PITTSBURGH -- The nation's unemployment rate is expected to spike above 10 percent before the end of the year, meaning millions of people will be living on less of a salary.
However, there are steps workers can take right now to cushion the economic blow that comes with job loss.
It's a lesson Bethel Park's Bill Walker learned earlier this year. When he isn't tending to his lawn, he's trying to patch up a 30-year career that was suddenly uprooted.
"We always think these things happen to the other person. But be aware that you could be the other person in six months," said Walker.
When Walker, a telecommunications worker, was laid off in March, he said he wasn't prepared emotionally or financially. He's hoping his experience can help others think about how to start living with less.
"So you start thinking about things that you just took for granted in the past (like) cable television. 'Do we need this? Do we need that?'" Walker said.
According to money-saving expert Jennifer Melnick-Carota, the first thing we should do, regardless of our level of job security, is start to save more.
"This really is a gift for the families to begin focusing on what's important," said Melnick-Carota.
All of us should build an emergency fund of six months salary and after that, Melnick-Carota advises people make a family budget. And take a hard look at what you really need.
"It doesn't have to be one big, giant change or shifting gears right away. It's small, systematic plan changes that can really make a dramatic difference in the long-run," Melnick-Carota said.
At a time when many of us are addicted to impersonal forms of communication, Melnick-Carota says this is the perfect opportunity to get to know our neighbors again, using one another as a resource for things like neighborhood swaps.
"Collect all of your CDs that you haven't been listening to. Collect all of the DVDs that you haven't been listening to, children's clothes, women's jewelry. You can actually have fun with this: get the neighborhood together," Melnick-Carota said.
You can also cut back on how often you dine out.
If you take a vacation, consider upgrading to stay in a suite so you can cook your own meals.
Another important factor is to find something inexpensive that makes you and your family happy. Walker may pursue the writing career he always wanted.
"All of sudden this presents an opportunity for you to look at what you really want to do in your life. So, it could be a positive thing," said Walker.
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