Question: I just recently lost my job and I am really worried about my finances. Do you have any suggestions to get me through this difficult time?

Answer: The recent job loss numbers are staggering. Layoffs are widespread, making it hard to find a sector that has not been touched. It appears that no one, regardless of position or income level, is safe from the pink slip.

Financial setbacks are never easy, but with help, most people can emerge relatively unscathed. Here are some tips that can help you survive a layoff.

• Resist the urge to solve your problems by spending recklessly. It may feel good for the moment but the high of spending won't equal the low of dealing with additional debt when there is no income. Further, new credit is hard to come by, so use your existing credit lines wisely.

• Don't be tempted to live off of your credit cards. Someone with a good line of credit could support the family at the current standard of living by using credit but there's no guarantee a new position will materialize any time soon.

One rule of thumb job counselors use is to expect one month of job search for each $10,000 of annual income you hope to replace. In other words, if you seek a $50,000 salary, it may take you five months to land that job.

• Take a personal inventory. Consider all assets, income and expenses. Hopefully, you will not have to liquidate any assets to survive, but it is good to know what you have to fall back on.

• Drastic times call for drastic measures. Nothing is off limits. If necessary, consider selling the second car, or any recreational vehicles, real estate holdings, rental properties or jewelry.

• Review your adjusted income vs. debt obligations. After reviewing income versus debt obligations, if there is not enough money to make ends meet, calculate how much is needed to meet the basic household living expenses.

Your goal is to pay everyone but if you must make a choice, keep your home-life stable by paying your rent or mortgage, utilities, childcare, insurance premiums, health care, food and keeping gas in the car. Consider a part-time job to supplement your unemployment benefits.

• Have a family meeting that includes the children. You don't want people pulling in different directions and a joint effort yields a greater result. Make cutbacks wherever possible, knowing that this austere lifestyle will only be temporary. Resolve to stop all non-essential spending immediately.

• Track your spending. Write down every cent you spend. At the end of 30 days, review where the money went and make conscious decisions on where to cut back. You'll be amazed by how much you can save and not even feel the pinch.

• Contact your creditors to arrange 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 and inform them of your situation. Be prepared to provide them with documentation of the setback, and have a resolution plan in mind.

Since the average consumer doesn't know all of the loan modifications available, it is smart to first sit down with a certified housing counselor and map out a plan. This way, you'll know that you've selected the option that is best suited to your situation.