147 | Unpacking Your Severance: How to Manage Money During A Layoff

We don’t talk about it often but one fear you might face as a W2 employee is a layoff.  In a matter of moments, you can go from feeling secure to financial insecurity.   In this episode, I discuss how to navigate a layoff and offer valuable tips on managing a severance package effectively. I start with a practical exercise to help you determine your "minimum viable number" through a budget analysis. I also recommend applying for unemployment benefits or assistance to make your severance last longer. Additionally, I explain how to structure your withdrawals like a regular paycheck and why understanding your finances empowers you to negotiate future job offers effectively.  Whether you're worried about being laid off or know someone who is, this episode is for you! Tune in for advice on making the most out of your severance package. Learn how to manage your severance package after a layoff and listen for these key insights… [01:25] Why debt should not be your number one concern [04:39] Calculating your minimum viable number to live off of [07:18] Leveraging your severance to continue the paycheck cycle Tune into this episode of Money Files to learn how to make the most out of your severance package.  Get full show notes and the episode transcript: https://wealthovernow.com/unpacking-your-severance-how-to-manage-money-during-a-layoff/ Links mentioned in this episode… Set up a call | Financial Coach Washington, DC | Wealth Over Now Download my FREE spending plan