This article from the American Institute of Certified Public Accountants’ Financial Literacy Commission was printed on page 10B of Wednesday’s print and e-editions of The Monroe Evening News.

I do want to point out that the home equity line of credit suggestion, while historically good advice for those facing a job loss, may not be an option for those whose property values have plummeted during the past couple of years. And yes, that financial reality affects many residents of southeast Michigan.

More and more employees are facing unemployment or the prospects of a job loss.

Recently released Department of Labor job loss report revealed that U.S. employment has fallen by 1.2 million in the first 10 months of 2008. Michigan this year might match the dismal record it set last year when it ranked first in the nation in the percentage of jobs lost (7.49 percent) and fourth in the number of jobs lost (319,200).

Aside from the typical advice to always have an emergency fund of three to six months income set aside, other small steps might prove helpful when facing a new or impending job loss, according to Beth Gamel, a member of the American Institute of Certified Public Accountants’ Financial Literacy Commission.

Here are some quick tips to prepare to weather joblessness:

Conserve cash: If you’re paying more than the required payment on your mortgage, auto or student loans, pay only the required amount and conserve your cash for your living expenses.

Assess your financial situation: Review your assets to determine which are the best sources to tap for your cash needs.  Set up a plan for which assets you will use and in what order if your unemployment is lengthy.  Make sure you understand the potential tax consequences of each. Making decisions without forethought or in a panicky mode can amplify your financial troubles.

Obtain a home equity line of credit: It’s an option for homeowners, but you should set one up when you’re still employed. It will provide a safety net if you lose your job and find yourself short of cash sources.

Contact lenders: If you have a mortgage or a credit card account outstanding, explain your current situation and ask them to work with you. If you continue to run up your credit you could end up filing for a bankruptcy and that will stay on your record for a long time, making obtaining future loans that much more expensive.

Update your resume: If unemployment comes suddenly, you want to start looking for a new job as quickly as you can. It might even be wise to start your search before the axe actually falls.

The AICPA also has a Web site, www.feedthepig.org, with free career tools.