Here are other things you should do:

Review your savings. This may seem simple, but look at your budget to make sure you have the cash you need to pay necessities. Figure out how long you can cover your bills with the cash you have on hand. This may mean cutting nonessential expenses as soon as you realize you are being laid off.

Don’t be afraid to talk to your creditors.  Make preemptive contact to strike a deal if you think you cannot make a payment. Your card company, mortgage or auto loan lender may not give you a break, but you’ll never know if you don’t call. Don’t wait until you get behind before you reach out.

Slow down or pause any aggressive debt payoff. Your highest priority should be your rent or mortgage, your auto loan and child support. Lower priorities might include credit card debt. Just make the minimum payment for now, and you may not even be able to make that. Concern about your credit rating should not move up a debt’s priority. You can fix that damage later. 

Avoid tapping into your retirement account. If you’ve exhausted your emergency fund, you may feel you have no option but to tap your retirement account. However, make it a last resort.