how much money should you save for job loss

Truth- There is nothing secure about job security. In fact, the emotional and physical stress that people experience over worry of losing a job and not being able to keep up a lifestyle or provide for a family is all too common. According to this article from the Wall Street Journal, “As many as two-thirds of people in the U.S. don’t have the recommended six months of expenses saved. The percentage of people with savings enough to cover at least three months shrank to 40 % in 2014, compared with 45%, a year earlier.”

So when do you make a plan for the worst? Well, it’s better to have one in place before you need it…and I hope you will never need it. Having the recommended six months of expenses is just that- a recommendation. You have to figure out what amount works best for you and if you are like me, having a goal and a plan to get more than the recommended amount would put my mind at ease, since it can still take more than six months to secure a new place on your career path. The good news is, it is never too late to start protecting yourself financially. Are you saving enough? If not, don’t undercut yourself by saving a little this week and skipping next week. Get in the habit of paying yourself first! You owe it to yourself and those you support to be financially secure in a world where job security isn’t secure.

Companies are downsizing, departments are being eliminated, and employers are trimming the fat. If you lost your job today, how long would you be able to survive financially?