Introduction
Steps to Follow
- Get your financial information together and determine what financial resources you have to assist you during your transition. See the section Calculating Your Net Worth for help in building this important tool.
- Evaluate your income and expenses. How much money will be coming in? Do you know how much you spend and where you spend it? Create a cash flow statement by reviewing your expenses over the last several months. To learn how, see the section Creating a Cash Flow Statement.
- You may have more money going out than coming in. If this is your situation, reduce your expenses by changing your spending habits now. To get help, see the section Reducing Your Expenses.
- Determine ways to increase your income and learn about sources of financial assistance before you need them. For helpful information, see the section Where Will the Income Come From?
- Determine how much time you have to find a job based upon your finances. You may need a job right now, but the reality is it will probably take a while. How long can you afford to be out of work? See the section How Long Do I Have to Find a Job Before My Money Runs Out? and do the simple calculations.
- Review the seven-step process of finding a job in Building your Career Skills.
- Once you are working again, you need to look backward and forward. Don't let the past haunt you; prepare for the future by getting your financial plan on track. A career transition costs money. You may have financed some of your transition through debt. Take action to eliminate this debt and plan for your next possible transition. See the section After You Find a New Job for why and how.
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Investment and insurance products and services are offered through Osaic Institutions, INC. Member FINRA/SIPC. TMB Financial Solutions is a trade name of The Milford Bank. Osaic and The Milford Bank are not affiliated.
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