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Rethink Major Financial Decisions

If you’re worried about your job, now’s not the time to take on new financial obligations. “For instance, you might keep your current car for a few more years,” writes Clements. “If your job is at risk, this probably isn’t the best time to take on a car loan or use your spare cash to buy a new vehicle. What if you still have money owed on the last car you purchased?”

Likewise, take stock of your current obligations and see if there’s any way to downsize or make things easier. Maybe you could make a few extra car payments now to lessen the burden on yourself in the future, cut out cable or start shopping at a less expensive grocery store.

These are just a few of the small steps you can take to prepare yourself and your family for potentially difficult times. If you’re interested in more savings tips, we have some here and here.