Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

The recommendations for military base closings have been released and the news is not good. If the recommendations are accepted, you will lose your job. So what do you do? Hope for the best, and prepare for the worst.

There is a benefit to this situation. Unlike many individuals who suffer the loss of employment, you have advance warning. This is an opportunity to prepare yourself and your family. Use this time to create a financial plan.

The importance of a budget can not be stressed enough. A budget is a tool that helps you track your income and expenses, giving you a snapshot of your overall financial picture. Know where your money goes. Identify areas where you can cut back. Knowing your financial obligations will be critical while planning for the loss of income.

The next piece of the planning puzzle is net worth. Your net worth is what you would have leftover if you sold all of your assets (what you own) and used them to pay off your liabilities (what you owe). This will require sitting down and making a list of those assets and liabilities. This may sound like an overwhelming project, but it is important that you know exactly where you are financially. Knowing your net worth is essential for planning for an emergency such as unemployment.

Ideally you will have a rainy fund that will cover six months of living expenses. If not, don't panic. Start putting a portion of your paycheck aside each month. Putting away a little money now will provide a financial cushion if you don't find a new job right away.

The last piece of advice is start paying down your credit card debt. Getting rid of credit card payments will help your emergency fund go farther. It will also save you money on interest, money that you can add to that fund.

You will find forms on this website to help you complete a budget and net worth analysis as well as set financial goals, such as setting up an emergency fund.

It is never easy to find out you are losing a job. But you do have an advantage over the worker who gets a pink slip on Monday and watches the factory get boarded up on Friday. You have time. Use this time to get control of your finances so that you will be prepared. And in the event that your base is spared, you will have significantly improved your financial picture.

Leslie Linfield is a national expert on adult financial literacy education and the consumer credit counseling industry. She has advised governmental, educational and non-profit organizations alike, and she has been quoted by the New York Times and Wall Street Journal as an expert on budgeting and consumer credit. She has also presented literally hundreds of seminars and lectures on personal financial management.

Wood Dale Chicago prom limo .. Lockport Chicago limo O’Hare
In The News:

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents
Internet browsers are useful, but they can be dangerous. Clicking on malicious links can direct you to dangerous websites that steal information or infect your device.
Apple's latest iOS update introduces advanced artificial intelligence capabilities, which may be capturing and analyzing sensitive information.
Breach site confirmed 56,904,909 Hot Topic users' data leaked online. Tech expert Kurt “CyberGuy" Knutsson says the company's silence makes matters even worse.
Tech expert Kurt “CyberGuy" Knutsson discusses how an innovative Easy-Way kit turns standard strollers electric, simplifying navigation for parents.
Tech expert Kurt “CyberGuy" Knutsson talks about T-Mobile being hacked in broad cyberattack on global phone and internet companies.
Tech expert Kurt “CyberGuy" Knutsson shows you how to add, customize and manage widgets for quick access to apps and info from your iPhone home screen.
Wrong Google searches can not only compromise your device and personal data. They can also bring law enforcement to your doorstep. Hackers are targeting Google searches.
China's Shanghai Kepler Robotics has developed a new humanoid robot that can carry up to 35 pounds per hand for commercial applications across various industries
Checking your hearing has gotten easier with the new hearing test feature in AirPods Pro 2. You can take reliable hearing tests using your iPhone or iPad.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Kurt "CyberGuy" Knutsson explains how a VPN — virtual private network — works and how running it can slow down the operation of your device.
The WalkON Suit F1, an exoskeleton developed to help people with disabilities, can actually walk over to a person in a wheelchair, solving a major problem.
ClickFix, a new scam targeting computer users, is on the rise in the U.S. The scam prompts its targets to click on a link to fix a problem.
Skydweller is the world's largest unmanned solar-powered aircraft that can stay airborne for weeks, and even months, without refueling.
The U.S. government said it is investigating after People's Republic of China hackers targeted commercial telecommunications service providers in the U.S.
Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
Scammers are using increasingly sophisticated ways to lure unsuspecting victims, and some are impersonating an email help desk or support team.
You can unsend or edit your iMessages with the latest iOS updates. Kurt the CyberGuy explains how you can save yourself some potential embarrassment.
Kurt “CyberGuy" Knutsson says there’s been a rise in cybercriminal services using hacked police and government emails to send subpoenas and data requests to U.S. companies.
Kurt “CyberGuy" Knutsson discusses how Axiom Space and luxury designer Prada are collaborating on NASA's Artemis III spacesuit design.
Voice assistants may cause confusion across devices. Tech expert Kurt “CyberGuy" Knutsson offers some solutions to fix it.
Shameless scammers trick veterans into giving personal info or cash. Tech expert Kurt “CyberGuy" Knutsson explores five common scams.
Tech expert Kurt “CyberGuy" Knutsson helps you honor our heroes with these powerful podcasts, audiobooks and documentaries this Veterans Day.

If I Had a Structured Settlement, I Would Use It to Pay for Gas

Has anyone been to the gas pumps lately? Soon $3... Read More

Saving Dimes Can Go a Long Way

On the other hand, there are those people who are... Read More

How To Place an Online Order for Checks ? It is Easy as 1-2-3

If You Have an Existing Account and 5 Minutes, You... Read More

Tips To Save Money At The Supermarket

Are you interested in saving money off your grocery bills?... Read More

Organizing Your Finances - Thinking Outside the (Shoe) Box

If you're like most people, your personal financial records are... Read More

Top 10+ Ways to Jumpstart your New Year?s Finances!

Of course, these don't have to be done in any... Read More

Adverse Debt Levels Blight UK Consumers Personal Finances

Debt levels are at an all time high in the... Read More

Avoiding A Nightmare On Renovation Street

You've decided you want a bigger, better and more desirable... Read More

Affording a Home

Can you really afford a house? If so, how much... Read More

The Wright Place - Finances

Women have a love/hate relationship with money. Most of us... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in... Read More

The Magic Of Compound Interest

Christians are called to be good stewards of God's resources.... Read More

What Happens if You Die Without Making a Will

If you die without making a Will in the UK,... Read More

Budgeting is Bothersome

It doesn't take much for you to get behind on... Read More

Saving Money - The Magic 20 Percent

Saving money is not easy and is made more difficult... Read More

Strategies for Success

Holy Shenanigans! More STUFF?Loosing one's business due to lack of... Read More

Kundalini Lessons - Money

I've been going through and interesting growth period lately that... Read More

Can You Afford Not To Look After Your Personal Finances?

Investing is a subject a lot of people don't want... Read More

How To Get Ahead On A Low Income

Do you struggle from week to week trying to make... Read More

Save Money Off Your Home Utility Bills

Many don't realize that our basic utility bills provide the... Read More

How to Balance Your Checkbook ? Get a Calculator and Pencil and You are Ready To Go!

Despite how easy it is to balance a checkbook, very... Read More

More Money? My Cup Runneth Over...But Im Still Thirsty

Most of us, especially those of us who have debtor's... Read More

How To Free-Up 10% to 15% of Your Income

Would you be interested in freeing up 10% to 15%... Read More

Budgeting is Essential for a Single Mothers Success

Today many women are struggling with debt and it's even... Read More

Why We Are Never Satisfied with What We Have

I have to admit, I do it too. I complain.... Read More

Antigo wedding limo ..