Layoff Tips for Two Income Families

Job layoffs are increasing all across the country. They are becoming a common occurrence. Unfortunately, this may mean you are soon impacted, if you haven't been already. If your household was previously a two-income family, you are in a unique position. Yes, you will need to cut expenses. You will get unemployment and possibly a severance package; however, these do not last forever and their amounts are smaller than your last paycheck. It is less money than you are used to having. So, how can you make the adjustment and survive a layoff when transitioning from a two-income household down to one?

Most importantly, do not panic. Your husband or wife has income coming in too. This may not be what you wanted to hear, but consider yourself lucky. Many families have one parent staying home with the kids. They are now reduced to no steady income. A single person is now left to, literally, fend for themselves. Once again, you need to make a few changes, but that one remaining income should keep food on the table and pay necessary bills. As stressful and depressing as getting laid off is, remember you will receive unemployment for a time and you have an additional income to fallback on.

Determine how much money you have available to spend each month. Even with unemployment, your weekly checks will be less than before. Determine how much less. Take your husband or wife's income and add it to your weekly unemployment benefits. How much money does your family have each month? This is important. You cannot live within your means if you don't know what those means are. Luckily, this step is easy and should take you no more than 15 minutes.

Reduce your expenses. You now know your monthly income. This is how much money you have to survive each month. In terms of reducing expenses, take everything you don't need to survive, like television, internet, or a morning cup of coffee at Starbucks. Unless on a very tight budget, you don't need to go without. First, try cutting back. Look at your phone package. How many long distance calls do you make each month? If just one or two, eliminate long-distance and use your cell phone to make those calls. In fact, can your cell phone replace your landline phone? Do the same with internet and television. Look for cheaper alternatives.

Reduce the cost of food. This could easily fall into the category of cutting expenses, but there are so many money saving tips it deserves it own section. To get started, make sure you are shopping at the right stores. Take an afternoon to look at nearby stores; browse their products and prices. The grocery store you shopped at for years may not have the best prices in town. Cut your shopping down to once or twice a week to avoid impulse purchases. Most importantly, use coupons. They appear in most Saturday and Sunday newspapers. You can also use online coupon websites. Perform a standard internet search to find product websites and look for coupons posted.

If you are a parent, you likely had children in daycare. Whether it was all daycare or before and after school only, pull them out. Most daycare contracts have special exceptions for termination of service with job loss. Depending on where you live, this could save anywhere from $100 to $300 a week! When you start looking for a new job, find a part-time babysitter or rely on friends and family to watch your kids while you attend job interviews.

Only use your savings in the event of an emergency. As shown above, there are many ways that you can survive a layoff when still having another full-time, working income to rely on. Start implementing these steps the moment you are laid off from work. One mistake many unemployed workers make is spending their savings right away. If you saved money over the years, you may have anywhere from $2,000 to $20,000 stashed away. Yes, a layoff is considered an emergency, but with the poor job market, there are no guarantees when you will find a new job. Don't deplete your savings when there are other alternatives.

How to Raise Extra Cash After a Job Layoff

Did you just get laid off from your job? If so, you are likely to receive a severance package and unemployment benefits. Unfortunately, they do not last forever and rarely come close to what you were making before. For that reason, you may stress about your current financial situation. You may want raise extra cash and quick. Luckily, you have many options.

So, how can you raise extra money after being laid off from your job?

Host a yard sale. We all have items inside our homes that we no longer want, need, or use. Just glance around your living room and you could likely find at least 5 things to sell, like an extra chair, an unused picture frame, and old movies. These items are doing nothing but collecting dust. Why not try to sell them and raise a few extra dollars. In the summer months, host a yard sale. Advertise your yard sale online and in local newspapers. Price your items fairly and watch them sell. It all depends on your prices and what you have available to sell, but you could easily raise an extra $100 or $200 by holding a yard sale.

Sell on eBay. As previously stated, a yard sale is a great way to raise extra money after being laid off from work. Unfortunately, yard sales aren't for everyone. You may need money now, in the middle of winter, or you may live in an apartment complex that prohibits yard sales. A good alternative is to sell on eBay. If you aren't already a website member, create a free account. You are charged seller fees, but if you have quality items to sell, you should make money. Take pictures of your items and follow their step-by-step guide for creating a listing. Most eBay auctions last 7 days. If your items sell, you will get your money fairly quickly.

Sell on Craigslist. Have you heard of Craigslist.org? If not, visit the website and look around. It is a free online classified website. Although it does not reach as many people as eBay, it is free and you deal with local buyers. There is no worrying about shipping a product or paying the extra costs if you charged too little. Find your closest local city and list what you have available for sale. Set a fair selling price, including pictures, and write a detailed description. Interested local buyers can contact you by phone, email, or the website.

Collect your spare change. In the past, you may never given pennies, nickels, or even dimes another thought. After all, they are more of a pain that anything else. But now? They can help you raise extra cash. If you have a change jar, you are already off to a good start. If not, start looking around your home and in your car. You may be surprised where you find coins lying around. Fill a jar and take it to the bank. Avoid the coin counting machines at grocery stores, as they usually charge you a fee. Your bank should take your coins for free. From now on, save any additional change you have or find.

Collect bottles and cans around your house or the neighborhood if your state pays for returns. As with spare change, you may have never given soda bottles and cans a thought before. If you live in a state that charges you a bottle deposit at purchase time and if you drink soda, start saving them. As for around your neighborhood, you don't have to go all out with a garbage bag, just pickup any cans or bottles you may find lying around. The .5 cents you get back for each return can easily add up.

Collect on money owed to you. Did you lend a friend or relative $500 when you were in better financial standing? Have they yet to repay you? Politely ask for the money now. It is important to be polite because the economy and job layoffs have not just impacted you, but all Americans. Explain your financial situation and the fact that you could really use the money, but don't outright demand it. Be calm, polite, and even willing to expect small installments.

Finally, cut your expenses. One of the easiest ways to raise extra cash is to reduce the money spent. Do you really need the largest cable package with over 20 movie channels? No, so opt for a cheaper package instead. Limit your impulse purchases. Only go to the grocery store once or twice a month, instead of each week. Use coupons to reduce your grocery bill, and so forth. You don't have to go without, just try to reduce the money spent.

Laid Off: 5 Reasons Not to Cause a Scene

Layoffs are increasing in frequency all across the country. It seems as if no industry is immune to the poor economy. Unfortunately, many of these layoffs come as a complete surprise. Could you imagine showing up to work like it was any other day and within two hours being told you need to clean out your office or locker? You are now unemployed. You will feel a wide range of emotions over the next few weeks. Immediately, you will feel blindsided and anger. Your first though may be to let your boss have it and walkout with your head held high. This sounds like a good idea at the time, but one you will later regret. Why?

1 � You May Have Been Called Back to Work

All across the country, businesses are closing their doors. Hundreds, if not thousands of employees are laid off at one time. Luckily, this is rare. Most companies are just reducing their workforce. If your company employs 1,200, but only distributes 100 layoff notices, they will continue business as usual. This is just a cost cutting measure and it may only be temporary. After getting back on their feet financially, some call back laid off workers. You will not be called back if you left with a big bang.

2 � You Need the Job Reference

Whether your company is closing down or only laying off a percentage of their workforce, you should look for a new job. Getting called back to work is not guaranteed and unemployment benefits do not last forever. Whether you worked at your current job 2 years or 20 years, you need to list it on your resume. Large gaps in unemployment don't look good on a resume. However, do you really want perspective employers contacting your old boss for references, especially after you told him to shove it before walking out the door? No.

3 � You May Cross Paths with Supervisors Again

As previously stated, some companies layoff just a percentage of their workforce and others close down. Not only that, but no one is immune to layoffs. Your shift supervisor may get a layoff notice in two months. There are no guarantees you will not cross paths with them again in the future. Don't let your one moment of anger or weakness hurt you for years to come.

4 � The Rumors are Likely to Fly

When letting their bosses have it after a layoff, this unfortunate display is rarely made in private. After all, what is the point of calling your boss or the supervisor a "greedy money-grubbing loser," if no one is around to hear it. Whether your audience consists of one coworker or one hundred, the rumors will start to fly. Some may flag you as a hero, while others may flag you as a crazy lunatic. Once again, think of whose paths you may cross again.

5 � There Are Too Many Risks

As shown above, there are many consequences to causing a big scene after getting laid off from your job. Regardless of the consequence, it is too risky. Are you willing to bet your future on a rant that may leave you feeling good for a few hours? After receiving a layoff notice, don't burn any bridges. You never know when you may need to cross that bridge again.