We want to provide information to help you find the resources you may be looking for.
We provide this information in a free guide.
If you’re looking for information, our website and guide may help you learn about topics such as:
- Affording groceries.
- Paying for housing.
- Covering the costs of health care.
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4. How can I manage my finances when I’m unemployed?
Losing completely or even partially a source of income can be extremely hard on any household. Yet, bills still need to be paid and food bought. If you lost your job and are struggling to keep hold of your money, there are ways to cut costs and avoid spending all your savings.
If you are getting unemployment benefits, make sure to save part of that money for emergencies or in case your unemployment extends longer than you expected. If you are not receiving any kind of income, several organizations have deferment programs to help unemployed people, including utility companies, credit card and student loan providers.
Your household may also be available to qualify for state and local programs to help pay for groceries, utilities, rent, etc.
5. What are the best ways to find a job?
Before sending out any resumes, make sure you update the information and skills provided, as well as your personal information (address, phone number, etc.). One of the best ways of finding a job is by working your connections. Contacts often have information you don’t and can know about positions that fit your profile and aren’t even published yet.
Job search platforms have come a long way since they first started and can actually be an extremely helpful tool, sending your notifications and alerts of new job openings you meet the requirements for.
LinkedIn is another great tool to network and discover both local and remote positions all over the U.S. and the world. Job fairs and staffing agencies can also help you find new employment opportunities.
6. What is a good credit score?
A good credit score may vary slightly depending on the scoring model, but in general, according to Equifax, a good credit score is generally between 670 and 739. Scores below 670 are considered fair, while scores of 740 or above are considered very good and excellent scores are in the 800s.
Depending on what your credit score is, the type of interest and payment facilities you may be able to access. Generally, credit scores are affected by:
- How punctual you are paying your bills (credit cards, utilities, cellphone, etc.)
- How quickly you pay your debts
- How often you apply for loans (applying too frequently for loans can negatively impact your credit score)
7. How can I check my credit score?
There are several ways in which you can check your credit score. You can:
- Check with your credit card provider.
- Use a free credit score service.
- Buy your credit score from reporting companies like FICO.
Your credit score is calculated based on your credit report. Credit reports are documents that include your payment history, current levels of debt and other important financial data, including if you ever filed for bankruptcy, were sued or arrested. These documents are also the ones that help lenders assess the risk of giving any individual a loan and determine what kind of interest to provide.
You can get your free annual credit report in each of the three credit reporting agencies, Equifax, Experian and TransUnion, or if you already used that free first report, you can pay for a copy.
8. How can I put together a good budget?
To create a budget you first need to know exactly how much money comes into your home, how much you spend each month and on what (fixed expenses, restaurants, credit card statements, etc).
Once you know exactly these two items, you can set goals depending on what you want to achieve: do you want to save money for a vacation? Or maybe you want to settle your debts? Do you want a more robust emergency fund? Are you planning your retirement and want to destine more funds towards that goal?
Put together a solid plan and set clear steps on how to meet your goal. The 50/30/20 may help you divide your expenses easily: 50% should be destined for needs (rent, mortgage, utilities, groceries, etc.), 30% to wants (shopping, eating out, vacations, etc.) and 20% to savings (emergency fund, retirement, credit card payments, etc).
9. How can I lower the cost of groceries?
There are several ways you can save on groceries. Some credit cards offer discounts on specific supermarkets that can help cut your expenses significantly. Buying in bulk can also help save several dollars every month and you can stock for a few months on some items.
Cashback apps are also a great way of saving money, as are coupon apps and coupons in general. Several stores offer promotions and discounts on specific days of the week, which can also save you quite a bit of money.
10. What are the benefits of having health insurance?
Health insurance is essential to avoid having to spend thousands of dollars on medical care. It can cover emergency costs, preventive care such as vaccines, screenings and checkups, you can significantly reduce your out of pocket expenses and even provide dental and vision assistance.
By having health insurance you can access quality medical assistance close to your home, access affordable care and keep a closer eye on your health, and have the peace of mind that you and your family are covered in case of an unforeseen event such as an emergency surgery or of an accident.
11. How can I get cheap health insurance?
You can get health insurance through your employer, your family members or by having a specific age, medical condition or disability. Additionally, depending on your household’s income, you may also qualify for low cost health insurance such as Medicaid and paid extremely low expenses for an extensive medical service.
You can browse the health care marketplace to find the coverage that best suits you and your family’s needs, whether it’s public or private, wherever you live.
12. How can I save on prescription medications?
Prescription medications can easily amount to hundreds of dollars every month, especially if you have a condition that requires specific drugs to be managed or treated. Age can also factor into the number of medications you take each day and can seriously impact your income.
Opting for generic medications can help save quite a bit of money every month without having to compromise the quality of your prescriptions. They tend to cost much less than brand medications and have the same active ingredients.
Some insurance policies such as Medicare’s Part D offer important discounts or provide full prescription drug coverage, helping you save money each month.
There are also several apps that can help you find prescription discounts and special offers to lower your prescription costs. Drugstore rewards programs can also help lessen the burden.
13. How can I access the best mortgage rates in the market?
If you are planning on buying a home, mortgage rates can seriously impact the amount of money and number of years you will have to pay for it. Interest rates can vary quite a bit depending on the lender, your credit situation and history, your income, etc., so bare in mind that finding the right mortgage can take time.
There are several programs available to help individuals looking for affordable mortgages and lower down payments including Section 8 Housing, FHA programs like Fannie Mae and Freddie Mac and VA programs.
When looking, consider which mortgage you want (adjusted or fixed-rate mortgages), if you can access any discount points, how high the closing costs are, how much the down payment is, etc. Shop with different lenders, compare the types of loans, rates and closing costs and make sure to do your research before choosing.
14. How can I save on rent?
If you are struggling to pay your rent every month, you may be able to access specific benefits to help you. There are several programs like Section 8 to subsidize part of the cost of your rent or public housing units that can significantly reduce the cost you pay every month (up to 70% depending on your income).
Other ways in which you can lower the cost of your rent is to get a roommate or choose a smaller space to save. If you are close to renewing your lease, make sure to negotiate with your landlord to get a better price.
Consider the location of your rental. Some neighborhoods are notoriously more expensive than others, so keep this in mind when looking and signing a lease. Consider the cost of commuting to your job and the places you frequent. Finding spaces closer to public transportation can also help cut expenses.