Once we find out that we’re about to loose our job, the time is unexplainable.  We’re thinking about how we’re going to pay the bills, support the family, and where we’re going to get a new job.  Although these are the most common things to think about, it is important to think about how you’re going to manage your money once you’re unemployed.  For tips on managing your money once you loose your job, continue reading below.

Cut back: First of all, you probably realize that you’re going to need to cut back on everything.  This means start eating at home more, consider store brand names to save, cut back on your cable bills, etc.

Sell: If you have anything at your house that you don’t really use, sell it!  It will help clear up your clutter, while gaining some extra money.

COBRA: Did you have a good job with good health insurance coverage?  If so, don’t worry there are options out there for you even when you’re unemployed.  There is a plan called COBRA that you may want to look into.  It will cover your health insurance temporarily until you find a new job.

Retirement funds: We hate to even think about tapping into our savings or retirement funds, but if we have to we have to.  Don’t feel guilty about this, but instead use this as motivation for saving even more once you find another job.

Secured credit card: Put away your credit cards for now, and consider getting a secured credit card.  These are great because it is a card with money that you put it on it already so you don’t have to worry about racking up more debt.  Credit cards are something you definitely want to stay away from at this point.

Knowing that you’re about to loose your job or that you’ve lost it already is a scary feeling.  Although, you’re not the only one it’s happened to.  The most you can do is prepare for the down turn as much as you can, and consider a few of these tips listed above!