I posted previously about some things to consider before a layoff hits, and this is the second installment of that list. This section discusses work-related expenses. We all expend some money because of our employment, some of it reimbursable by our employer and some of it not. Regardless, here are a few things to make sure that the money going out of your pockets permanently is as little as possible. If you lose your job, you’ll need all the cash you can get.

1. Cut your work-related expenses now. For those of us working for the Man, there are certain expenses that are nearly unavoidable, such as lunches, laundry, and commuting expenses, that aren’t reimbursable by your employer. However, in many cases there are ways to minimize these expenses. Bringing a lunch from home is a great way to reduce expenses, as is packing your own snacks and sodas. Consider forgoing the daily stop at Starbucks. Find a cheaper dry cleaner to reduce laundry expenses. Consider taking public transit or carpooling to reduce commuting expenses. These are things to consider at any point, but especially when your income may be severely reduced in the very near future.
2. Get current on your expenses. Especially if you travel for your job, you probably have quite a few business receipts that you need to submit for reimbursement, but you just haven’t had the time. Make the time! Once you are let go, your ability to submit expenses for reimbursement will be severely limited (if not eliminated), and even if you are allowed to submit expenses they will probably be subjected to a much higher level of scrutiny.
3. Don’t forget about any unused airline tickets and other credits. Did you have to cancel a trip at the last minute for a more pressing client need and were told to just expense the ticket on your next business trip? Well, if you don’t have immediate plans to use that credit, request reimbursement for it now. If asked, just say that money is tight and you can’t afford to front that expense any longer.

Parts 3 and 4 to come…

Tags: employment, expense, layoff, unemployment, Working

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Posted in Working by BillyOceansEleven No Comments Yet