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David Frolicstein, CFP®

Life Events


Every stage of life has its own financial needs and concerns. The life events on this page can help you target the key financial strategies and issues that are likely to be most important to you in this stage of your life.

Starting Out    Changing Jobs    Coping with Unemployment    Getting Married    Starting a Family    Buying a Home    Saving for College    Starting a Business    Planning/Saving for Retirement    Managing College Expenses    Long-Term Care Planning    Planning an Estate    Planning for Business Succession    Nearing Retirement/Retirement    Caring for an Aging Parent    Loss of Spouse    Financial Windfall    Getting Divorced   
 
I'm getting laid off. How am I going to survive financially until I find another job?

There are a number of ways you can smooth the transition to your next job. You'll want to plan on your job search taking at least a few months and budget accordingly. Your budget should reflect the money you'll need to use while looking for your new position.

Because you're being laid off, you may be eligible for unemployment benefits from your state as well as severance pay from your employer. If you have an emergency reserve set up, you can count on that, as well. Otherwise, you might have to dip into your savings or take a part-time job to supplement your income.

Review your budget to identify where you can lower or perhaps cut out expenses for entertainment, dining out, and vacations, for example. You can also reduce expenses in small ways that add up: cancel subscriptions, eliminate extra phone services, and stop your cable service. Negotiate with your creditors to lower interest rates or receive temporary deferments, and review your auto insurance policies to see if increasing your deductibles or dropping certain coverages makes financial sense.

If you have time to prepare for unemployment, you can take some steps immediately to help yourself. You can reduce or stop contributions to retirement or education funds and put the extra money into your emergency fund. You might also consider increasing your withholding allowances to reduce the amount taken from your paycheck.



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Securities offered through Ausdal Financial Partners Member FINRA/SIPC  5187 Utica Ridge Road Davenport , Iowa 52807 563.326.2064 www.ausdal.com Frolicstein Financial Wealth Management and Ausdal Financial Partners are independently owned and operated. David L. Frolicstein CFP®, Investment Advisor representative of Ausdal Financial Partners, a Registered Investment Advisor in the State of Illinois

This communication is intended for individuals residing in the states of, CAFL, IL, CO, VT, AZ, NV and WI. The contents of this website do not constitute a solicitation to purchase or sell securities in other states. No offers may be made or accepted from any resident outside the specific states referenced.

 

 

 


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