First Thing’s First: 7 Finance Tips to Manage Money During the Job Transition0
Though the U.S. economy has been gradually improving, job transition and changes — both involuntary and voluntary — are still a fact of American working life. “It’s also a fact that bills need to be paid whether you’re employed or not,” says J.J. Montanaro, a CERTIFIED FINANCIAL PLANNER™ practitioner with USAA.
To help you cover expenses and protect your finances as you transition from one job to the next, Montanaro offers these seven tips.
1. Decide how to collect your final pay.
If leaving your job wasn’t your idea, your employer may provide a severance package to ease the financial pain. Amounts vary, but one or two weeks of salary for each year you’ve worked at the company is typical. If you’re given a choice of a lump sum or a stream of payments, consider three factors: