Surviving a Layoff

I am the kind of person who needs a back-up plan. That's why I'm a big fan of emergency funds and tend to make (probably overly) safe investments with my short-term savings.

So I was eager to read the National Foundation for Credit Counseling's ideas for surviving a layoff, a worst-case scenario that many people are worrying about now. Some of the suggestions include:

• Let yourself be upset or afraid; these are normal reactions. Talking those feelings out with another person (or even a professional) can help.

• Don't lash out at your boss—you may need his recommendation later.

• Don't count out what may seem like drastic measures, such as selling a second car, rental properties, or jewelry.

• Hold a family meeting to keep kids in the loop about what is going on.

While these ideas are aimed at people who have already been laid off, keeping a six-month emergency fund and dabbling in other money-making pursuits (such as a hobby or small-business idea) can help those who are concerned about it happening down the road.

If you've been there (or just worry about going there), please share your ideas and advice below.