The cost cutting of multiple companies due to the economic complexities lead to thousands of Americans being laid off from their jobs.
Tips for the unemployed to help get through this rough period:
Company
Instead of being all negative on your forthcoming layoff, be professional and ask your company if there are programs they can offer for you to be able to survive without a job. Many companies have various plans for their employees, might as well take advantage of whatever is offered to you before getting into the world of unemployed.
Health Insurance
Inquire to your life and health insurances whether you’re still covered of the 18 months program after being laid off by your company. If your company doesn’t offer this, you can get a personal health insurance in short term basis.
Loans
It is best to refinance your loans before you become unemployed for you to get a better deal in the bank and to protect your credit score.
Compensation
Since you’ve been paying the state when you were working, you are entitled to unemployment benefits until you find a new job.
Job Hunt
As long as you found out you’ll be laid off, make the most out of your time by starting to send out applications to different companies. It doesn’t matter if you have to accept a part time job or a lesser paying job, as long as you have work to keep up with your lifestyle.
Expenses
You should start cutting down on your expenses until you find a new job. Buy only your necessities and focus on your needs not on your wants. The last thing you want it to rack up uncontrollable unemployment debt.
Retirement Plan
Avoid withdrawing from your retirement account by withdrawing from your IRA account instead. In this way, you could lessen your tax responsibility.
Tax Break
Do a research on your case whether you’re entitled for tax breaks due to unemployment. You can save a certain amount of money from this.
The key for you not to suffer from financial crisis during unemployment is proper planning and financial budgeting.
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