Many reputable and once stable companies have resorted to layoffs to stay afloat in this economy but there are ways to make sure your finances, family and future are prepared.

Click Above To Watch Interviews With A Workforce Development Trainer And A Financial Advisor Who Offer Layoff Tips And Strategies

Sloan Carroll saves money by doing things like painting cabinets herself. She was recently laid off, but a thrifty past is helping her live comfortably now.

"It's allowed me to enjoy my time," Carroll said.

However, she didn't start that lifestyle until she became a newlywed in 2007 when getting out of debt became a priority.

"We wrote down every debt, every monthly bill we wrote down everything," Carroll said.

By sticking to a plan and making some savvy financial decisions like re-financing her home, eating out less and DIY projects, the only debt left is a mortgage. She has a savings account with enough money for two years.

"I think if you work in corporate America you always have to be prepared for this, really if you work anywhere," Carroll said.

And the first thing you should do to prepare for a layoff is something three different experts agree on; start now.

Charles Leedy with Chapel Hill Investment Advisors said as a general rule of thumb have six to nine months saved and consider these actions immediately.

1) Pay off your high interest credit cards.
2) If you have home equity line of credit make sure it's up to date. If you don't have one try and get one.
3) Re-finance your home for a lower interest rate if possible. Leedy said it's easier to do while you have a verifiable source of income.

"The more money you can preserve now the more options you'll have later on," Leedy said.

You can put the numbers on paper but preparing your family emotionally is more complex. Psychiatrist Mark Moffett, with Family Psychiatry & Psychology Associates, P.A., suggested to be honest.

"Anticipation is a good defense. Things that are, stresses that are sprung upon us suddenly are often much more traumatizing than stresses we can anticipate," Moffett said.

When talking to your children, he says make them feel safe by telling them what you tell yourself.

"Like any good parent you model for them, when adversity strikes what do we do? Do we cave under it or do we come up with a plan to say how we're going to make this better?" Moffett said.

On the job side of preparing for a layoff, workforce development trainer Elaine Whitefield said employees should change their frame of mind.

"We have to really think of jobs in terms of contracts, you know this contract could end what am I going to do after this contract ends?" Whitefield said.

To help you get an edge and a head start, Whitefield said liven up your resume by starting to think about what you REALLY do at work.

"What results did I get? How did I do this? Did I manage this million dollar budget if I was an accountant and I never had any mistakes?" Whitefield explained.

Then start practicing and preparing for whatever the economy will bring.