Whether you saw it coming or you didn’t, from the moment your employer laid you off, your finances became in trouble. If you are not careful and if you don’t act quickly, you might find that you could face shut off notices, foreclosure letters, and even struggle to put food on the table. If you want to avoid all of that, you will need to take a moment to review the following tips. Then, you will want to put those tips into immediate action. The sooner you act, the less you will struggle during this time.
Ask For Help From Your Community
This may simply be asking your friends and family for any help that they can provide you during this time. If you are afraid of looking as though you are asking for handouts, sign a statement stating any help received is a loan. Or you can simply promise to return the favor once your employment issue is resolved. If friends and family can’t help, you can always turn to local charities in your community. You could receive assistance ranging from help buying clothes for interviews to school supplies and holiday gifts for your children, depending on the time of the year. The Salvation Army may be a good place to begin looking for assistance. They may also be able to direct you to additional charities in your area for more help.
Talk With Your Mortgage Company
Since you cannot predict how long you will be unemployed, you will need to start making arrangements with your mortgage company. Given your situation, and your previous payment history, they might be able to grant you a mortgage forbearance. This will basically put your monthly payments on hold for a predetermined number of months, without you having to worry about how you will pay for them or risking ending up in the middle of the foreclosure process. Since it can take a few weeks to get through the application process, you will want to get on the phone with your mortgage company right away.
File For Unemployment Benefits
Don’t let pride get in the way of filing for unemployment benefits that you are entitled to. During your working life, you have paid into this program so it would be there for you should you ever need it. To start, you will want to determine if you qualify for the benefits from your state. For example, if you live in Colorado, you will want to look for unemployment benefits in Colorado. Also, make sure that you are filing the paperwork right away. The longer it takes for you to send in the initial application, the more likely it is that you are going to struggle with your finances.
Return To School
Once you have started to receive your unemployment benefits, as well as any other assistance you could find, you might want to consider returning to school, especially if the field that you have experience in is no longer in demand. You might have enough employment credits to last for the entire length of a trade school program. There are student aid programs and grants that you could apply for through the government in order to help cover the cost of the schooling.
The sooner you make use of these tips, and any others that you come across, the easier it is going to be for you to handle your finances. You will be glad that you reached out as much as you could. This way, when you are able to finally return to work, you will not have to worry about catching up on so many bills.