Protect your future finances as layoffs spike nationwide [Video]

CHICAGO (WLS) — Job losses in the U.S. spiked in August to a five-month high of jut over 75,000 cuts a month, according to a new report from Challenger, Gray & Christmas.

And as employers sweat the budget crunch, financial experts at the website “MarketWatch” have tips in case you are ever laid-off.

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First, make sure to connect with your Human Resource manager to get a clear understanding of severance pay details.

Reconfigure your budget and trim unnecessary items.

You should also line up healthcare coverage through COBRA and utilize your HSA for medical expenses and for unemployment benefits.

Update your resume. And if you can, expand your skills through training or new certifications.

It’s also a good idea to prepare for the unexpected by setting up a high-yield savings account or any other cash savings account, in case of emergencies.

Here’s a link to the study for more information.