Lost Your Job? Here’s what to do.
If you have suffered a job loss through no fault of your own, you might be wondering what to do next. If you’re like most employees, you probably rely on your steady paychecks to help pay your bills or stay financially afloat. Without a source of income, it can be tricky learning how to manage your finances.
Luckily, there are a few action-based steps you can take after losing your job, like learning how to find a new one or finding tips for applying for Unemployment Insurance (UI) program benefits. In fact, unemployment benefits are available in every state and may help you pay your most important bills to avoid falling behind.
If you qualify for unemployment in your state, you might need to actively search for a new job in order to continue collecting paychecks. There are several ways to maximize your job search to help you find your next position as soon as possible.
Create a Budget that Works
With the cost of practically everything going up, it is no wonder more people are turning to a budget to keep their finances in check. Creating a budget can help you avoid overspending, especially if you prefer swiping your card rather than using cash.
But if you have never set one up before, it can seem rather overwhelming. Learning how to create a family budget does not have to be rocket science. Neither is having budget discussions with your partner about household expenses. In fact, there are numerous benefits to budgeting, and planning for your financial future. You can even find free, easy-to-use budgeting apps to get you started.
Taking Advantage of Government Welfare Programs like TANF and SSI
If you find yourself in a situation where you are unable to pay your rent or provide basic necessities for your family, then you may qualify for one or more government welfare programs. These programs are available to U.S. citizens who meet certain criteria that can include income limits and household size.
Temporary Assistance for Needy Families (TANF) is just one welfare program you may qualify for, even if you do not qualify for other types of temporary assistance. Every state has its own TANF program and provides short-term cash benefits to help you get a handle on your finances.
Likewise, Supplemental Security Income (SSI) is also available to many citizens who have limited resources and who are 65 years of age or older. SSI benefits are different from social security and have a separate application process.
How to Get Social Security Retirement Benefits
If retirement seems confusing, you are not alone. Each year, millions of Americans retire and file for retirement benefits. But if you don’t know your retirement age, you could risk wasting your time by filing too early.
The Social Security Administration (SSA) determines your specific retirement age based on your birth year. As such, your retirement age could differ from your spouse’s. Not to mention, if you choose to retire at the earliest age possible, your benefit amount could be reduced.
But if you delay retirement, you could see more money in your retirement checks. If you are in relatively good health, this may be a good strategy. Another school of thought is to take the money as soon as you are legally able. If you have additional retirement savings, then this may be a good strategy for you.
How Mobile Banking Could Help You Stay Financially Healthy
Over the last few years, the way business has been done changed drastically. More automation was instituted, face to face discussions were phased out, and most businesses went virtual. While banking was already transitioning to an online presence, now most banks offer mobile banking apps.
A banking app is one that is specific to your bank and allows you to do a wide range of banking services without leaving your recliner. You can also find plenty of third-party mobile banking apps that help you transfer money to friends, track autopay payments for streaming services or even alert you when your account drops below a certain threshold.
Tips for Using Direct Deposit to Save Money
In an effort to streamline and cut costs, many companies have made the switch to direct deposit procedures. This means instead of receiving a paper check, the money you earn is deposited directly into the bank account of your choice. However, there are many things to know about direct deposit.
First, in order to set it up, you may need to access your bank account online or visit the physical bank branch. Each bank has its own paperwork you need to fill out in order to authorize direct deposit. You may also need a blank check for the account you want to set up for direct deposit.
How Your Credit Score and Credit Report Can Affect You
Your credit score can have a big impact on your finances. But knowing you need a good credit score – and actually getting one – are two very different things. It’s important to not only know your credit score but understand what it means.
Not to mention, you may be interested to know what is on your credit report, which is a record of all your financial accounts, payment history and debts. You can access one free credit report each year from the three major credit bureaus, but there may be other ways to check your scores more frequently.
Tips for Finding High Paying Jobs
Most economists are predicting that the current employment market is a worker’s market. This means that workers are in such demand that it is altogether feasible to find a better job, or one that pays more, or both.
Many companies are scrambling to find and keep experienced workers, making it one of the best times in history to find and land the job of your dreams. There are many strategies you can use to find out how to do that, as well as how to find a good resume builder, learn about applying for jobs, discover where the good jobs are, and how to find good resume writing services.
Get a Loan From the Comfort of Your Couch
If you think you still need to dress the part to secure a loan, you may be pleasantly surprised to learn there are many other ways to borrow money. If you are thinking about applying for a loan but want to do a bit of research to learn how to find a good one, this is the place.
There are dozens of different loan types out there, from personal loans and business loans to mortgages and home equity loans. If you find yourself struggling financially, getting a loan could be a quick way to bridge the gap while you get on your feet financially.
Helpful Tips and Tricks for Getting Out of Debt
Did you know you could be turned down for loans because of your debt-to-income ratio? This is an expression of how much money you pay toward bills compared to how much money you earn. If you are utilizing more of your available credit than you should, your DTI can be high.
Most lenders prefer you to be somewhere around 43% for credit card debt. If you find yourself in need of credit card debt relief, then there are a handful of reputable companies who can work with you and your lender to come to a payment arrangement. Just having the debt restructured can be what you need to recover financially.