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If I were laid off today, the first thing I would do is look at my monthly budget and trim it down to what is enough for me to live a comfortable, yet zero frills life.

Then I would take a look at my savings and unemployment benefits.  How long will they cover my expenses?  When will my savings and unemployment benefits run out?  In this recession, I would plan for a worst-case scenario of one year of unemployment.

I would look at my credit card accounts.  When would I have to use them to pay for basic monthly expenses?

I would determine two drop-dead dates. 

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