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Barry Glassman
Senior Vice President at Cassaday in McLean
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What should I do if I fear I may lose my job?
Get back to basics: Know what you make and what you spend. Separate your expenses into fixed: mortgage or rent, utilities, etc.; and discretionary: entertainment, cleaning services, etc.
Take a sharp pencil to your discretionary expenses -- the things you can live without until you replace your job. Convert these expenses into much-needed cash to shore up your resources.
Get medical and dental checkups while you're still employed. Find out whether you can continue health coverage through COBRA -- a plan that allows coverage for a time after you leave the company -- and how much it will cost. Add this amount to your fixed expenses.
Once you are on COBRA, you can then shop for other health insurance. Don't be without health insurance, as one major illness could wipe out your savings.
Spruce up that résumé and begin the search for your next job now.
