Pending MSU Layoffs – Things to Consider
As you are no doubt aware, last week the Lansing State Journal reported that Michigan State University won’t be able to achieve financial stability without laying off staff. Michigan State, along with most other higher education institutions, is facing unprecedented budget upheaval and uncertainty.
This is of course upsetting news. Losing one’s job is always a scary proposition, and the potential disruption affects not only those directly touched by potential layoffs but has a ripple effect across the community. As financial planners rooted in Lansing and working with many Michigan State University faculty and staff members, we wanted to take a minute and offer some thoughts along with a checklist of things you can consider when faced with an uncertain future at work.
The basics that you’ll find on this checklist are sound financial planning principles that apply beyond fears of job losses:
- Think through your budget and separate necessary spending from discretionary spending. Can you cut back on spending in the short run to shore up your finances?
- Look at your savings. Do you have a contingency fund in place to see you through a potential career change?
- Consider your assets and how you may be able to leverage them during a job change.
- Consider your debts and how you can prioritize them effectively.
- Think about your work benefits and what you will need to replace.
Doing these drills before and during financial upheavals is always healthy practice.
Related: Lifeboat Drills: Financial Planning in the Good Times
A proactive, thorough accounting of your financial situation will help you determine your next moves should your fears come to pass and will hopefully help you see a path forward.
If you or someone you know is concerned about their position with Michigan State University, please reach out to us at 517-321-4832 or at info@srbadvisors.com.
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