5 Steps to Take When Unemployment Is About to End (Video)

Posted in Saving Money , Savings Account • October 21, 2010

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.
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