Sam Huszczo How to Hand Your Money When Laid Off

How to handle your money after you’re laid off

Susan Tompor | Detroit Free Press | May 30, 2019

While the layoffs at Ford Motor Co. are the latest to grab headlines, the automaker isn’t alone in trimming its payrolls. Retailers, snack foods companies, manufacturers and others are cutting costs across the country, too.

This year, Michigan has seen or is expected to see layoffs at General Motors, the Detroit Medical Center, Concerto of Michigan, as well as job cuts when a variety of retailers, including the Dressbarn, eventually shut their doors.

Many times employees are caught totally off guard.

“When it’s unexpected, there tends to be a panic,” said Kelley Long, a certified public accountant and a financial education advocate for the American Institute of CPAs.

Jobs relating to the auto industry may be particularly vulnerable in the future, too.