We talked to money expert, Bobbi Rebell from Financial Wellness Strategies, about how to get through tough times.
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If you get hit with an unexpected monetary setback, Rebell says look at it like a speed bump on the road to your financial goals.
"We have to be able to adjust and to find a way to get to our goals. Maybe in a circuitous route, maybe not the straight way that we thought we were gonna get there. But we can get there. We just have to be creative, and resilient," she said.
What is the immediate advice if you lose your job?
"Understand, first of all, what you're getting from the company, because you may have to make plans for health insurance coverage, you may have to make plans for how much you're going to have to dip into your emergency fund, how much severance are you getting, how long will that last you?" she said.
After that, expand your job search. More and more companies now allow people to work from home or from anywhere in the world.
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Consider joining the gig economy, which is much more accessible as well. You can also monetize things you already own.
"So it might be renting out your car, there's various services that do that you can Airbnb, your home or even a room, obviously, you want to be safe," said Rebell.
Number two if a grown child moves back in with you don't dip into your retirement plan to support them.
"You do want to make sure that you set clear boundaries. And you also want to protect your own financial well-being. That may involve having them contribute financially to the home. And it also means making sure that you protect your future financial goals."
As inflation continues, make sure you're keeping to your budget and trim now before things spiral out of control.
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"The first thing you want to do is look at things that are really easy to cut," said Rebell.
For instance, look at all of your monthly subscriptions and consider downgrading to the free versions and get rid of the ones you don't use.
"They're only $1.99 when we started and then $4.99 and then you're suddenly paying $100 a month for all these streaming services. Cut back to just one or two," she suggests.
And finally, Rebell says get an accountability partner -someone who will help you stay on track of your spending and saving goals.
You can also include your kids by making it an educational family project that brings you all closer together as you collectively focus on your finances.