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Build up an emergency fund to get you through the harsh times. You'll require 3 months' living expenses as a lower limit, more if your industry is subject to lengthy layoffs.
Place money aside each month. But contrary to retirement savings, keep your emergency savings reasonably liquid, in a savings account or a money market fund. Hopefully you'll never need it. But if you do, you will be glad it's there.
When the immediate financial matters are taken care of, you need to settle down into your new financial situation. Producing a budget is the opening move towards financial security.
Make a budget by writing down your expenses to determine where your money is going. Pull out your charge card bills and bank statements from preceding years as guides to your spending habits. Then approximate how much your new bills will be. Make certain to include expenses for entertainment, clothing and other major expense categories. Place in some money for savings. It might take numerous months to refine your budget.
Now approximate your monthly revenue. Don't include likely income - only income you're certain to receive. Make certain you know which benefits you will be getting and for how long.
Check over your budgeted expenses against your revenue. If you have extra revenue, you ought to try to save even more. If your expenses are bigger than your revenue, you need to trim your expenses till they match your revenue.