Shock, confusion, and panic are normal reactions when you find out you’ve beenlaid off.
Taking certain financial steps quickly can help reduce anxiety about your future financial situation.
Here are some important financial moves to make immediately after being laid off.
Unemployment benefits provide temporary payments while you are out of work and actively seeking new employment.
The amount and duration vary by state.
Apply as soon as possible after job loss so your payments can kick in sooner.
Review all your current expenses and venture to identifyways to reduce your expenses.
Consider a temporary essentials-only budget until you have a plan in place.
Also reach out to utility companies, phone/internet providers, insurance companies, etc.
and request billing leniency or adjusted payment plans.
The reason this hack can work?
Service representatives are often authorized to make adjustments to retain you as a customer.
Anything for customer loyalty, right?
Even with employment,figuring out health insurance is a shitty hellscape.
Fortunately,you have some optionsalthough there are trade-offs with quality and price.
Weigh the costs carefully.
This money can help cover medical and dependent care costs during unemployment.
While tempting, withdrawing these fundsshould be a last resort.
You will face tax penalties and lose future tax-deferred growth.
give a shot to leave retirement accounts intact no matter what.
Moving forward, continue to cut back spending and stay disciplined andmotivated in your job search.
