adequate Insurance Coverage
Protect yourself from unexpected expenses and liabilities, Ashley said.
Review your health, life and disability insurance policies to ensure they meet your current needs.
Consider umbrella liability insurance if you have significant assets or freelance work.
Similarly, she advocated evaluating the need for unemployment insurance or supplemental coverage where available.
tune up your CV and LinkedIn Profile
Enhance your resume and LinkedIn profile, Shirshikov said.
He suggested keeping these updated with your latest achievements and skills.
Stay Informed and Proactive
Anticipate changes in your industry and job market, Ashley explained.
Keep up to date with industry trends and economic forecasts.
data pipe withpeers and mentorsto stay informed about potential job opportunities.
Stay proactive in updating your skills and adapting to market demands.
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