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Laid Off? Take These Steps to Get Assistance
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Laid Off? Follow These Steps to Receive Assistance
Begin by filing for unemployment benefits, then branch out to seeking help and managing your finances.
By Kelsey Sheehy Senior Writer | Personal finance, small business Kelsey Sheehy is a senior writer and NerdWallet’s expert on small business. She started at NerdWallet in 2015 and spent six years as a personal finance writer and spokesperson , before shifting to focus on the financial decisions and challenges that small-business owners face. Kelsey’s writing has been featured throughout The New York Times, The Washington Post, Nasdaq and MarketWatch among others. She is also the author of a column about millennials and money in The Associated Press along with a handful of other NerdWallet writers. Kelsey has been featured on the “Today” program, NBC News and ABC’s “World News Tonight” and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice, among other publications. prior to her joining NerdWallet, Kelsey covered college (and how to finance the cost) for U.S. News & World Report. She is based in Washington, D.C.
and Lauren Schwahn Lead Writer | Personal finance and the debt Lauren Schwahn is a writer at NerdWallet who covers budgeting, debt and money-saving strategies. She contributes to the “Millennial Money” column of The Associated Press. Her work has also been featured by USA Today, MarketWatch and other publications. Lauren has a bachelor’s education in the field of history at The University of California, Santa Cruz. She is located at San Francisco.
Nov 23, 2022
Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, managing money and debt Kathy Hinson leads the core personal finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in positions such as copy desk chief and team director of design and editing. Her previous experience includes copy editing and news for many Southern California newspapers, including the Los Angeles Times. She received a bachelor’s degree in mass communication and journalism from The University of Iowa.
Many or all of the products we feature come from our partners, who pay us. This impacts the types of products we write about as well as the place and way the product is featured on a page. However, this does not affect our assessments. Our opinions are our own. Here’s a list and .
Losing your job is stressful enough on its own. In the meantime, you need to put food at the table a shelter for your family and manage your financial obligations.
Even though it can appear as if that everything is beyond your control but there are steps you can take to keep your finances in check and have resources you can use to keep your head above the water.
What should you do if been let go from work
Step 1: Apply for unemployment benefits
Make a claim for the state where you worked as soon as you can. In most cases you can file your claim online, but if you require assistance in submitting a claim for benefits.
The state unemployment offices could be overwhelmed in times of an astronomical increase in claims. There could be several times to claim your benefits by telephone or online, and benefits could be delayed as state agencies try to cope with the demands.
The state unemployment office’s Facebook and Twitter accounts could also be useful for information and updates.
If your unemployment insurance claim has been accepted, pay attention to the benefit details and the next steps. In general, you’ll have to prove that you comply with your state’s eligibility criteria every week or twice in order to keep receiving the benefits.
Step 2: Call your lenders and banks
“Contact any company that you frequently pay and ask how they might cut or waive fees for a while,” says Tara Unverzagt who is a financial planner and founder of South Bay Financial Partners in California.
For example the credit card issuers or utility companies might extend your payment due dates or even offer . Be proactive and ask for assistance. A lot of financial institutions defer payments for personal loans, auto loans and home loans.
In the event that your home is federally insured (Fannie Mae and Freddie Mac, FHA and VA) You have choices for the duration that the COVID-19 National Emergency lasts. Other lenders and banks may provide assistance to homeowners who are dealing with hardships.
Federal student loan borrowers have some room. The government has through June 30th, 2023. Borrowers are not subject to interest charges during this period and are not required to take any action to stop or re-start their payments. Furthermore, the Biden administration announced plans to provide up to $20,000 provide Federal loan customers (or as high as $20,000 to Pell grant recipients) depending on their income. If you are a recipient of a private student loan, contact your lender to ask about alternatives to relief.
The delay in payments can make money available for things you can’t delay such as food or rent.
Step 3: Manage your finances
Reduce any spending that isn’t necessary for the time being. That may mean canceling and/or suspending memberships to gyms, subscription services, or trimming your cable bill. There are many options to consider alternatives during this time of unemployed.
Keep in mind that these cuts are temporary. The aim is to make the space in your budget as possible to cover the items that cannot be paused.
Monitor your finances with NerdWallet.
Get rid of the bank app and keep all your accounts at one time.
Step 4: Leverage community resources
Communities provide a wealth of resources for those who’ve fallen on hard times. Now is the moment to make use of these resources.
For instance, people or families in need of food assistance can call USDA’s National Hunger Hotline (866-3-HUNGRY) to get the emergency assistance they need within their region including food pantries and community kitchens. To find a comprehensive list of social services as well as other sources of help go to 211 or call from any phone.
You can also use online platforms such as Nextdoor or Craigslist to locate local free items such as furniture, clothing and books.
Fifth step: Be smart when it comes to your finances
If you’re not able to pay for all of your costs, think about how you can minimize the any financial damage.
Make use of your emergency fund in the event that you have one- that’s what it’s for — and you may need to relax your . It is possible to work on the rebuilding of your emergency fund as well as paying down debt after you get the next job.
Step 6: Explore ways to borrow or create money
There are times when you’ll need additional funds to cover the gap between the time you’re laid off and the time the unemployment checks arrive or you are able to return to work. If you’re considering getting the money you need, there are many possibilities to look at.
For example, you can try selling things online as well as pet sitting, or picking up another side gig to . It is also possible to seek loans from your family or friends or banks, credit unions and various other lenders. Make sure you are aware of the terms and only borrow only what you can comfortably repay. Find out more about various options and which ones to be wary of.
Step 7: Take a look at your health care options
Health insurance coverage through your employer is usually extended until the end of the month, or for a longer period in the event of the layoff. But that may not bridge the gap until your next job.
A job loss is to be a “qualifying life incident,” meaning you can get health insurance outside of the annual open enrollment time. Consider the options below:
Your parents’ plan, if you’re under age 26.
Your spouse’s employer-sponsored health plan.
The marketplace for health insurance ( ). This website can also aid you in understanding whether the family you live with qualify for Medicaid or the Children’s Health Insurance Program.
Continued coverage from your previous employer through .
Learn more about what you can do to .
Are you concerned about the economy?
Control your finances in the pressure of rising prices as well as market volatility and concerns about recession.
The authors’ bios: Kelsey Sheehy is a personal finance journalist at NerdWallet. Her work has been published by The New York Times, USA Today, CBS News and The Associated Press.
Lauren Schwahn covers consumer credit and debt for NerdWallet. Her writing has also been featured by USA Today and The Associated Press.
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