What to Do? You have to have a plan, right? Or do you just sit back and wait until it happens to you? I think you need a plan. So, here is what I have done so that I do not have to sing the lost job need money jingle.

Pay Off Debt. People instantly think that they have to hoard cash. I recommend taking the approach of getting out of debt as soon as you can. Here's why: if you are laid off or let go, you CAN find jobs. Even if you have to resort to working fast food or, heaven forbid, stocker at the mega-store in town (you know which one I am talking about!). So, my approach focuses on getting rid of credit card and unsecured personal loans as soon as I can. This is also a good idea because, as an optimist, I believe we are going to come out of this bad situation, and you will be farther ahead than your neighbors if you have no straggling debt that is weighing you down (let them sing the lost job need money jingle).

Sell Things to Raise Cash. If you need to increase your cash reserves, why not sell some things around the house. Most of us have too many things up in the attic that needs to go. Plus, they can bring in some cash to help out in a crunch. I was speaking to my wife the other day about this and she brought up the fact that we have some figurines of a very famous, now retired NBA player that is still in the original packaging. I'm thinking that those can bring in some nice cash on Ebay.

Are you with me? We are going through ways that we can avoid joining in on the chorus: lost job need money. Let us keep going.

Keep Your Retirement Account Intact. Avoid touching it if at all possible. Like I stated before, I believe that our current economic climate is temporary, so there is no need to dip into something that you have taken so long to build up and will certainly need at retirement.

Communicate with Your Creditors. Since there are so many people who are having problems right now, creditors have to take that into consideration and be willing to work with their customers, because if they do not, they risk losing not just a few bad debts here and there, but the whole company. Also, you might be surprised at how willing they are to work with you on your loans to help you through a tough time. Case in point, I contacted a creditor during the fall of 2008 and found them eager to help me, and I was able to obtain a 60 day moratorium on my payments. That is two months of not having to pay those loan payments. That helped me through a tough spot and now I am back on my regular pay schedule.

Here is one you might not consider, but if you are contacted by your employer and told that you are being let go or laid off, find out before you leave if there is another position (even lower) that you could fill. This could help you keep a regular income to pay bills while you ward off the lost job need money scenario.

Finally, do not count out finding a work-at-home opportunity. Yes, they are there and they are real but you have to wade through the scams and other get rich quick schemes that are very prevalent. Doing this can also help you make extra money on the side while you still have your job. What a great thing that would be to be able to minimize the effects of the lost job need money situation by making money in this manner.

Do the above and be a winner. Keep the words lost job need money off of your tongue with a plan of action to help prepare you for the worst.