How to Manage Money After a Layoff

With the unemployment rate now at 9.8%, chances are that you or someone you know has been laid off. Yet the bills still need to be paid, and without that salary you used to depend on, it’s hard to know what to do first. Galia Gichon, founder of Down to Earth Finance, former Wall-Streeter and personal financial expert with a particular focus on women, suggests creating a financial plan and sticking to it in order to make the most of your savings or severance. Here’s what she had to say about spending habits, budgeting and more after a layoff:

Recessionwire: What’s the first thing you should do with your money after you’ve been laid off?

Gichon: I would say that the first thing to look at is automatic payments that you might not be aware of. Look at your credit card bills and bank statements—perhaps it’s the newspaper, video rental, the gym or charitable contributions—which can add up to hundred of dollars a month…

My Husband Loses Money on Stocks-And I Don’t Mind

My husband loves to play the stock market. He picks what he considers to be up-and-coming companies that few people have heard of yet, or undervalued blue chips, and buys up their shares. As he puts it, he likes feeling like he has an “ownership stake” in companies.

Sometimes, his strategy pays off. His initial investment of $5,900 more than doubled between 2005 and 2007. He bought Apple at $65 a share and watched it climb to $190. The start-up 24/7 RealMedia doubled and he sold it before it plunged. His oil companies enjoyed record profits. But he often loses big, too…

6 Steps to a Financially Successful Relationship

Money is a reliable source of tension in relationships, in both married couples and those not yet in wedded bliss. Karin Mizgala wrote an article in the Canadian Financial Post with suggestions about how couples can ward off money problems. She says:

While talking about money can be often be more difficult and emotionally charged than talking about sex, religion or politics, a simple conversation about money can save you a lot of tension and resentments throughout married life.

Below, we’ve expanded on Karin’s tips and come up with six steps to ensuring a financially successful union. Are you financially compatible?

1. Each person makes a list of their expenses. This includes regular monthly costs, like rent, groceries and the gym; major purchases you hope to make, say, a new car or flat screen TV; occasional expenses like clothing, restaurants and iced lattes; and a bit of padding for expenses you can’t account for.