Create A Schedule And Stick To It
Unemployment is not a vacation. There is nothing wrong with using your time in-between jobs to relax, but your primary focus is best placed on being productive and moving in the direction of your next opportunity.
Do you know that feeling when you wake up on Tuesday at 11 a.m. and have nowhere to be for the rest of the week? The easy thing to do is to grab a bowl of cereal and curl up on the couch to indulge in a Netflix-powered binge. If this becomes your standard routine of what to do when unemployed, it will sabotage your efforts, deflate your motivation, and generally leave you feeling worse off.
Instead, add a little structure to your week. It can work wonders for your motivation and results. You don’t have to schedule yourself fully for 9 hours every day, but making a commitment to use three to six hours each day on your job search is a good start. Decide when you will do it, block the time, and stick to the plan.
Free Or Discounted Healthcare
Navigating health insurance while unemployed can be tricky, but options are available.If you lost your job, you can still apply for health care coverage through the Health Insurance Marketplace. Your healthcare plan eligibility and your premium are determined by your household’s size and income level not your employment status.
Depending on your income level, you might also be eligible for Medicaid or the Childrens Health Insurance Program .
If you have health insurance through your employer, you can often get continued coverage through COBRA. And if you decide not to , youll have a special enrollment period of 60 days to enroll in coverage through the Marketplace.
Can You Collect Unemployment If You Have A Side Business
During the pandemic, the answer to this question was slightly more straightforward for those operating a side business. As part of the Mixed Earner Unemployment Compensation program for instance, workers who were eligible for other types of unemployment benefits and had earned $5,000 in a year through self-employment were able to receive a $100 weekly benefit on top of regular unemployment insurance. However, pandemic-related unemployment relief programs throughout the country ended in September 2021.
Under traditional unemployment insurance programs, the answer to whether you are able to collect unemployment benefits while operating a side business varies case by case.
It depends on a persons specific circumstances, says Warner. You may be able to collect unemployment insurance even if you have a side business or part-time job. The maximum amount you can earn each week from a side business and still be eligible for benefits depends on your prior earnings and state law.
Some states, for instance, reduce the amount of unemployment benefits you are eligible to collect, says Warner. Exactly how much depends on the exact laws where you live but could be as much as a dollar-for-dollar reduction based on your side hustle income. There are states, however, that allow you to earn up to a certain percentage of your total weekly unemployment benefits from a side business or part-time job without it impacting or reducing the benefits you are paid.
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Never Delete Your Emails
It turns out deleting your emails especially email receipts can cost you money. I didnt know that before.
The lesson here: Never delete your email.
Believe it or not, many people are simply losing money instead of making more because of deleting their emails. Dont be that person.
Theres an app called Paribus, which gets you some back for your online purchases. In simple terms, you can get money even when unemployed or employed just by letting Paribus look at your receipts.
If it finds you a refund that is, when the products price drops) for an eligible purchase it will request a refund on your behalf.
Heres another benefit:
If your shipment is late , youll get some refunds, too. Alright, youre not going to generate more from this. That said, youre going to get refunds. Its that simple.
That in itself is worth trying this app.
S To Take Financially
Review your finances
When you lose your job unexpectedly, the first thing you should do is review your finances. More specifically, you need to create a game plan. You can find a detailed list of steps to take in our article How to Handle Bills in an Emergency, so well give you the highlights here:
- If you have savings, determine how long theyll support you
- Make a list of all bills youre responsible for paying each month
- Find ways to reduce expenses and/or make money on the side
- Identify possible resources you can reach out to for support
- Create a budget to help you manage money more wisely
Create a new budget
Budgeting is crucial when you find yourself in a position without any income. Once again, we have a tremendous article already written called How to Create a Monthly Budget that covers this topic in detail, so well cover the basics here. This piece will not only teach you how to create a budget, but more importantly, how to stick to it and manage it effectively.
There are four steps youll have to take while creating your first budget, and they are as follows:
- Understand your household income
- This can include any unemployment benefits youre receiving, as well as the income your partner is bringing in
You may be eligible if:
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How To Get Cobra
Group health plans must give covered employees and their families a notice explaining their COBRA rights. Plans must have rules for how COBRA coverage is offered, how beneficiaries may choose to get it and when they can stop coverage. For more COBRA information, see COBRA Continuation Coverage. The page links to information about COBRA including:
How To Make Money Without A Job
Are you one of millions of Americans who’ve lost a job, been furloughed, closed a business or seen a decline in household income over the past year? Or, like many parents, maybe you’ve had to take a step back to stay home with kids while schools are closed to in-person learning. If so, you’re not alone.
Planning your budget without a formal “9 to 5” job and the steady paycheck that comes with it is often a challenge. Fortunately, you may be able to make money that supplements your income now, and could possibly even lead to future career opportunities. Here are a few ideas to get you started.
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What Types Of Businesses Make Sense To Start During An Economic Downturn
During an economic downturn, being strategic with the type of business you start may be key. Specific businesses like auto repair, resume writing services, and tutoring often thrive. You can also make choices based on what will take your startup capital furthest.
For example, while opening and running a restaurant is expensive, a food truck requires far less startup capital. For professional services, working from home and hiring contractors and virtual assistants instead of full-time employees can cut down your costs, too.
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Sell Clothing And Other Items Online
Your closet may be overflowing with items that no longer fit, or that you’re simply not in love with anymore. Kids are a nearly unending source of outgrown clothing and shoes, some of which may have been worn just once or twice. You can sell lightly used clothing online and make extra money from the comfort of your home. Online marketplaces such as Poshmark and thredUP make it easy to market your goods and find a buyer. To sell successfully, consider these easy tips:
- Present your items in top condition. They should be clean and wrinkle-free.
- Take high-quality pics. Use good lighting and take shots from a variety of angles that really show off the article of clothing.
- Price your items to sell. Listing at a high price may exclude you from searches.
- Write a quality description. Let buyers know you’re selling the perfect jeans for working from home, the most charming flower girl dress or the suit that wins the job.
You aren’t limited to the clothes in your closet. If you have an eye for bargains, you may be able to shop thrift or discount stores and resell your items online. Apps like Mercari and Letgo help you sell furniture, appliances or household goods locally. Or check out listing opportunities on Facebook Marketplace, Nextdoor, eBay and Craigslist. If you have useful items you no longer need or want, chances are good there’s an online marketplace where you can sell it.
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How To Start A Business While On Unemployment
Depending on your state, you may be limited in how much money you can make while receiving unemployment benefitsbut you may also access free resources to put you on the road to self-employment.
While losing your job may be devastating, it opens up the possibility of doing something you loveand getting paid for it. Many people think it’s impossible to start their own business while on unemployment. It isn’t.
Will Ward, an entrepreneur and CEO of Translation Equipment HQ, has founded multiple businesses. “Though unfortunate, unemployment can be a great opportunity to take the entrepreneurial route,” he says.
How To Find The Jobs
One of the best ways to find a job quickly is to use job sites that flag jobs available for immediate hire. For example, Indeed notes on job postings when companies are urgently hiring, and you can easily apply through the site.
If youre collecting unemployment benefits, its essential to understand the rules and regulations and how they impact what you can earn before checking out job options.
Using advanced search options is another way to narrow your search to generate lists of quick-fill positions. Use terms like hiring now or immediate opening to find listings.
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Eat Your Meals At Home
In addition to cutting out items that are not part of your basic diet, there are plenty of ways to save on the groceries you do need. First, avoid going out to dinner or grabbing fast food for your meals. Fast food joints might be cheap, but in the long run, eating out all the time can be more expensive than making food at home. Don’t forget that soup kitchens offer free hot meals once a day, and you can find the locations through your local food shelf. Many food shelf organizations also offer recipes if you are picking up groceries, or you don’t feel like you know how to cook very well. Also check with the unemployment office to see if you qualify for food stamps.
Why You Can Trust Bankrate
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most the different types of lending options, the best rates, the best lenders, how to pay off debt and more so you can feel confident when investing your money.
Negotiate Reduced Rent Or Mortgage Payments
Before I started receiving unemployment , I was unable to pay my rent in full at the beginning of the month. I decided to talk to my landlord about splitting my rent in two payments. She was very understanding and said she would be willing to work with me as long as I communicated my needs to her. You’ll find that as long as you are honest about your situation, most people are willing to work with you, especially if you have been a good tenant and always pay your rent on time. If you own a house, talk with a loan officer about refinancing. You may be able to get a lower interest rate and lower your mortgage payments.
If you have student loans, you can get them deferred while you are out of work, or at least put them in temporary forbearance. For credit cards, make sure you are at least paying the minimum each month. It can be tempting to want to continue paying off debt with your normal payments, but you will risk getting further into debt if you can’t realistically make those payments.
Quit Unhealthy And Expensive Habits
A friend of mine also recently lost her job, and then she started smoking as a way to cope with the loss. Aside from the obvious health risks, smoking is an incredibly expensive habit. She often pays as much as $10 to $12 a pack! Alcohol is another nonessential that can take a huge chunk of your budget and a toll on your health. Keep in mind that recreational drugs and alcohol are also depressants that will make you feel worse about your situation. Even if you don’t drink or smoke, there are probably other unnecessary purchases that you could cut out for the time being.
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If You Lose Your Job But Have A Side Gig
You’ll qualify for unemployment if you lose your job through no fault of your own and will receive benefits based on your previous wages. If you’re still bringing in income through a side hustle, such as by building websites for clients through Fiverr or selling through your Etsy shop, you’ll need to include that when you certify your weekly benefits with your state unemployment office.
Evermore tells CNBC Make It that any taxable earnings, including those made from independent contract or freelance work, will be considered in your unemployment filings. What you make from your side gigs can lower the amount you receive from unemployment that week, or it could deem you ineligible for benefits for the week entirely. Many states allow you to earn up to a certain percentage of your benefit amount through other work, before your payment is reduced.
Failure to report income is classified as unemployment insurance fraud. Consequences vary by state and can include having to pay back benefits plus interest, penalty fees, ineligibility for future benefits and criminal prosecution.
Icipate In Paid Market Research
Paid market research allows companies to pay participants to express their opinion on everyday items, services and brands covering such disparate topics as beauty products and political stances.
Market research includes taking surveys for money, participating in focus groups and taking part in medical research. Medical research usually entails being paid to give an opinion on medicine or medical treatments, or to help test medicine and treatments from basic research to clinical trials and studies. Make sure to understand what it can mean for your health if you decide to participate in medical research.
Every opportunity differs in the amount of pay you receive some pay participants with a point system, an hourly rate or gift cards.
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S To Take For Your Mental Health
Losing a job unexpectedly is a very emotional experience while you shouldnt feel down longer than you have to, its a natural part of the grieving process. When we lose something we care about, its common to go through feelings of anxiety, sadness, and anger.
Allow yourself some time to cope with these feelings before jumping into your next job search. By taking the time to process your emotions, youll be ready to put everything you have into finding your next position.
Search for silver linings
Its not going to be easy to do in the moment, and thats completely understandable but try your best to find a silver lining to everything youve gone through. Maybe youve been thinking about a career switch but were too comfortable in your last role, or you wanted to prioritize family time, but work always got in the way.
Now is a good time to consider how you want your life to look moving forward why not take a crack at finding a job in an industry you love, or a position with more flexibility so you can spend time with your family?
Heres a quote you may find powerful during this time:
When one door closes, another opens but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us. Alexander Graham Bell
This is an opportunity for you to open new doors and reimagine the life you can build for yourself. Learn from the past, but dont harp on it and remember, youve got this.
Find Ways To Save On Groceries
Resisting the urge to dine out and taking advantage of the food shelf are only part of saving on the overall cost of food. There are plenty of ways to save money when you go to the grocery store. Buy in bulk whenever possible, and take advantage of discounted items and coupons. One caveat: never purchase a sale item unless it is something that you buy regularly. You may end up spending more overall. Most co-ops offer a basic discount for members, and a larger discount if you volunteer a certain number of hours per week.
Joining a local CSA can save a lot of money on produce, and some CSAs offer other staples, such as eggs, meat, and dairy. Ask a friend to join with you and split the cost and the food if you can’t afford the membership. The CSA weekly pickups usually include too much food for one person to eat in a week anyway.
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