Sometimes while looking for work you may face crises within your family. It's a commonly held belief that it may take 3 - 6 months to find steady employment. Well let's look at what Resources you have and let's consider just how to layer your resources so that you can Survive The Unexpected Expenses.
It seems as though many people seem to get laid off when they can least afford it, they tend to not have a financial plan in place to survive their unemployment.
The first step to surviving is to begin to list the resources that you have, starting with the obvious. That's where most people start when they begin to consider how to survive while looking for work. Don't worry if you don't believe you have many resources you likely have a lot more than you may think you do.
Here are a few resources that you might not have considered;
o 401K - the good point about this account is that you can borrow against this account without losing any of your principle.
o Insurance - if you have any Term Insurance you can also borrow against this account.
o Checking Overdraft - many banks offer a Checking Account with an Overdraft Protection or Signature Loan.
o Home Equity -in a near last resort you could draw against your Home Equity.
o Bank CD's - you can use this account the same as your 401k account, you can borrow against this as well.
o Stocks/Bonds - check you're Stocks/Bonds and see if you can either borrow or cash them in.
o eBay - sell everything you don't use, 4 wheel Quad cycles, Tools, Parts etc.
o Family - when the last absolute last resort actually arrives you may need to borrow some cash from your relatives.
Take the time to investigate each of these accounts that you may have, also consider asking to borrow against a relatives account. Inform them that their money is protected (so long as you make the payments on time) it acts like a secured loan.
Good Luck and let me know if I can help.
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