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Archive for the ‘Unemployment’ Category

By Lynnette Khalfani-Cox, The Money Coach

Do you have enough socked away to cover your bills should you get slipped a pink slip? Typically I would say you should have enough savings to cover three times your monthly living expenses, but given this economy and the skyrocketing unemployment rate, six or nine months worth of savings is more ideal.

Here are three ways to earn some much-needed extra cash to help pad your savings.

Get a second job. I realize that most people already work really hard, and might even be covering for recently laid-off co-workers, but if you can fathom the idea, consider getting a second job or part-time work, even if just for three months. This may seem like a burden, but trust me, the time to build your emergency savings fund is before you actually need to tap it.

Start a part-time enterprise. Whether you turn a hobby into a cash-making business, sell new or used products online, or stuff envelopes for another business, the key is for it to be a no-cost or low-cost venture that can be operated exclusively from the privacy of your own home. Why these characteristics? For starters, you don’t have the money to buy tons of products. You also don’t want to have to hire anybody or lease space. You want to keep all the money you earn, right?

Squeeze money from your residence. Whether you rent or own, getting a roommate or housemate is another way to generate income. If you can tolerate having an extra person around, you’ll likely find takers willing to lease out a spare bedroom or space in your attic or basement, especially given the high rate of people being put out of their homes these days due to foreclosure or inability to get a mortgage for their own place. However, before forging ahead if you’re a renter, be sure you’re not violating any clauses in your rental contract by letting someone else live with you.

— Adapted from “Day 22” chapter of my book, Zero Debt: The Ultimate Guide to Financial Freedom.

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By Lynnette Khalfani-Cox, The Money Coach

At a time when we have our worst unemployment rate (7.2%) in 16 years, the job cuts just keep on coming.

Today the following five companies alone announced a combined total of 45,000 job cuts:

• Caterpillar, the world’s largest maker of construction and mining equipment, said it was slashing 20,000 jobs after its earnings fell more than 32%.
• Sprint Nextel, the phone giant, revealed that it would be reducing headcount by 8,000 positions in the first quarter of 2009.
• Pfizer, the pharmaceutical company, told Wall Street it would remove more than 8,000 workers from its payroll – a move that will coincide with the company’s blockbuster $68 billion cash-and-stock deal, also announced today, to buy Wyeth, a rival drug company.
• Home Depot, the largest home improvement retailer, plans to close its Expo home-design business and cut 7,000 jobs, or 2% of its work force.
• General Motors announced that due to a drop in demand for its vehicles, it will cut 2,000 jobs at plants in Michigan and Ohio, and will halt production for several weeks at nine U.S. plants over the next six months. About a month ago GM temporarily closed 20 factories.

In 2008, 2.6 million jobs were lost, with 11.1 million unemployed at year end, according to a January report from the Bureau of Labor Statistics. The U.S. had not seen those many jobs lost in one year since 1945, when 2.8 million jobs were cut.

Fear you may get the pink slip? Don’t wait until you get the news before you start planning for the future. Read my tips on how to start earning extra cash.

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If you’re struggling financially or find yourself out of a job, it might seem difficult to muster up some holiday cheer. But a lack of money doesn’t mean you can’t have a Merry Christmas and a Happy New Year. Here are some tips to help you survive – and even thrive – during the holidays, enjoying yourself and those around you even if money is extremely tight.
Continue reading on AOL Black Voices

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Although some aspect of the economy are on the mend, the White House is nevertheless predicting that unemployment will remain at or above 9% until 2012. With unemployment now at 9.0%, all Americans — those working and those seeking jobs — should be safeguarding their finances and preparing for “what if” scenarios.

When considering a “what if” scenario, evaluate what could go wrong in your life. Could your health decline? Could your investments go south? Could you go through a divorce? Running a few “what if” scenarios in your head (or on paper) isn’t meant to turn you into a Negative Nellie. Instead, it’s simply a way for you to better plan for unexpected events that can happen to anyone.

Amid periods of high unemployment, the most pressing “what if” scenario you should think about is: “What if I lose my job or suffer a big reduction in income?” The loss of income can be emotionally and financially trying for anyone. I know, I’ve been through a downsizing — and it wasn’t particularly pleasant. So even if you think your job is relatively secure, it wouldn’t hurt to take some precautionary measures that will shore up your personal finances and reduce your stress in the event of an unforeseen layoff.

Here are some steps you can take amid periods of high employment:

1. Create and stick to a budget:
Try an free online software program like Mint.com to help you get started.

2. Increase your savings:
Check out AmericaSaves.org for savings tips if you’re constantly struggling to stash more cash.

3. Pay off excessive or high-rate debt:
For ideas on becoming debt free, see my book Zero Debt: The Ultimate Guide to Financial Freedom.

Read the rest of this article on Black Voices

Related articles

• Urban Areas See Worsening Unemployment (theloop21.com)
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