How to Survive Financially If You Lose Your Job

The pandemic has hit millions of people incredibly hard. Aside from the constant threat of catching the virus, many people lost their jobs. Those of us who became unemployed due the pandemic now have the added pressure of having bills to pay despite a lack of income.

Despite how dire things may seem, it is important to remember that there are things we can do to lessen our financial burdens until we get back on our feet. Continue reading to learn more about ways to survive financially after losing your job.

Get Help From The Government With Unemployment Assistance
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Even before the pandemic, many of us lived from one paycheck to another with barely any savings. If you are in this position and you have suddenly lost your job, the financial loss can feel especially devastating. Luckily there are government systems in place that exist to support people who lose their job. 

Unemployment benefits, also known as unemployment insurance, are regular payments that state governments make to qualifying unemployed people until they have become employed again. This national system is funded by taxes that employers pay to their state governments. 

Weekly unemployment provided by your state government can be a lifeline in lean times. These payments can help you make ends meet and pay your essential bills when you have no income coming in. Currently the government is giving people who receive unemployment insurance an additional weekly amount due to the financial hardships caused by the pandemics.

You can usually qualify for unemployment if you lose your job for a reason that is not your fault, such as the coronavirus. However, if you quit your job or are fired due to misconduct at work, then you will not be able to qualify for unemployment.

Today, millions of people are receiving weekly unemployment cash because they lost their job due to Covid-19. Even freelancers and contract workers, who usually are ineligible for unemployment, can qualify for benefits if they were put out of work due to Covid-19.

To file an unemployment claim, make sure you visit your state’s unemployment website. Normally, you would need to wait at least a week after losing a job to file an unemployment claim but due to the CARES Act created in response to the pandemic, that waiting period has been waived. Today, you can file an unemployment claim as soon as you are laid off.

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By Admin