In September 2004 I had loss a job that I had been at for over 9 years. Even though there had been talk for months about job loss and it had even happened to other people out there I never thought it would actually happen to me. I was lucky and received a good severance package and found a job right when the severance pay ran out.
I was at that job for 2 1/2 years when they announced the plant was closing. I started putting out my resume right away and interviewed at 3 places right away. Of those 3 interviews I was offered 2 of the jobs. I went with the one that felt right in my gut, it didn't pay as much and wasn't as glamorous but something about it just felt like it was the one.
I was lucky. Both times I lost a job I was fortunate enough to find something within a week of beginning my search. Right now there are so many others that are not that fortunate. People are losing their jobs in record numbers, with that job loss comes stress, depression, and a loss of self. Often times people come to define themselves by the job they have. When they lose that job they aren't sure how they fit into the picture anymore. Job loss often causes loss of insurance, etc and may cause a snowball effect.
Many people, like myself, are in the process of paying off credit card debt. While paying off the debt is important, during these times it's actually more important to build up an emergency fund. If you were to lose your job you can negotiate terms with the insurance company. However your mortgage company, utility company, etc may not be as understanding. This isn't to say they don't care, just that in some places the number of people losing jobs is so huge that they many not be able to give you a discounted rate. If you have an emergency fund you will be able to buy food, medicines if necessary, pay utilities, etc.
Right now the most important thing we can do is to save what we can, be mindful of waste, and most importantly say a prayer for everyone affected by job loss and the down-turn in the economy right now.