Unemployment Toolkit
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Losing your job can throw your entire life in a tempest. It can feel like there are so many different variables swirling around you: income, bills, insurance, finding a job, etc. But always remember that you are not without options for taking back control of your life. Use the following steps and tools to keep your financial life on track during this time of transition.
Prepare For the New Circumstances
- Let the Applying for Unemployment Benefits publication guide you in securing the payments you are due
- Consider options for healthcare with the Health Insurance Options for the Laid-off publication
- Contact the IRS for free tax help at www.irs.gov
Consider Assets
- Make a list of all your assets with the Financial First Aid workbook and consider how you can best make use of them
- Make sure you are on top of all potential work-related compensation, such as a severance package, unused vacation time, stock options, or unemployment assistance through a union or professional organization
- As a last resort, explore dipping into your retirement funds using the Rules for Early Withdrawal from a Retirement Fund publication
Be Debt Wise
- Since you will likely still need to have good credit for the future, maintain or improve your standing with the Your Credit Score publication
- Stay in touch with creditors and seek a hardship plan through the How to Communicate with a Creditor publication
- Avoid overusing credit with the Using Credit Wisely publication
- See if the Making Home Affordable Program can help with any mortgage issues
- Contact student loan providers with the Student Loan Repayment: A Quick Guide to Your Options publication close-by
Budget and Save
- Complete a budget to reflect your new situation and identify areas for saving using the Money Management Planner workbook
- Prioritize your expenditures according to the What to Do if Your Income is Reduced publication
- Strategize your payments with the How to Spread Cash Among Creditors publication
- Look to reduce your car insurance bill with the Car Insurance Breaks article
- Smile in the checkout aisle with the Saving at the Supermarket publication
- Learn strategies for enjoyment without spending a lot with the Binge on Yourself Instead of on Shopping publication
Preparing For and Finding a New Job
- Consider increasing your education using the Free Job Training for the Unemployed or How to Pay for the Privilege of Learning publications
- Find a new job without spending a lot with the Five Effective and Very Inexpensive Ways to Get a Job publication
Get Help
- Become aware of programs that can lend a hand with the Assistance for Low Income Families publication
- Contact your financial institution or BALANCE for guidance and key information
Copyright 2012 BALANCE