Over 6.6 million Americans filed for unemployment last week.
Nearly 10 million in two weeks.
Like many of you, my employment and salary was also affected by COVID-19.
I can totally relate to how stressful these uncertain times can be. Especially when you are solely responsible for upcoming rent, student loan debt, credit card debt, and bills on bills to pay!
Take a deep breath – you got this.
Let’s create a plan.
Taking action will help you feel like you have some control while you weather the storm. These are the steps I took the day I learned that I was being laid off temporarily.
1. Re-evaluate your budget – Make a list or spreadsheet of ALL your current expenses as well as projected income over the next few months. Take the measures needed and reduce unnecessary expenses. Consider canceling some of your multiple streaming services, app subscriptions, gym memberships, etc. Your basic needs are what need to be the priority and should take precedence over all other expenses. Your necessities include food, shelter, utilities, and transportation. There are apps out there that help you identify subscriptions you may have that you may not have realized. I use the app TrueBill which is a super useful tool to help give you a visual on your spending.
2. File for unemployment – Just do it. You pay taxes that fund unemployment and so when you need it, use the benefits available to you during financial hardship. The Cares Act was also recently signed into law, this will be able to provide additional income on top of normal unemployment benefits to those affected by COVID-19. This act will provide an extra $600 per week as well as an additional 13 weeks of benefits You can search and apply for your state benefits here.
3. Manage Bills – Contact your car, mortgage, insurance, or other lenders directly for payment options. Major financial institutions and government programs have announced that those affected by COVID-19 may defer payments on mortgages, student loans, and other debt. This will temporarily reduce your monthly expenses to avoid foreclosures and fees. Different payment plans are also available. Make sure you mention that your income was affected by COVID-19.
4. Brainstorm ways to bring in cash – This is a great time to brush up your resume. Some businesses that are open during shelter-in-place orders are seeing increased demands and are hiring. There are a lot of online programs as well that you can explore to make extra cash. If you need help with updating your resume, feel free to schedule time to speak with me (Emily) and I will be happy to do a free 30 minute consultation to provide resume editing recommendations.
I have over 3 years of experience working as a recruiter and want to use my skills to help people with their resumes/job search during this difficult time.
You can schedule a time here: calendly.com/
5. Prepare for the future. This situation reinforces how vital it is to minimize debt and save for emergencies. I have been building an emergency fund using the App “digit” this past year that will help me get through these times for now. Digit is a service that automatically saves your money per the financial goals that you preset, so you don’t have to think about it https://digit.co/r/
This crisis is all so unexpected and effecting everyone in so many ways. We will get through this and come out stronger on the other side.
Reach out to us directly if you have any questions, we are here for you!