10 tips to survive a layoff, financially smarter

1. Negotiate with your employer to get a good severance package.

2. If you have a debt of any kind -- home loan, personal loan, credit card payment etc -- make provision for that first from the money that you can squeeze out from your ex-employer.

3. In the meanwhile, try to search for job, even if on a temporary basis, matching your skills and profile.

4. Your next priority should be your grocery expenses.

5. There is no need to tell you that when you are laid off or are expecting the same you should come down heavily on your socialising expenses including outings to hotels, multiplexes, vacations et al.

6. Try asking your parents and friends for some money in case your severance package amount fails to meet your monthly expenses.

7. If your severance package is good make sure that you keep at least 20 per cent of this money into an emergency fund.

8. If charity begins at home, cost cutting too should begin from home.

9. Spend most of your time fine tuning your resume, preparing for interviews, adding new skill sets related to your job profile.

10. Finally, don't forget to make a plan about your future as you will have enough time to ponder over your finances and career.