A furlough notice from the federal government will say how many days you will be furloughed, so you can calculate the reduction in your take-home income. But if you’re about to be furloughed or laid off from a private-sector job, you’ll have to estimate how much income you’ll lose. If you have the luxury of a full-time job and are just planning for the possibility of a pay reduction, set aside some money for a rainy day. Save your change in a jar. Siphon off a little here and there from your checking account. Create a safety net over time. You’ll feel better the next time some financial belt tightening is in order.

Russ Bynum/AP/File
Casey Taylor-Racinelli, a physician’s assistant at an Army clinic, listens during a town hall meeting on upcoming furloughs in June 2013 at Fort Stewart, Ga. She is among about 3,100 civilian workers at Fort Stewart and nearby Hunter Army Airfield in Savannah expected to have to take an extra unpaid day off each week from July 12 through Sept. 30 because of automatic federal budget cuts. Ms. Taylor-Racinelli says she expects the furlough days will cost her about $1,000 per month.