How to Survive Unemployment | Richard Banks & Associates, P.C.

At Richard Banks & Associates, P.C., we know that becoming unemployed is something that most everyone fears and nearly no one is prepared for. After all, 63 percent of Americans don’t even have enough money in the bank to cover a $500 emergency, let alone go without a regular paycheck.

The United States’ unemployment rate has reached a new low at 4.3 percent, but that still means that nearly 14 million Americans continue to struggle. If you have found yourself recently unemployed, remember to take a step back and breathe—the situation may seem overwhelming, but these unemployment survival tips should help you stay afloat.

1. Find out if you are eligible for unemployment. Doing this has been simplified by the Internet, as the states have their requirements listed online. Tennessee and Georgia residents can file their unemployment claims online and receive word back usually after 72 hours.

2. Cut down on expenses. First, check out what recurring expenses you have. Could you switch from cable to solely using a streaming service like Netflix or Hulu? Look into cheaper cell phone plans, especially if you’re currently not using all of the data in your large data plan. 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!

3. Retool 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!

4. Start a new job search. This process is never fun, 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.

5. Keep yourself on 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!