Barri Segal
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How to Prepare Your Finances for a Layoff
Key Takeaways While workers sometimes know layoffs are coming, they may also be unexpected. Everyone should prepare their finances to weather the loss of a job. Reviewing your budget, building emergency savings and paying down debt are strategies you can use to prepare for a layoff. If layoffs are imminent, talk to your supervisor, update your resume and begin networking with others in your industry. Even in the best of times, layoffs can occur as companies restructure, merge or go out of business.
9 Ways to Spend a Windfall Wisely
Key Takeaways When you get a windfall, try not to make emotional or rash decisions with the money. Be careful who you tell about the money, and consider turning to a professional to help you decide what to do with it. Paying down debt and preparing for the future are excellent ways to use the extra funds. Splurge on what you really want after you've properly planned. Unexpected windfalls can come in many forms, from gambling winnings to a larger-than-average work bonus to an inheritance.
How to Budget When Your Income Is Irregular: Advice From the Experts
Key Takeaways Freelancers, gig workers, seasonal workers and commission-based workers all have irregular income, which can make budgeting more complicated. A variable-income budget requires more discipline during high-income months because you also need to prepare for slower periods. Building a larger emergency fund, setting rules for allocating lump sums, setting money aside for taxes and basing your budget on the low end of your income range can help create financial stability.
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