HOW TO FINANCIALLY SURVIVE LOSING A JOB

HOW TO FINANCIALLY SURVIVE LOSING A JOB 

Losing a job is one of the most stressful and challenging times in our life. It's scary and full of uncertainties . Fortunately , there a practical ways to reduce the financial impact of losing a job and help your recovery quickly . Check out the following article to learn how to effectively handle a job loss , and consider some of the things you can do now , to prepare just in case . 

 . REVISIT YOUR BUDGET :Whether you lost your job unexpectedly or you know you're about to be unemployed , it's important to reassess your expenses . The earlier you can do this , the better . First , if you haven't already done so , you can create a new weekly or monthly budget while categorizing bill and other needs . such as groceries and housing . Doing so helps you determine the amount of money you have to allot for everyday category . 

. FILE FOR UNEMPOLYMENT BENEFITS : You can also financially survive losing a job by applying for unemployment benefits or unemployment insurance . Every state may have different eligibility requirements and payment amount . However , several states allow application at their local unemployment office or online , thus making the process faster and easier for you .  

. UTILIZE YOUR EMERGENCY FUND ( if you have one ) : Ideally , you should have an emergency fund that can cover at least three six month ' worth of your expenses . This helps you get by during unexpected or unfavorable circumstances, like losing a job . Thus, if you have emergency savings, now's the time to take advantage of them . 

. LOOK FOR OTHER SOURCES OF INCOME : It can take several months before you can find a new full - time job . Thus, to maximize your time and help compensate for the last income, find part - time work or same gigs that you can explore . These include being an online tutor , barista , writer , work - from - home - customer service representative , delivery driver , and more . 

. TALK TO COMPANIES YOU OWE : Losing a job is already stressful , but things get harder when it comes to your upcoming bills . Talk to your credit card company, and explain your situation . Request suspension of payment or lower interest rates. Fortunately , several credit cards companies provides program that can help financially struggling customers .