CareerJournal.com Offers Financial Survival Tips For Jobless Executives

One of the top concerns after a job loss is the ability to pay bills and make ends meet until you find a new job,
according to CareerJournal.com (www.CareerJournal.com), The Wall Street Journal''s executive career guide. And since finding a comparable position in today''s poor economy could take as long as a year, effective money management
is increasingly important.

After a difficult job loss, some people decide to reward themselves with a vacation, while others launch long-awaited home-improvement projects, says Tony Lee, editor in chief of CareerJournal.com. But the more prudent
approach is to carefully review your finances to determine how long you can maintain your current lifestyle without your paycheck. Then cut back on all expenses immediately to lengthen that period.
According to the Labor Department, the jobless rate for managers climbed 71% last year. Those in the ranks of the unemployed face a lack of control over their lives and reduced self-esteem, in addition to a loss of income.
Until you find a new job, CareerJournal.com offers these steps you can take to stay solvent:
Negotiate with your former employer - sometimes there is room for a company to sweeten a severance package. If more money isn''t possible, ask for other benefits, such as tuition reimbursement or in-house training classes.

Put away some cash - deposit as much of your severance check as possible into a savings account, money management account or short-term certificate of deposit.

Make a list of what''s coming in and what''s going out - if you have emergency funds set aside for unexpected expenses, you won''t need to make drastic changes to your lifestyle right away.

Don''t raid your 401(k) - unless you qualify for a hardship withdrawal, you''ll face penalties if you withdraw money from your retirement plan prior to age 59 1/2.

Apply for unemployment benefits - there is no stigma to receiving these benefits.

Review your health-care coverage - consider your health insurance options and make sure your coverage is adequate to meet your family''s needs.

Consider arranging new payment options with creditors - some might agree to a temporary arrangement or a reduction in credit-card interest rates.

Consider accepting a part-time job or doing some consulting work as a way to stem the financial tide while you job search.

CareerJournal.com offers advice and guidance to job seekers, including a list of job clubs that provide transition support, job search discussion boards,
salary data, and a database of more than 30,000 professional positions available.