Stop spending. Cut out everything you don’t need—new car, appliances, clothing, and dining out. If you were planning an exotic vacation, you should cancel that. You may still want to get away on a family vacation, but make it a cheap one, like a visit to relatives you haven’t seen in awhile.

File for unemployment benefits immediately. Benefits may take several weeks to begin, so the earlier you apply the earlier you’ll start receiving an unemployment check. Even if you receive a severance package from your company, there’s a good chance you’ll still be eligible for unemployment.

Get an extra credit card. You may need all the resources you can lay your hands on to hold you over to your next job. It’s easier to get a new credit card with favorable terms while your credit score is still high. That card can serve as an emergency financial backup.

Don’t give up your medical insurance. COBRA (Consolidated Omnibus Budget Reconciliation Act) provides provisions that allow you to continue medical coverage with your current insurer for up to 18 months after you leave your company, although you’ll probably have to pay the full premiums yourself. Hold onto the policy until you find a better policy or land another job. Although insurance can be very expensive, covering a major medical emergency out of your own pocket could wipe out most, if not all, of your savings.

Reallocate some of your assets. You may want to take some money out of speculative investments, such as stocks or mutual funds, and put it in a safer account, such as a money market, so that you can protect against losses with the money you will need to pay your bills while you’re finding another job.

Defer debt payments. If you have debt, you may want to talk to your lender about reducing or deferring payments or interest until you’re back to work.

Use IRA money only as a last resort. If money gets tight, you may have to withdraw money from your IRA, but make that a last resort. You may have to pay income taxes and a 10 percent penalty (unless you’re over 59½ or meet the requirements for one of several other exceptions to the penalty).

Finally, talk with your financial advisor to seek ideas on the best way to use your investment assets to help pay the bills until you find another job. If you don’t already have a financial advisor, come in for a free financial review that covers your complete financial situation. Call us at 800-492-1222 or click here.