Financial

Important Steps to Take When Unemployed

There are few fears that many people experience that can stir the panic and fear inside of a person like, either suddenly or not so suddenly losing your job and finding yourself without a steady and consistent source of income. With it taking many people months and sometimes years to find another employment opportunity, your most prized and valuable possessions may be lost for good due to a wide variety of reasons. Don’t allow yourself to worry about losing your home, here are some feasible and relatively simply instituted strategies to keep yourself afloat during this time of unemployment.

  • Become Frugal & Spend Wisely

There is a fine line between want and need, and many times it can take a personal crisis to truly crystalize what is truly important and necessary for your very survival and what is merely a luxury that wouldn’t affect your life if you never had it is in the first place. Spending wisely is essentially one of the most vital aspects to staying financially solvent when unemployed. It is pivotal that you cut back on spending as these little bits of cash here and there will quickly add up to some much needed extra money in your bank account. Now is the time to reassess your situation as a whole.

  • Unemployment Benefits are a Right

Provided you have been paying into the program with your paychecks every month, you have every right and privilege to file for some financial assistance known as unemployment benefits. If you have been fired or laid-off you are likely eligible for unemployment compensation. You should immediately visit an unemployment website or local office to learn about the specific rules and regulations regarding unemployment benefits in the state you reside in. Unemployment benefits are often times the most important financial lifeline many unemployed people have!

  • Money Saved Should Remain That Way

Though certainly nobody would fault you for thinking that now is the right time to dip into your savings or retirement account but try to keep yourself from overreacting. While it is always an option to consider, it should only be considered as a true last resort. Your hard earned money needs to remain in the bank unless you are absolutely positively out of options.

  • Accept This or Nothing

Faced with the option of reducing monthly payments and/or working out a better payment system for you versus not receiving any payments whatsoever, most times lenders and creditors may be willing to work with you to get your through your current financial hardship you are facing. One option is a “hardship forebearance”, which permits you to legally skip a predetermined number of payments without the fear of retribution or consequence to give you some temporary breathing room to get your finances in order. This is not always an option, but certainly worth exploring as the drawbacks are limited and the benefits are obvious.

  • You’ve Got To Get Up, Get Out and Get Something

There is nothing for free in this lifetime, and as such nobody, and that means nobody will just give you a job because you simply want it or asked for it! Pity and self-loathing never paid the bills and it won’t anytime soon either. So wake up every morning and make the employment search become your new job, where you dedicate a number of hours to researching, interviewing and just basically immersing yourself in all things job search related.


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Financial