General Motors said its offering voluntary buyouts to the majority of salaried staff as part of a plan to cut $2 billion in annual costs. They will offer lump sum payments and other compensation based on tenure, according to yesterday’s announcement. Even if you don’t work for GM, you might be facing a similar situation with layoffs. Nemes Rush Family Wealth Management CEO Charles Nemes has tips for those who decide to take the lump-sum buyout.
“Take a really close look at your budget,” says Nemes. “Know what you are spending on a monthly basis, what is discretionary like going to Starbucks to get coffee versus things that are necessary like making your mortgage payment. Put off major purchases, for instance. Really take a good, close look at what you spend and try to make that money last.”
Nemes also suggests understanding your financial situation before agreeing to a voluntary separation program.
