A recent study reveals widespread job insecurity among American workers, with one in three experiencing 'layoff anxiety.' This growing concern is fueled by extensive layoffs among U.S. government employees, prompting fears of cascading effects on private-sector jobs, particularly those linked to government contracts. Financial security remains shaky, as many Americans lack adequate savings; nearly half admit they'd need to borrow for unexpected expenses. Personal finance experts recommend that anxious workers begin budgeting meticulously and prioritizing essential expenses to strengthen their emergency funds and prepare for potential job loss.
If you're concerned about losing your job, make a list of every nonnegotiable monthly expense, suggests Bobbi Rebell, personal finance expert at BadCredit.org.
Workers who are worried about losing their jobs may want to take steps to shore up their finances. Recent surveys find that many Americans don't have much saved for a rainy day.
Commit to only spending money on essentials, even though you are still getting a paycheck, and put the extra money into your emergency fund.
There are a lot of things that we don't consider discretionary that very much are discretionary.
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