Last month marked the worst October for layoff announcements in over 20 years, with thousands of federal employees furloughed or working without pay due to the ongoing government shutdown. Job security is a top concern amid mass layoffs from major companies.

To protect your financial security in the event of a layoff, know your rights, benefits, and state unemployment eligibility. Revisit your budget, create a lean version focused on essentials, and build an emergency fund to cover living expenses for at least three to six months.

Making debt payoff a priority can help alleviate financial stress in the event of a job loss. Consider refinancing for lower interest rates and exploring hardship assistance programs. Diversifying income streams through freelance work or side gigs can provide added financial security during uncertain times.

Read more at Yahoo Finance: Worried about job security? Take these 5 steps now to protect your finances.