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Do you feel like you’ve been laid off? Do these steps to get Assistance
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Do you feel like you’ve been laid off? Take These Steps to Get Assistance
Begin by submitting for unemployment insurance, and then move on to seeking assistance and resolving your financial issues.
Written by Kelsey Sheehy Senior Writer | Personal finance, small business Kelsey Sheehy is a senior writer and NerdWallet authority on small business. She joined NerdWallet in 2015 and spent six years as a personal finance journalist and spokesperson , before shifting to focus on the business decisions and issues faced by owners of small businesses. Kelsey’s writing has been featured in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. She is also the author of a column about the millennial generation and money for The Associated Press along with several other NerdWallet writers. Kelsey has appeared on the “Today” show, NBC News and ABC’s “World News Tonight” and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice and many other publications. Prior to being a part of NerdWallet, Kelsey covered college (and how to finance the cost) for U.S. News & World Report. The location of her work is Washington, D.C.
and Lauren Schwahn Lead Writer | Personal finances and Lauren Schwahn Lead Writer debt Lauren Schwahn is a writer at NerdWallet who writes about budgeting, debt and money-saving strategies. She is a contributor to the “Millennial Money” column of The Associated Press. The work she has contributed to was featured in USA Today, MarketWatch and other publications. Lauren holds a bachelor’s level degree in history from The University of California, Santa Cruz. She is located within San Francisco.
Nov 23, 2022
Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. Previously, she spent 18 years working at The Oregonian in Portland in positions such as copy desk chief and team editor and designer. Prior experience includes news and copy editing at many Southern California newspapers, including the Los Angeles Times. She earned a bachelor’s degree in mass communication and journalism from The University of Iowa.
A majority of the items featured on this page are from our partners who compensate us. This impacts the types of products we review and the location and manner in which the product appears on the page. But, it doesn’t affect our opinions. Our opinions are our own. Here’s a list of and .
The loss of your job can be stressful enough on its own. You still have to put food in the kitchen, put a shelter for your family, and manage other financial obligations.
Although it might appear as if everything is out of your control, there are actions you can take to keep your finances in check and have resources that can ensure that you stay above water.
What do you do if you’ve been fired from your job
Step 1. Apply for unemployment benefits.
Make a claim for the state in which you worked as soon as you can. In most instances, you can file online, but if you need help applying for benefits.
State unemployment offices may be overwhelmed during times of a dramatic rise in claims. There could be several times to claim your benefits by phone or online. In addition, benefits could be delayed as state agencies struggle to cope with the demands.
The official state unemployment website’s Facebook and Twitter accounts can also be excellent sources for news and advice.
In the event that your request for unemployment has been approved, pay close attention to the benefit details and the next steps. In general, you’ll have to certify that you still satisfy your state’s eligibility requirements each week or every two weeks for the purpose of continuing to receive payment.
Step 2: Call your bank and lender
“Contact any company you frequently pay and ask whether they are willing to lower or waive costs for a period of time,” says Tara Unverzagt, a financial planner and the founder of South Bay Financial Partners in California.
For example, your credit card issuers and utility companies might extend your payment due dates or offer . Be proactive and request help. Many financial institutions also defer the payment of personal loans, auto loans or 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 banks and lenders may offer assistance for homeowners struggling with financial hardship.
Federal student loan borrowers have some wiggle room. The government can extend their loan until June 30 2023. Borrowers will not be penalized for interest in this time and do not need to do anything to suspend or restart their payments. Furthermore the Biden administration has announced plans to offer a reduced rate of up to $20,000 offer the federal loan borrowers (or up to $20,000 for Pell grantees) dependent on their income. If you have an individual student loan Contact your lender for ways to get relief.
The delay in payments can free up cash for the things that you cannot delay, like food and possibly rent.
Step 3: Triage your finances
Cut out any nonessential spending at this point. That may mean canceling and/or suspending memberships to gyms or subscription services, and even paring down your cable package. There are many options to consider alternatives during this time of unemployed.
Be aware that these cuts are temporary. The objective is to free up as much room within your budget as is possible for things that cannot be stopped.
Keep track of your money using NerdWallet.
Get rid of the bank app and keep all your accounts at one time.
Step 4: Access community resources
Communities are a wealth of resources for those who’ve been through tough times. Now is the best time to benefit from those resources.
For instance, individuals or families who require food assistance can call USDA’s National Hunger Hotline (866-3-HUNGRY) to get emergency food assistance in their local area like food pantries and community kitchens. To find a comprehensive list of social services and other aid sources go to 211 or call on any phone.
Additionally, you can use online platforms like Nextdoor and Craigslist to locate local no-cost items like furniture, clothes, and books.
Fifth step: Be strategic with your money
If you find yourself in a position to not be able to pay all your expenses, you need to know the best ways to minimize damage to your finances.
Check your emergency savings account If you have one- that’s what it’s for and you might require a break from your . You can begin the rebuilding of your emergency fund as well as making payments on debt when you get your next job.
Step 6: Look into ways to borrow or create money
There may be a need for additional funds to help cover the gap in time between when you’re laid off and when the unemployment checks arrive or you are able to return to work. If you’re looking to get , there are several alternatives to think about.
For example, you can explore selling your items online and pet sitting as well as taking on a second job to . It is also possible to seek loans from family or friends as well as credit unions, banks as well as other lenders. Make sure you are aware of the terms and only borrow the amount you are able to pay back. Learn more about different options and the ones you should be wary of.
Step 7: Review your options for health care
The health insurance coverage provided by your employer often continues until the end of the month or even longer, after the layoff. But that may not bridge the gap until your next gig.
The loss of a job is considered to be to be a “qualifying life event,” meaning you can get health insurance outside of the annual open enrollment period. Check out the options below:
Your parents’ plan, if you’re under age 26.
Your spouse’s employer-sponsored health plan.
The health insurance marketplace ( ). The site can also assist you in understanding if you and your family qualify to be eligible for Medicaid or for the Children’s Health Insurance Program.
Continued coverage from your previous employer through .
Find out more about what you can do .
Are you concerned about the economy?
Be aware of your finances in pressure of rising prices, market volatility and concerns about recession.
The authors’ bios: Kelsey Sheehy is a personal finance journalist at NerdWallet. Her work has been featured by The New York Times, USA Today, CBS News and The Associated Press.
Lauren Schwahn covers consumer credit and debt at NerdWallet. The work she has done was featured by USA Today and The Associated Press.
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