Last Updated on August 15, 2020 by Ellen Christian
Wondering about preparing for unemployment? Years ago, when Marty and I were first married, he lost his job when a local manufacturing plant downsized. All of a sudden, the two-income salary we were used to living on was cut in half. Sure, he received unemployment benefits but they are never equal to what you were earning at your job. We didn’t have that much in savings because it always seemed like something would break or need to be replaced just when we got a few dollars saved up. Because the economy wasn’t that great at the time, it took him quite a while to find a new job. We didn’t do a very good job at preparing for unemployment.
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Preparing for Unemployment
Preparing for unemployment doesn’t have to be difficult. There are things that you can do to lessen the impact losing a job will have on your family. You don’t want to have to worry about losing your house or not being able to provide for your kids while you’re trying to focus on finding a new job. Following a few of these tips will make the time that you are unemployed a bit less stressful.
- Never spend all of the money you earn each week. As Americans, we tend to spend everything we earn. When we get a raise or cost of living increase, we tend to increase our expenses to match our new earnings. It makes more sense to spend less than you earn so you can save some.
- Regularly put money away for savings. Even if all you can do is put $5 away in the bank, that is better than nothing.
- Put off major purchases. If you think you may lose your job or your company is less than stable, put off major purchases just in case.
- Stop using your credit cards. Try living on what you make and stop using your credit cards. If you do lose your job, you won’t want to be saddled with extra debt.
- Consider unemployment insurance. You insure everything else in your life (health, home, car). Why not insure your salary as well?
Supplemental unemployment insurance can help make up the gaps where state-funded unemployment fails. That means that if you lose your job, you would have the ability to receive 50% of your previous salary. This can save your home when having to pay for your mortgage and help with expenses for your children while you are looking for a new job. When you sign up for IncomeAssure you receive the supplemental income during your period of unemployment up to 2 weeks before state unemployment is revoked (so if your state provides 24 weeks, IncomeAssure provides their supplemental insurance for 22 weeks.)
IncomeAssure is private unemployment insurance. If you get laid off or lose your job and are eligible for unemployment benefits, their supplementary unemployment insurance provides cash when you need it the most. State unemployment benefits can be as low as $235 a week. I don’t know about you but $235 a week won’t come close to paying my bills if I lose my job. Visit IncomeAssure for a fast free quote and benefit illustration. You can ensure your unemployment benefits for less than the cost of a cup of coffee each day.
Ellen is a busy mom of a 24-year-old son and 29-year-old daughter. She owns six blogs and is addicted to social media. She believes that it doesn’t have to be difficult to lead a healthy life. She shares simple healthy living tips to show busy women how to lead fulfilling lives. If you’d like to work together, email firstname.lastname@example.org to chat.