Losing a job can be devastating. It may not only be a big hit to your ego, but to your finances, too. However, even in the face of a major obstacle like unemployment, life goes on. Bills will continue to arrive in the mail. If you’re looking for ways to manage money when unemployed, here are some tips for how to handle job loss and keep your finances afloat.
Apply for Unemployment
If you’ve recently lost your job, you may be eligible to receive unemployment benefits. This means the government will send you a portion of your income while you search for a new job. Some states only offer these benefits during a certain time period, so don’t put it off. Even if you do qualify, it can take several weeks to receive your first check, which, for some people, is more than enough time to burn through some savings.
Reduce Monthly Expenses
Losing a job means it’s time to review and cut your budget. Go through your bank statements and credit card bills and figure out which expenses are necessities, which can be put on hold until you find a new job, and which can be cut out completely. Can you cancel your subscription services or avoid meals out in order to make ends meet? Budgeting apps like Mint and Goodbudget make it easy to split your spending into categories and track where you’re spending the most. You may still have to dip into your savings but cutting costs now will help those savings last even longer.
Review Your Insurance
One unfortunate part of losing a job is that it often means you lose your insurance, too. It’s important to have active health insurance in case of a medical emergency. One option is the Consolidated Omnibus Budget Reconciliation Act, or COBRA, which is a law that allows you to get temporary insurance coverage through your previous plan. However, it can be expensive. So, if you have a parent or spouse whose plan you can join, that may be a cheaper option. Otherwise, the Health Insurance Marketplace is a government-run service that offers health insurance plans.
Cut Down on Bills
Bills may seem like they’re set in stone, but you may be able to reduce some of them with a little effort. Contact your cable or internet provider, cell phone carrier, credit card company, landlord and utility companies and see if you can negotiate a lower rate or even possibly defer a payment. a period of time.
Find a Part-Time Job
Depending on what type of job you’re looking for, it can take weeks or even months to find a new one. Start your job search now, but in the meantime, consider getting a part-time or freelance job to boost your income. Even if it isn’t your dream job, it will help ease the financial burden of your job loss, keep your skills sharp, and could even lead to a new full-time opportunity. Short-term gigs like house cleaning, childcare or rideshare driving may not seem glamorous, but they can buy you some extra time while you’re job searching.
Explore Your Financial Options with LendNation
Don’t let financial challenges stand in the way of living your life. If you’re struggling with a financial emergency, LendNation can help you get through a tough time. Same-day cash loans can get you the cash you need fast so you can get back on track. That’s one less thing for you to worry about.
Not sure if now is the right time to take out a loan? Check out our handy guide or contact your local LendNation branch to explore your financial options today.
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