Are rumors circulating throughout your workplace that there may be downsizing, a lay-off or merger? Are you scared and don’t know what to do? These 5 tips can help you feel more in control of your financial situation:

1. Take a long, hard look at your monthly bills. Are in up to your neck in debt? Now is the time to tighten your belt and try to get a handle on the interest rates you are currently paying. Can you pay down some of your debt right away? Transfer to another, lower rate credit card? Should you refinance your mortgage or home equity loan? Now would be the time to take care of this, not after you’ve received your pink slip.

2. What can you trim in your monthly budget? Stop buying those lattes every morning and save about $80 in one month. Rent a DVD instead of going to the movies. You are the only one who can decide what you can and cannot live without, but these are two good examples of the latter. Cut back on your dining out and you’ll see more green in your wallet right now, when you need it the most.
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You work for a company that has been going through a lot of changes and upheaval. Word is going around about lay-offs and you worry you will be next. If you’ve been an exemplary employee and the lay-off is not because of anything you’ve done, be sure you ask these three questions as you are being handed your Pink Slip:

1. Ask for a Letter of Reference. You can use this to help you land that new job because it will be beneficial to have a letter that praises you and your accomplishments. This will show future employers that your termination was a business decision and not because of any wrong-doing on your part. Most people forget to ask about this, and it is difficult to try to go back later and ask for one.
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You work for a company that has been going through a lot of changes and upheaval. Word is going around about lay-offs and you worry you will be next. If you’ve been an exemplary employee and the lay-off is not because of anything you’ve done, be sure you ask these three questions as you are being handed your Pink Slip:

1. Ask for a Letter of Reference. You can use this to help you land that new job because it will be beneficial to have a letter that praises you and your accomplishments. This will show future employers that your termination was a business decision and not because of any wrong-doing on your part. Most people forget to ask about this, and it is difficult to try to go back later and ask for one.

2. Ask about severance pay. You are not automatically guaranteed this unless it was stipulated in your employment contract when you were hired.. Typically, one week of severance is given for each year of service to the company, but this can be negotiable. And, especially if you’ve recently finished an important project, been honored or achieved a major goal, be sure to remind them. It may buy you another week of severance pay they weren’t planning on giving.
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