In April, national unemployment levels reached a low not seen since October of last year. Cause for celebration? Unfortunately, no. The unemployment numbers were a bit skewed by the fact that 72,000 government jobs were added to the payroll. And while that seems like good news at face value, the reality is that 60,000 of those new jobs are temporary positions created to handle the 2010 census. Those workers will soon be back in the unemployment line, and the national levels will shoot back up again.

I’m not trying to be a downer here. The moral of the story is that one can never be too careful these days, but there are job protection steps you can take to avoid the unemployment line yourself – and protect your money in the process. In the next three weeks, we’ll talk about everything you need to know to protect your money, so be sure to check back each week for more money-protecting techniques.

Protect your money tip #1: Pay off bad debt

To best protect your money, put as much extra cash as possible each month towards any unsecured debt you have. Try to pay them down as much as you can or – better yet – pay them off entirely if you can swing it. Trust me, you’ll be thankful to be rid of those high monthly payments if you lose your job.

Protect your money tip #2: Reduce your expenses

Take a look at your monthly expenses and cut back wherever you can stand the loss. One place to cut back is in bulk purchases. I mean, come on now…do you really need 500 rolls of toilet paper cluttering your home? In these uncertain times, you’d be better off buying only what you need right now and holding on to your cash.

Also take a look at any new purchases. Do you really need that new plasma TV or are you just keeping up with the Joneses? And here’s another thought: if you (heaven forbid) lose your job, how many groceries could you buy with the money you spent on a plasma TV last month? The best way to protect your money is to be content with what you have and only buy what you really need.

Stay tuned for more tips to protect your money and your job in the coming weeks.

Have a question or comment? Please feel free to contact me  today!

Tags: job protection, protect your money, Ron Wellman