Many people in U.S have lost their jobs last year. This brought national unemployment rate up to 8.1 per cent - and of course that number is much higher in many parts of the country. There are certain steps which can ease the financial pain. Do read the severance package properly before signing it. If you are offered a severance package, you have to sign the severance deal within 21 days. If you're an experienced manager you can negotiate a better deal.

Apply for unemployment. All the wage and salaried workers are covered under federal state unemployment compensation program. This program may help you if you find yourself out of work through no fault of your own. Eligibility and benefits vary from state to state. Do take advantage of COBRA rights. Most of the workers are covered under employer's health insurance plan for up to 18 months after losing their job, thanks to COBRA legislation of 1985. Congress has set up a economic-stimulus plan, wherein, if you loose your job between Sept. 1, 2008 and Jan. 1, 2010, federal government will subsidize 65 percent of your COBRA premium. In this plan you can afford doctor visits and medication without insurance, but a serious accident or illness could be a financial disaster.

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