August 29, 2017, 4:16 pm

Unemployed And Worried? Utilize These Tips For Handling Your Finances

by: The Financial Blogger    Category: Uncategorized
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There is nothing scarier for people than suddenly finding themselves out of work. The fear of not knowing how they will pay for the mortgage, the lights, and the food to feed their family can be overwhelming. However, with prompt action and a little strategic planning, you will be able to make it through this ordeal. You can keep your finances in order well enough until you are back to work and receiving steady paychecks. Here’s how:

Organize Your Financial Obligations

While the ideal situation would allow you to pay every single debt you have, in full and on time every month, when you suddenly become unemployed, that may not happen. However, you can’t let every financial obligation fall to the wayside. You must secure the roof over your head, so the rent or mortgage payment needs to be dealt with. You will still need to have utilities on in the house and you still need to make sure that everyone is fed. To do those things, you might have to place less of a focus on your unsecured debt, such as your credit cards. Unlike your car loan company, who will come for the car if you don’t pay – making it even harder to find employment, the credit card companies cannot come and take anything from you. Make a list of all your debts. Make two columns, one for the things you must pay no matter what and one for the things you can let slide if you absolutely must. It might hurt your credit, but you are in survival mode now.

File For Unemployment Benefits

Try not to wait when it comes to filing for unemployment benefits. You will want to make sure that you are filing right away because it can take a few weeks before you are finally approved and you are receiving your first unemployment payment. Find the official website for FL unemployment, or for your state if you live elsewhere, to get the process started.

Ask For A Forbearance For Your Vehicle And Mortgage Loans

Contact the mortgage company and the auto loan company right away. The sooner you do this, the more likely it is that you are going to be able to receive assistance before any repossession or foreclosure. A forbearance is when the company takes a few of your payments, post-pones them, and puts them on the back end of your loan. It usually takes a few weeks for an approval, so you need to find out how to start the application process right away. Many people find that the more open and honest they are with their lenders, the easier it is to get them to assist them during their time of unemployment.

Get Help Buying Groceries

The more help you can receive with the cost of your groceries, the more money you will have to put towards bills, such as your utilities. Apply for food stamps, also known as the SNAP program. If you meet the income guidelines, you will receive a certain amount of money that you can spend at the grocery store every month. You might also want to consider signing up with the local food bank. Depending on where you live and the food banks near you, they might have a monthly, or even a weekly food distribution.

With these suggestions, and others you might come across, you are going to find that you will be able to make it through this trying time. Your unemployment status is not going to last forever when you are working hard at getting back into the swing of things. You will find a new job and you will be glad that you took action to take care of your financial situation while you were off. This way, you will not have to worry about being extremely behind on everything when your first paycheck finally arrives.


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