5 Steps to Take When Unemployment Is About to End (Video)
Are you looking for a job and your unemployment benefits are about to run out? If so, this can be a very scary time, but don’t worry. There are a few actions that you can take to eliminate some of that stress and prepare for the future.
1. Develop an Emergency Budget:
- Eliminate anything you’re spending your money on right now that isn’t essential.
- Sell anything you don’t need like property, clothes, collectibles and other things lying around the house.
2. Consider a Bridge Job:
- Find a temporary position that will help get you through this hard time.
- Try looking for jobs like at a cafe, mall, etc. that can generate some income while you look for your ideal job.
3. Ask Older Teens to Go to Work:
- If you have children that are of working age, consider asking them to find a job to help them alleviate their financial needs.
- You can also ask them to contribute to the family fund as well if you’d like. It can help them develop a sense of responsibility.
4. Request Hardship Plans for Debt:
- Most creditors offer plans for people going through hard times. Take advantage of that assistance.
- Utilize forbearance or deferment options for things like student loans, credit card debt, etc. to create some breathing room.
5. Stay positive
- Don’t give into panic, especially if you’re worried about money.
- Think of this as a very short period of your life and that you’re going to get through it.