Don’t Be Afraid To Accept Money
One of the key rules of Debtors Anonymous is not to start a new debt, which includes loans from friends and family. However, if a friend or family member offers you a monetary gift, it is okay to accept it, as long as you have a good relationship with that person. By the same token, avoid using loans to pay off other loans, even if the new loan has a lower interest rate. It may save a little money in the short term, but it can create debting habits that are hard to break.
How Your Earnings Impact Unemployment
The wages you earn while youre employed may reduce your unemployment benefits. Because there are no national guidelines for unemployment eligibility, the effect of your stopgap earnings will vary from state to state.
The earnings limit may be a dollar amount or a percentage of your earnings. Continued eligibility depends on your state’s regulationsit might be based on the number of hours or days you work in a week. If you earn or work over the limit, then you wont be eligible for benefits for that period.
Use CareerOneStops Unemployment Eligibility Finder to learn about eligibility, benefits, filing in your location and find answers to any questions you may have about your claim.
For example, in New York, if you work fewer than four days a week and earn under $504, you may receive partial benefits. Each day or part of a day you work causes your weekly benefit rate to drop by one-quarter.
In California, if you earn $100 or less a week, any amount you earn over $25 is subtracted from your weekly benefit amount. You receive the difference if there is any.
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Sell Your Unnecessary Items
One way to get cash quickly is to sell the stuff you dont need. Amazon accepts trade-ins on devices, electronics and video games. There are many sites and apps you can use to sell clothes and household items.
Additionally, local sites like Craigslist, Nextdoor, Facebook Marketplace or online garage sales are other good ways to sell what you dont need and generate some quick cash.
What About Medical Religious Or Other Exemptions
If you have a medical or religious reason for not getting vaccinated, you may be able to receive UI benefits — even if you’re fired for not getting vaccinated. The New York Department of Labor has stated that while eligibility is determined on a case-by-case basis, workers in the health care and education sectors “who voluntarily quit or are terminated for refusing an employer-mandated vaccination will be ineligible for UI absent a valid request for accommodation.”
That “valid request for accommodation” clause includes two exemptions under Title VII of the Civil Rights Act and the Americans with Disabilities Act of 1990 , several attorneys confirmed. The Equal Employment Opportunity Commission, which is the administrative entity that enforces anti-discrimination laws, has offered guidance on the issue.
However, even if you qualify for an exemption for a disability or a deeply held religious belief, an employer could still have a defense against paying unemployment “if it can show that accommodating a religious view would be an undue hardship,” Professor Kohler said.
Also, once it’s been established that vaccine mandates are a reasonable policy, and that the employee refused to comply with that policy, “the employee would have the burden of establishing that he or she was justified in noncompliance,” Rushovich said.
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Apply For A Secured Credit Card
Secured cards require a security deposit as collateral in case you don’t pay your bill. The amount you deposit determines your credit limit. Because of the deposit, it’s generally easier to qualify for a secured card than a regular, unsecured card, and the income requirements may be less stringent. You get your deposit back when you close the account or upgrade to a regular credit card.
» MORE:NerdWallet’s best secured credit cards
Cut Costs And Manage Payments When You’re Unemployed
If you’ve lost your job or your income has been reduced, now is a critical time to set a budget and get control of your finances. You may be limited in the ways you can bring in more money to your household budget, but you have a great deal of control over what you spend. When cutting costs, you’ll focus on the things you can change, since expenses including your rent, utilities and other bills aren’t very flexible. Think: streaming subscriptions, gym memberships and other bills considered discretionary. Here’s how to start:
- Re-evaluate your income. Calculate how much money you expect to receive each month.
- Take stock of your essential expenses. How much do you need monthly for unavoidable costs such as housing, utilities, medical insurance and medical care, food, car expenses and credit card payments? Look at how you can reduce what you pay, as well. For instance, you may be able to reduce what you pay for car insurance, or spend less on groceries.
- Minimize non-essential expenses. Find ways to cut back where you caneven temporarily. You can always make those purchases again later on once you’re able to make it work with your budget.
Sometimes, despite your best efforts, making every bill payment may not be possible. If you think you’re about to fall short, contact your lenders, credit card companies, utilities and other creditors right away to let them know you’re experiencing hardship. They may have accommodations that will help.
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Call Lenders Servicers Where You Regularly Have A Bill
But discretionary items arent the only bills you can possibly trim. Many lenders, servicers and utility companies have been offering goodwill programs that help those financially harmed by the pandemic.
When you make a list of all of your monthly bills, be sure to include firms you pay money to regularly anyone from lenders and mortgage servicers, to banks and . Its worth reaching out to see if you can take advantage of a payment forbearance plan or reduce your monthly bill entirely. They might be able to craft an individual plan specific to your situation. Even if youre not sure that a lender offers such a program, dont be afraid to ask.
If you have a federally-backed mortgage and your income has been disrupted, you can request a payment forbearance plan spanning up to 180 days thanks to pandemic-related relief programs. In most of these cases, though, you must inform the company before you stop your payments. Homeowners have up until Sept. 30 to apply for the program.
Borrowers with loans backed by Fannie Mae and Freddie Mac as well as the Federal Housing Administration, the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture can negotiate 20 percent cuts to their payments, the Biden administration announced on July 23 in a new relief program for homeowners.
Use Your Photography Skills
If youre a skilled photographer, let your family and friends know that youre looking to make some extra money by photographing events. Instead than spending thousands of dollars to have a stranger photograph their daughters graduation ceremony or their sons first birthday, many people would be happy to have a trusted friend memorialising the event, at an affordable rate.
If youre just looking to make some money from your photography without big commitments, consider selling your work to businesses and bloggers using photo sites like Shutterstock, Adobe Stock or 500px.
As you can see, there are a lot of options out there for you to earn income while youre job-hunting for a permanent position.
Have you had success with any of these money-making options? Share your tips and tricks in the comments section below!
This article is an updated version of an earlier article originally published on 8 February 2014.
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Where To Find Cash How To Prioritize Your Bills And Ways To Get Help
If youre one of the millions of Americans whove been laid off or furloughed as a result of the coronavirus pandemic, your cash flow may have slowed to a trickle or stopped altogether. But the bills, of course, just keep on coming. It helps to have a plan to manage your finances until the crisis passes and youre back on the job. Heres some advice on how to pay your bills and when you may be able to postpone paying them.
Break Free Of Your Finances
Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.
When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. Its the freedom to be obtain and do what you truly need to make your way through everyday life.
Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.
Though it seems hard to believe, it is really very simple to get financial freedom.
To do so, you simply need to make sure that your assets exceed your liabilities. In other words, youll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.
While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.
Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.
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Borrow From An Investment Or Retirement Account
If you’re in a bind, call your investment or retirement account manager to learn if you can borrow from your account. When you borrow from an investment or retirement account, you don’t need to worry about credit score requirements or interest rates. You will give up the interest you could have earned from keeping your money in your retirement account, but that’s a small price to pay for peace of mind and having your bills taken care of.
In What Situation Can I Claim
You can receive unemployment benefit in Denmark if you have been a member of a recognised unemployment insurance fund for at least 1 year, and you are out of work at the same time. For full-time members, a minimum income of DKK 243,996 during the 3 preceding years is required. Only a maximum of DKK 20,333 per month can be included .
A self-employed member is entitled to benefits if the total income from own business and paid employment is at least DKK 243,996 over the last 3 years. You may be entitled to unemployment benefit even if you have not been a member for 1 year, due to completion of education.
You have to meet specific requirements to be eligible for unemployment benefit: persons may be admitted as members of a voluntary unemployment insurance fund if they are above 18, have less than 2 years prior to retirement age and reside in Denmark.
Persons under the age of 18 can also be admitted if they have completed vocational training of at least 18 months.
An unemployment benefit period gives you entitlement to benefit for 2 years within a maximum period of 3 years.
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Other Types Of Benefits And Programs For The Unemployed
Educational Help
Federal agencies offer many unemployment education and training programs. They are generally free or low cost to the unemployed.
Self-Employment Help
Self-employment assistance programs help unemployed workers start their own small businesses. Delaware, Mississippi, New Hampshire, New York, and Oregon offer this program.
Become An Online Teacher
One of the greatest ways to make more money from your home or while being unemployed is to become an online teacher.
You can now even teach online.
Companies like VIPKID make it so easy for would-be teachers to teach as these companies provide all the curricula and training absolutely for FREE.
They also allow you to set your own schedule and decide the number of your students you want to take on.
How about the perks or pay?
You can expect to earn up to $22 per hour in addition to bonuses, referrals, and other opportunities.
Some teachers even generate up to $2,000/month working part-time .
Joining VIPKID is a simple process, that is, when you meet all the requirements above.
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Can I Apply For A Credit Card If Im Unemployed
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.
Being unemployed doesnt automatically disqualify you from getting a credit card. Credit card issuers are more interested in your income than your job. They also look at your credit history, and existing debt.
You can meet the income requirement even without a job by including on your application any income you have access to. Even if your income comes up short, rest easy. You still have options to build or maintain credit.
Reduce Credit Card Bills With A Balance Transfer
Lowering your debt payments is another way you can reduce your overhead.
One of these ways is utilizing a balance-transfer card. If youve been saddled with credit card debt during your spell of unemployment, this option can provide you with some relief. Balance-transfer cards help you consolidate your credit card debt into one monthly payment, many of which offer a low introductory Annual Purchase Rate .
Even then, theres some fine print to be aware of. Transferring your balance typically also comes with a fee, sometimes anywhere between 3-5 percent. Compare how much youd save in interest with those upfront costs to determine whether its the right situation for you.
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Know What You’re Entitled To
When you lose your job, you may be entitled to final payments. Check your contract or ask your employer if you’re entitled to redundancy or retrenchment payments, or annual leave and long service payouts.
The Fair Work Ombudsman website has information on ending your employment, including what you’re entitled to in your final pay.
Use the Fair Work Ombudsman’s Notice and Redundancy Calculator to work out what you’re entitled to when your employment ends.
Get Paid To Be A Handyman
Service and repair businesses are running with skeleton crews. With limited availability, scheduling an appointment is more difficult.
If you have handyman skills, its a great time to jump in and turn your skills into cash. You could offer home repair help for:
- Door installation
You can advertise your services on sites like Thumbtack, Angies List, and HomeAdvisor.
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How Much You Can Get From Ei
For the next 12 months, EI will pay $500 a week at minimum. To receive that amount, you only need to have worked 120 insurable hours. Normally, 120 hours wouldnt get that large an EI payment. But this year, the government is giving a 300-hour credit to top up your hours. So, $500 a week is the minimum this year. But you could get more than that. If you maxed out your hours and earnings, you could get up to $573 a week.
EI is available for 26 weeks at minimum. If you maxed out your insurable hours, you could get it for up to 45 weeks. The total amount youll get depends on your weekly amount and number of weeks youre eligible for. At $500 a week, youd get $13,000 in 26 weeks. At $573 a week, youd get $25,785 in 45 weeks. There are various totals between these two that are equally as possible.
Financial Freedom For All
Anyone can achieve financial freedom, regardless of their financial circumstance.
Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.
Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!
Featured photo credit: rawpixel via unsplash.com
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When The Crisis Is Behind Us
Youll need to re-prioritize once the pandemic passes and youre back at work. In addition to abiding by whatever repayment agreements you reached with your creditors, aim to pay down any credit card balances youve accumulated, starting with the highest-interest ones first.
Now would also be an opportune time to start an emergency fund, or replenish your fund if you had one and depleted it. As a general rule, its smart to set aside at least three to six months’ worth of living expenses in a liquid account, such as a bank savings account or money market mutual fund, that you can draw on as needed.
We may never see a crisis like this again , but having some cash at your command can be comforting in both good times and bad.
