With a government shutdown that just keeps dragging on and a private sector that feels increasingly unsteady, job loss is a reality many Marylanders are facing.

While you may not be able to control losing your job, there are steps you can take to soften the blow in case a pink slip comes your way. The Banner spoke with experts who offered tips on how to be ready if you suspect you could lose your job, and what you can do to protect your finances if you get laid off.

Before it happens

Take a hard look at your expenses, said Tom Cusick, president of the Financial Planning Association of Maryland. Are you overpaying for a new car when you could get by with a beater? Housing can be tougher to change, but it is worth thinking about whether you can downsize.

Many people say they will save money by cutting back on small expenses, like the lattes they buy a few times a week, Cusick said. But trimming your biggest expenses — likely housing and a car payment — can have a far greater impact on your monthly budget.

“Your car payment could make a big difference, and you could probably still drink Starbucks,” he said.

Trying to get debts cleaned up before you lose your job is also helpful, Cusick said. If you’ve accumulated credit card debt, working that down before you’re in a financial pinch puts you in a much stronger position.

It’s good to have an emergency fund of at least three months’ expenses, said Jesse Ketterman, a Family and Consumer Sciences educator with the University of Maryland Extension in Western Maryland. That cushion can help you stay afloat if you have to go without a paycheck for a while, either because of job loss or an extended government shutdown like we’re seeing now.

It’s also important to sit down and really get to know your finances. Make a list of your bills, your debts and your income so you have a clear picture of where you can make changes, Ketterman said.

“You can’t adjust to change if you don’t know what your current situation is,” Ketterman said. He suggested using the Consumer Financial Protection Bureau’s toolkit for understanding your finances as a starting point.

If it happens

If you do lose your job, there are steps you can take right away to stay in control of your finances. One thing to remember, Cusick said, is that you can try to negotiate your severance package. The worst thing your employer can say is no.

From there, you should apply for unemployment. It’s there to help you in times like this. Maryland’s Department of Labor offers information about who qualifies for unemployment and how much you could receive in benefits, but each person’s situation is different.

You should also prioritize calling any creditors and explaining you lost your job to see if they can offer you a deferment or other form of temporary relief. Do this early, before you start missing payments.

“A lot of creditors would be understanding of what’s going on,” Ketterman said. “You have to work with them and take the step of reaching out instead of just ignoring the bill.”

Examine your health insurance options. When you lose your job, you may be able to keep your health insurance for a time via COBRA (or temporary coverage for federal workers), but you will have to cover the full premium. That can get expensive, so you can also look into getting on your spouse’s plan or buying coverage through Maryland’s health marketplace.

“Most people go to the marketplace because they can get less attractive benefits and lower premiums,” Cusick said. If you have money set aside in a Health Savings Account, he said, you can use that to pay COBRA premiums but not marketplace premiums.

Another consideration if you lose your job: If you have taken out a loan on your 401(k), you will need to pay that back or it will become taxable, Cusick said. Paying off that loan should be a priority to avoid getting hit with a penalty.

Finally, you should start looking at your own skills and thinking about how you can market them during a job search, Ketterman said.

Start familiarizing yourself with the online tools used in the job search now so that you can be ready to jump in. Do some upskilling. Use this time to explore your interests, to volunteer or to think about a new career path — maybe one that fits your interests even better than the last one.