How to stay calm during a layoff and still reach your financial goals

After their honeymoon in 2014, Michael Lacy and his wife, Taylor, set an ambitious goal: to pay off $21,000 in credit card bills and auto loans. Eight months into the journey, Michael, a personal financel blogger, was laid off — an experience that many Americans are facing today.

To make things harder, Taylor has an autoimmune condition that flared up and had to take two weeks of unpaid leave from her job.

But the Lacys kept their cool, adjusted their strategy and still managed to pay off their debt in 16 months — just 4 months longer than their original goal.

Michael Lacy, host of the Winning To Wealth podcast, shares tips for keeping cool during a layoff.

Michael and Tracy had bonded over a shared love of travel and a desire to be at home to raise children. Before Michael's layoff, the couple had given considerable thought to planning a future together.

He realized losing his job didn't shake him as much as you'd expect.

"We had already had the important conversations about what we wanted our life to look like," he told CNBC Select. "I was determined not to fail."

Michael picked up a gig delivering food while he sent out resumes and prepared for interviews. Knowing that his hard work was critical to the future he and Taylor envisioned buoyed him through the ups and downs.

The Lacys were motivated by their plans, but they knew they had to face their present circumstances.

Getting laid brings up a lot of anxiety, Michael said, especially when you're deeply in debt. But you can acknowledge the and pressure without giving in to it.

Before making any serious financial decisions, whether applying for a new credit card, taking on a debt consolidation loan or even starting a business, analyze what's fueling your decisions. If it's stress, Michael said, take a minute to refocus.

"Sometimes, it's OK to not be OK," he said. "When we do things out of panic, we get ourselves into worse situations."

After you've identified your most important goals and given yourself a moment to collect yourself, it's time to take a serious look at your finances.

"Before you do anything, lay out your expenses next to any income you're anticipating — whether it's unemployment insurance... alimony [or] child support," Micahel said.

Calculate the difference between the two, so you'll know exactly how much of a shortfall you're facing.

"Even if you have a $500 deficit, you can reach out for help," Michael said. He recommends calling your lenders and asking for more time, a lower interest rate or some other consideration.

Highlight your history as a good customer, he said. "Whether that's reviewing how many on-time bills you've paid or reminding them of how many years you've been a loyal account holder."

Even if it doesn't solve everything, he added, "you might see that $500 deficit drop down to $100, which is a lot more manageable."

Keep plugging away at the job hunt, but don't get overwhelmed by your situation. The most important things, Michael said, are to remember the situation is temporary and to lean on your support system.

In the long run, that can help more than saving a few hundred dollars.

"There were days when I was crushed, and my wife uplifted me — and vice versa," Michael said, "We just kept encouraging each other through that."