It's been months of unemployment. Savings are drained, and bills are piling up. What to do? One of the first things is to make sure you are up to speed on all utility, automotive and mortgage payments. Next put together a monthly budget of regular expenses, along with a list of all outstanding debt by the type of debt and the actual interest cost/rate you are assuming. Start paying off the highest rate credit cards first and consider consolidating credit card debt into the lowest interest rate card if possible.

Once you have a handle on your debt, work aggressively to build an emergency savings fund. This should be accessible in a bank savings account, a certificate of deposit or a money market account. At a minimum, try to save at least three months of living expenses.

At the same time, participate in any retirement savings programs at your new job, such as 401(k) plans. Qualified retirement plans protect your funds from taxation as they grow over time. The tax savings and a possible employer match provide immediate returns and proper incentive to save for retirement at any age.

Financial bumps will not go away, but with a long-term financial plan they will be much easier to overcome.

-- Nancy Skeans,
Schneider Downs Wealth Management Advisors LP,
nskeans@schneiderdowns.com.

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