Here's on article on Yahoo Finance that reminded me of that:
Life on Severance: Comfort, Then Crisis
This article details the experiences of various people who lost very well-paying jobs, but did not immediately adjust their standard of living to compensate. Losing a job should require serious "stepping down" in each area of your expenses.
There were a number of other points I noticed in the article:
- One women was sending out ten resumes a day through Monster.com. Another fellow figured he'd sent out 3000 copies total. Though it is a useful website, it's possible to send out a lot of resumes with poor results. Without networking and a good resume, you can easily send out hundreds of ignored resumes.
- If you've saved enough before losing a job, it can actually be a great time to work on your education, giving you a chance to get a better job than the one you lost.
- Identify and track your expenses, so that you know what to cut to make the biggest difference.
- Try not to worry about what neighbors or family will think when you are cutting back. Trying to "keep up with the Joneses" is foolish enough when you actually have a job.
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