Seven Ways to Prepare for a Layoff

5. Get credit.

If you are responsible with credit cards and don't carry a balance, now is the time to apply for more credit. The easiest time to get credit approval is when you don't need it. Call your credit card company and ask them to increase your credit card spending limit or even open up another credit card account. This additional credit shouldn't be used to increase debt, but as an added layer of protection in case of a worst-case scenario.

6. Reap employer benefits.

Take advantage of any employer benefits offered. If your company offers ongoing training and educational opportunities, take advantage of them to improve your skill sets and your worth as an employee. If a worst-case scenario does occur and you lose your job, your employer may also offer help and training in finding a new job. Knowing that these benefits exist can help make finding a new job a lot easier than trying to do everything on your own.

7. Be proactive.

Instead of keeping your fingers crossed and hoping that the recession doesn't hit your pocketbook, be proactive and begin looking for new job opportunities now even if you don't currently need one.

Make sure that your resume is up to date, listing your professional experience and highlighting all your talents and abilities. Update your list of contacts at other companies and begin informal networking to see what types of jobs are out there.

The time to begin job-hunting isn't when the bad news arrives, but long before. Even if the worst-case scenario doesn't happen, you may find an added bonus: a better job.

While a recession can bring about more difficult financial times, it doesn't have to ruin your personal finances. By taking precautionary steps, you will be in a much better position to survive any hiccups that may occur and greatly lessen the impact if a full-blown recession does materialize.

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