Laid Off? Cut Back and Get Back Out There.

Capital One's ubiquitous advertising campaign -- "What's in your wallet?" -- has taken on a different and jarring meaning for hundreds of workers in its mortgage-banking unit since the financial services company announced a wave of layoffs this week.

Capital One said it is shutting down the residential mortgage origination operations at its wholesale mortgage-banking unit, GreenPoint Mortgage. The closing will result in the loss of 1,900 jobs at GreenPoint's California headquarters and at 31 other locations in 19 states.

Capital One joins a growing list of companies that are laying off workers during the mess in the mortgage industry. Before filing for Chapter 11 bankruptcy protection, American Home Mortgage Investment said it was immediately cutting its workforce to 750 from 7,000.

With thousands of people losing their jobs, many are worried about what to do next. In a recent online discussion, one worker wondered how to manage her probable layoff.

The Fort Lauderdale, Fla., resident wrote: "I am in a really tight spot right now. I am employed with a firm that is having financial trouble. It is likely that my position will be eliminated within the next six months. The job market is really tough out here, and I will have to take a drastic pay cut. Do you have any suggestions for helping me stay afloat until the dust settles?"

When you're faced with a layoff, it's time to do things differently. For example:

· Cut your expenses right away. Unless you have another job lined up, you've got to attack your budget like a sushi chef chopping fish. I understand the urge not to disrupt the status quo. But things can turn bad financially quicker than you think.

· If you suspect you may be laid off, this might be the time to line up a home equity line of credit, says Sheryl Garrett, founder of the Garrett Planning Network, a network of fee-only financial advisers. "But this goes with a big warning," Garrett said. "Do not use this unless it is absolutely necessary. Do not spend this money on anything that can be postponed."

· Take advantage of all counseling, career seminars or outplacement assistance. Capital One is offering dislocated workers a lot of job placement help. "Providing resources to help them through the transition and make good choices for their future is a priority," said Judy Pahren, senior vice president in human resources at Capital One.