Layoffs across the U.S. went up in February, reaching their highest levels since July 2020. That’s according to a recent report from Challenger, Gray & Christmas.
The sector with the most layoffs was the government, led by Elon Musk’s Department of Government Efficiency.
So how do you prepare for potential layoffs, no matter what industry you work in? Arizona’s Family is on your side to prepare you just in case.
The first thing you need to start doing is saving money, according to Valley-based financial advisor Isaac Montano. He suggests saving up three to six months’ worth of living expenses, even up to eight months to be on the safe side.
Montano also suggests putting that money into a high-yield savings account so it’s not just sitting in the bank but working for you and earning interest. He says some of those high-yield savings accounts are paying up to 4% or 5% right now.
Montano added that you should treat savings like a bill you have to pay and work them into your budget even if you are living paycheck to paycheck, as so many Americans are. He says to consider setting up recurring payments, even a few dollars a day, and taking a closer look at how you’re spending money, including unnecessary subscriptions.
“So everybody should be keeping an emergency, rainy day fund in a high-yield savings account,” he said. “Because it’s readily accessible. It’s liquid so you can cash it out at any point in time.”
