Helpful Tips for Those Experiencing Unemployment | Richard Banks & Associates, P.C.
Unemployment is certainly something that no one hopes for and also an occurrence that is rarely planned for. Unfortunately, unemployment issues still exist, which means there are many Americans finding themselves in uncomfortable financial situations due to job loss.
What You Need to Know About Unemployment
In June of this year, there were some 5,975,000 unemployed persons in the United States. While this number is still drastically lower than the 15,352,000 Americans who were unemployed in October 2009, it also means that there are many families continuing to be impacted by the loss of a job.
Fortunately, unemployment benefits can help ease some of the financial burden that accompanies a job loss, but only if you are eligible for them.
Per the Department of Labor, there are two criteria that must be met to qualify for unemployment benefits:
- You are unemployed through no fault of your own, such as a layoff. If you quit or were fired for gross misconduct, you will not be eligible for unemployment benefits.
- You meet your state’s requirements for time worked or wages earned. Remember, each state has different requirements, so it’s best to explore what those are.
Tips That Can Help You
Becoming unemployed may seem overwhelming, but these tips can help you make the most of a bad situation and hopefully work to get back on your feet.
1. Evaluate the budget and cut back on expenses. Examine those recurring expenses—perhaps you switch from cable to solely using a streaming service like Netflix or Hulu. Look into cheaper cell phone plans and teach yourself to bargain shop, utilizing sales and coupons. The time to tighten up the budget is now, but simply making calls and doing a little research can be a great stepping off point!
2. Rework your resume. This chapter of your life is over, and your resume needs to reflect that. Take some time to update it, adding in any new skills or accolades you may have received in your previous position. Don’t forget to update your LinkedIn account if you have one!
3. Start the new job search. Job-hunting can be a tedious process, but the sooner you’re working again, the sooner life can go back to a new normal. Hopefully you spent time networking in your former job and can utilize those connections on this new job hunt. Searching for work is usually also a contingency for obtaining unemployment benefits.
4. Maintain a schedule. Your first impulses might be to stay up all night and sleep all day or remain in your pajamas while moping on the couch, but sticking to a similar routine can help keep the doldrums away. Use the time you would have been at work to do some serious job hunting.
Already existing debt can be a serious concern if you find yourself unemployed, especially if the period of unemployment begins to stretch on. Bankruptcy may be a viable option to help negate that debt, and at Richard Banks & Associates, P.C., we’re more than happy to help you navigate the entire process!