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Plan Well, Retire Well

Saving and investing your money

Too Many People Losing Their Jobs!

When I write this blog, I usually choose to write about something that's on my mind due to my family or a workshop I've done or something in the news. And, what's on my mind today is people losing jobs. As you may have heard, many University of Illinois Extension offices are looking at a 50% reduction in their resources – which translates to many, many people losing their jobs.

It's not just Extension. It seems that everywhere I look there is another headline about a company cutting back, closing down, and laying off employees.

Job loss has lots of implications – for the individual, their families, and the communities they work in. There is no easy fix or solution in this situation. But I want answers and I want to help. So, being the person I am, I look to University of Illinois Extension for resources and help.

What we do know from research, is that when someone loses their job it's important to quickly cut back on spending. To quote from Getting Through Tough Times: Strategies for Spending Less:

Studies have found that many families do not adjust their lifestyle for about six months after their income is reduced. That six months of ignoring the situation can bring disaster. When you take charge of your financial situation immediately, you are making a positive contribution to your family's well-being now and in the future.

The Getting Through Tough Times series is a good resource for families to help manage the stress of a job loss. This series of 19 fact sheets includes topics such as Communicating Under Pressure, Making the Most of What You Have, and Talking with Creditors.

While I'm still optimistic (and hopeful) that the financial crisis for U of I Extension will be resolved so that Extension offices do not have to cut back on services and staff, it is clear to me that our economy is suffering and many people throughout the country will be losing jobs this year. I wish I could stop this trend, but since I can't what I can offer is tips on managing finances in difficult times. Stay tuned for more in the future.

If you have experience managing finances after a job loss that you'd like to share, just click on my name below to reply to this blog.

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