In today's world, losing a job can happen to almost anyone -- and at times with little notice. Similarly, new opportunities can knock when you least expect them. Consequently, it's important to be mentally and financially prepared for whatever the job market brings.

Having two strategies in place can help smooth these transitions: First, set up an emergency fund -- so if you do lose your job, you have a financial cushion while you look for new work. And second, know how to protect your retirement funds from taxes and penalties should you lose your job or change employers.

So, you're suddenly without a job. How will you cope financially? Here are the top strategies for safeguarding your finances and credit score.

1. Put a halt on unnecessary spending. "This may seem obvious, but I've seen many people continue to make unnecessary purchases, even after losing a job," says Darren Tolliver, a financial center manager with Fifth Third Bank. "We're all spenders. But if you've lost your job, it's important to completely cut out any spending that's not crucial -- especially purchases made with credit and debit cards."

There are many things to consider when changing jobs -- personal, professional and financial. As with any major life event, it's important to weigh all the pros and cons when deciding whether a job is right for you. But from a financial perspective, salary is only one of many important considerations. Diane Jackson, a financial center manager with Fifth Third Bank, recommends you also evaluate the following:

Today, no one is immune from losing a job. It's occurring at every level, including employees who have been working for the same company for decades. To help prepare for a potential job loss, Neal Brown, a financial center manager at Fifth Third Bank, offers the following tips:

Leaving a job and starting another can be a stressful experience. But when people are forced to leave a job without having another lined up, the stresses seem to multiply - affecting relationships, moods and even decisions.

"Today, we see many people who lose their jobs and then impulsively cash out their 401(k)," says Tommy Grace, a financial center manager at Fifth Third Bank. "Unfortunately, they often do this without considering the financial ramifications or seeking advice on other options."

People can have all kinds of reasons for wanting to change jobs or careers. Today, however, the most common reason is financial necessity. Over the past 12 months, more than 5.3 million Americans have lost their jobs, according to the Bureau of Labor Statistics. About half of these losses occurred within the past few months.

An education is much like any other investment. It can provide a source of income, enhance your quality of life and be a cushion when the going gets rough.