Tips for Handling Unemployment

Millions of Americans filed for unemployment during coronavirus season, which means you are not alone in your struggle. Unemployment brings a whole list of problems, however, one of the biggest challenges is figuring out your finances. Luckily, there are ways you can handle your budget to make unemployment more manageable until you find your next job.

Submit an Application for Unemployment Benefits

You can either apply online or through your local labor office. If you are interested in applying for unemployment then a great tool for you to understand that process better is located on this site: https://www.dol.gov/coronavirus/unemployment-insurance

Review Other Assistance Options

There are countless programs available to help with your situation. You will want to consider a food assistance program like the Supplemental Nutrition Assistance Program (SNAP) also known as food stamps. Your starting point for this program application would be here: https://www.fns.usda.gov/snap/state-director. This site will be able to help you understand what steps you need to take if you are interested in this assistance. Another helpful support program would be Medicaid. This is a program available to help cover the costs of medical expenses if an accident occurs. Unfortunately, not every doctor accepts Medicaid, so it is important to make sure to check with your doctor before receiving treatment.

Create a Budget Plan that Works for You

You will want to really buckle down when it comes to your finances now that you are unemployed and can only rely on the money you have in the bank. First see all of the money you have in all of your accounts. You want to avoid pulling money out of non-checking or non-savings accounts like a 401(k) but if you are in desperate need, you need to be aware of the money you have available. From there, write out your monthly expenses from bills, to groceries, and everything else. You will need to start cutting down on all non-essentials. If you normally go to a salon every 2 weeks then you will need to put a pause on that. Cancel all unnecessary subscriptions whether that be a gym, a streaming service, a product box, a membership, etc. You want to live very conservatively when it comes to your finances until you have another source of income.