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What’s The Plan, Once Back On The Job?

November 18, 2010

Get Back On Track!

What a relief after a long bout of unemployment, you’ve landed a job. Say hello to direct deposit and good-bye to belt-tightening. Maybe you can redo the kitchen soon after all. Or maybe not. First, you need to regain lost financial ground, from replenishing your emergency savings to paying off debt you’ve accumulated to restoring your retirement accounts. So here is a plan you may want to try:

  • Tackle Urgent Expenses: Table The Rest. If you’ve been out of work for a while (the average is eight months according to the Bureau of Labor Statistics) you probably put off some important expenditures. Now is the time to attend to pressing maintenance on your home, car or medical care for yourself or family.
  • Double Down On Debt And Emergency Savings.Once these bills are out-of-the-way, you want to strike a balance between emergency savings and paying down debt.
  • Rebuild Retirement Funds. Where does your retirement account fit into this very long checklist? Even if you can manage only a small amount, try to contribute to your new company plan right away.

At GAI (www.gunwel.com) we understand how difficult it is out there and are here to help. We realize it is a relief to have a job, but we want to be there for you when you start your plan. Give us a call at 212-979-6830 or stop by for a visit so we can help you make that plan. See you soon!

 

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