Think one of you will be laid off at work, or have you already gotten the pink slip?

Needless to say, it's one of life's most unpleasant experiences.

The recent job loss numbers are staggering. Since the beginning of 2008, the American economy has lost some 350,000 jobs, with construction, retail and manufacturing feeling the brunt of the decline. Unemployment hovers near 5.5 percent, with recent losses setting new records.

The best way to deal with a layoff is to get organized and mobilized. Take a close look at your income, expenses, savings and investments. If one spouse is working, that should help.

Go through your checkbooks to see where you've been spending money. Unfortunately, you may need to reduce entertainment expenses. Shop for lower-cost insurance providers. And consider, notes the Consumer Federation of America, that if the high price of gasoline is causing you not to drive as much, you may qualify for a mileage discount on your car insurance.

Perhaps you can get on your spouse's insurance plan to save money on health insurance.

Check your cash and investments. You may need cash, so you should take less risk. Consider trimming stock or mutual fund holdings and keep your money safe.

Avoid the credit cards. It's not a good idea to borrow money from your company 401(k) plan or life insurance policy, unless you intend to pay it back. Nevertheless, in a pinch, you may be able to take a hardship loan from your company retirement plan at low interest rates.

You also can borrow against the cash value of your life insurance policy at very low or no interest. Be advised, however, your death benefit is reduce by the amount of the loan and accrued interest.

The National Foundation for Credit Counseling suggests that you:

• Resist the urge to tell your boss what you truly think of him or her. You may need him or her as a reference for a future job. Plus, the layoff may not be his or her fault.

• Take advantage of any placement assistance, job retraining and severance packages. Probe all benefits offered.

• Determine whether you qualify for government benefits, such as unemployment insurance. Apply immediately.

• If necessary, consider selling the second car, recreational vehicles, real estate holdings, rental properties or jewelry.

• If you must choose which bills to pay, keep your home life stable by paying your rent or mortgage, utilities, child care, insurance premiums, health care, food and keeping gas in the car.

• Consider contacting your creditors to seek lower payments. Most major credit card issuers have in-house help programs. Explain your situation and what you're doing to resolve it. The creditor may be able to temporarily lower your monthly payment and reduce interest.

• Call your mortgage lender or servicer. Be prepared to provide documentation of the setback and have a resolution plan in mind. Take advantage of free or low-cost certified HUD housing counseling by calling 1-800-569-4287.