Basic life necessities seem even more expensive when you are employed. The unemployment rate is 10.2% and will probably increase before it decreases. Some experts say the worst is yet to come. For those umemployed – that is not good news.
I have been unemployed twice and it was not a good feeling. The first time I got about a three week notice that my position was being eliminated and was totally unprepared, I was in debt up to my eyeballs and was renting a room from one of my friend's parent's home. I did not have a car and had no savings. I was completely lost, embarrassed, angry and felt dejected.
I did not tell anyone that I was unemployed and kept pretending to go to work. I would return phone calls in the evening around the same time I would normally return phone calls. Luckily I was single with no children. It got so bad that I did not have even one dollar to buy groceries or catch the bus to go to an interview. I finally broke down and told my godmother that I had no food and that same day she brought my some food. I thank God for her; I probably would have starved to death because of my pride.
My second unemployment we had heard rumors but weren't sure if the rumors were true. We were notified the night before that some of us would be let go. Luckily I learned from the first layoff and paid off all of my debt and the only bill I had was my mortgage. I also had an emergency fund to cover all of my bills for 4 months. I applied for unemployment which was only enough to cover my utilities but every little bit helped. I mention this because if you do not work enough years for an employer and are laid off you will not be eligible for unemployment benefits and laws vary state by state.
Here are 6 tips to ease the pain of a layoff:
1. Plan for the worst. Create "what if" scenarios and develop a plan for each, i.e. if you lose your job how will you pay your bills, if you get sick. etc.
2. Create an emergency fund. Save enough money to cover your bills for 9-12 months. Start small and work your way up if you have little or no savings.
3. Pay down debt. In the event that you are laid off and don't have any savings or have used all of your savings you can use your credit card in case of emergencies. If you credit cards are maxed you don't have this option.
4. Create a support network. Having support during a financial crisis is one of the best ways to get through it. Talk to friends, relatives, other laid off co-workers, your pastor, a counselor, social worker, or other person you trust to get advice and support.
5. Further your education. If you do not have a college degree, one option is to go back to school and obtain your degree. If you already have your degree you may consider going back to get your masters degree. If you experience a financial crisis in the future you can always go to your local college and teach a few courses as an adjunct professor.
6. Contact social agencies. Contact your county, local or state government social agencies to obtain free help for those unemployed, dol.gov
Showing posts with label unemployment. Show all posts
Showing posts with label unemployment. Show all posts
Monday, November 23, 2009
Tuesday, November 17, 2009
President Obama Gives Hope for Homebuyers and Unemployed
On November 6, 2009, President Obama signed a $24 billion economic stimulus bill which will provide additional unemployment benefits and give tax credits to prospective homebuyers. The bill also includes tax cuts for struggling businesses. The bill was implemented because of the 10.2% unemployment rate which is the highest since 1983. This results in the 4th unemployment benefit extension in the past 18 months.
According to House Majority Leader Steny Hoyer, approximately one third of the 15 million people unemployment have been out of work for at least six months.
The bill will provide another 14 weeks of benefits to those unemployed who have exhausted their benefits or will exhaust them by the end of the year. Unemployed residents who live in states where the jobless rate is 8.5% or higher will get an additional six weeks including Idaho, Pennsylvania, New York, West Virginia, Arizona, Mississippi, Ohio, Illinois, Tennessee, Alabama, Kentucky, South Carolina, Nevada, Rhode Island, California, Florida, and Georgia.
Presidential spokesman Robert Gibbs stated "But I believe -- I think most would tell you -- that the (unemployment) rate is more likely than not to get a little worse before it gets better".
The additional 20 weeks (14 plus six for high states) could provide a maximum of 99 weeks to those residents who live in high unemployment rate states.
The bill will extend the $8,000 first-time homebuyer tax credit which was going to expire at the end of November 2009 but has been extended to June 2010 provided a homebuyer signs a contract by the end of April 2010. The program will also provide a $6,500 tax credit for existing homeowners who buy a new home after living in their current residence for at least five years.
According to House Majority Leader Steny Hoyer, approximately one third of the 15 million people unemployment have been out of work for at least six months.
The bill will provide another 14 weeks of benefits to those unemployed who have exhausted their benefits or will exhaust them by the end of the year. Unemployed residents who live in states where the jobless rate is 8.5% or higher will get an additional six weeks including Idaho, Pennsylvania, New York, West Virginia, Arizona, Mississippi, Ohio, Illinois, Tennessee, Alabama, Kentucky, South Carolina, Nevada, Rhode Island, California, Florida, and Georgia.
Presidential spokesman Robert Gibbs stated "But I believe -- I think most would tell you -- that the (unemployment) rate is more likely than not to get a little worse before it gets better".
The additional 20 weeks (14 plus six for high states) could provide a maximum of 99 weeks to those residents who live in high unemployment rate states.
The bill will extend the $8,000 first-time homebuyer tax credit which was going to expire at the end of November 2009 but has been extended to June 2010 provided a homebuyer signs a contract by the end of April 2010. The program will also provide a $6,500 tax credit for existing homeowners who buy a new home after living in their current residence for at least five years.
Sunday, November 08, 2009
Unemployment Jumps to 10.2%
Although expert state the recession has ended Americans are still feeling the effects in a bad way. The current unemployment rate has reaches 10.2% and hasn't reached above 10% since September 1982 and June 1983. Part-time workers increased the figure to 17.5%.
In Michigan the unemployment rate is 15.3%, in Nevada 13.3%, in Rhode Island 13.3%, in California 12.2%, in Florida 11% and in Georgia 10.1%. In the depression of 1929, 13 million people were unemployed. In 2009, 15.7 million Americans are unemployed.
Today, unfortunately more Americans lack health insurance due to the high costs of medical care and unemployment.
If you work in an unstable economy consider going back to school or moving to a more profitable sector like Information Technology, Healthcare, Government or the Military. If you work as a consultant or contractor and find difficulty getting employment consider applying for a local, state or federal government job which provides more stability and decent benefits including health insurance.
Today more people are in debt because of the economy, unemployment and lack of health care.
On average Americans have approximately $45,000 in debt including credit cards, loan and mortgages. Americans are also saving less which resulted in accumulating more debt and a continual increase in bankruptcy and foreclosure filings.
According to a government surveys suggest that if you get laid off, it's more likely to be for good. On average, those currently unemployed have been out of work about half a year.
In Michigan the unemployment rate is 15.3%, in Nevada 13.3%, in Rhode Island 13.3%, in California 12.2%, in Florida 11% and in Georgia 10.1%. In the depression of 1929, 13 million people were unemployed. In 2009, 15.7 million Americans are unemployed.
Today, unfortunately more Americans lack health insurance due to the high costs of medical care and unemployment.
If you work in an unstable economy consider going back to school or moving to a more profitable sector like Information Technology, Healthcare, Government or the Military. If you work as a consultant or contractor and find difficulty getting employment consider applying for a local, state or federal government job which provides more stability and decent benefits including health insurance.
Today more people are in debt because of the economy, unemployment and lack of health care.
On average Americans have approximately $45,000 in debt including credit cards, loan and mortgages. Americans are also saving less which resulted in accumulating more debt and a continual increase in bankruptcy and foreclosure filings.
According to a government surveys suggest that if you get laid off, it's more likely to be for good. On average, those currently unemployed have been out of work about half a year.
Wednesday, January 14, 2009
Jobless Rates Reach All Time Highs
In December 2008, the country's jobless rate increased to 7.2% or 11.1 million Americans who were unemployed. This was the highest level in the past 16 years. Employers were nervous about the economy and as a result eliminated 524,000 jobs in the month of December 2008.
In Massachusetts the jobless rate increased to 6.9% with 16,800 employees losing their jobs. In California, the jobless rate increased to 9.3% which marked a 14 year high for the state with 78,200 employees losing their jobs. In North Carolina, the jobless rate increased to 8.7% which was the highest in the past 25 years. In December, 396,846 people were unemployed. In Connecticut the jobless rate increased to 7.1% with 11,500 employees losing their jobs and was the worse since 1991. In Washington (state) the jobless rate increased to 7.1% with 251,700 employees losing their jobs.
These figures also coincide with the foreclosure rates of these states. As of December 2008: California had 89,449 foreclosures (highest in the country), Massachusetts had 3,919 (ranked 15th), North Carolina 2,274 (22nd), Connecticut had 2,060 (25th), and Washington had 2,769 (21st).
To reduce the impact of a job loss, be the best employee you can be: arrive to work on time every day, cancel vacation, "mental health days", and other scheduled time off. Ask for extra assignments, reduce your lunch hour to 30 minutes and spend the other 30 minutes looking for a part-time job or doing research to take a course or training class to increase your skills.
Spend time with senior employees at your job and learn all you can from them, but be sure to remind them that they are the senior staff on the job and you are only there to learn from them and not take their job. Reduce your expenses by bringing your lunch to work or carpool with co-workers to save money. Make at least one sacrifice to save money and reduce your expenses to pay down debt and create an emergency fund to cover bill for at least 8-12 months.
In Massachusetts the jobless rate increased to 6.9% with 16,800 employees losing their jobs. In California, the jobless rate increased to 9.3% which marked a 14 year high for the state with 78,200 employees losing their jobs. In North Carolina, the jobless rate increased to 8.7% which was the highest in the past 25 years. In December, 396,846 people were unemployed. In Connecticut the jobless rate increased to 7.1% with 11,500 employees losing their jobs and was the worse since 1991. In Washington (state) the jobless rate increased to 7.1% with 251,700 employees losing their jobs.
These figures also coincide with the foreclosure rates of these states. As of December 2008: California had 89,449 foreclosures (highest in the country), Massachusetts had 3,919 (ranked 15th), North Carolina 2,274 (22nd), Connecticut had 2,060 (25th), and Washington had 2,769 (21st).
To reduce the impact of a job loss, be the best employee you can be: arrive to work on time every day, cancel vacation, "mental health days", and other scheduled time off. Ask for extra assignments, reduce your lunch hour to 30 minutes and spend the other 30 minutes looking for a part-time job or doing research to take a course or training class to increase your skills.
Spend time with senior employees at your job and learn all you can from them, but be sure to remind them that they are the senior staff on the job and you are only there to learn from them and not take their job. Reduce your expenses by bringing your lunch to work or carpool with co-workers to save money. Make at least one sacrifice to save money and reduce your expenses to pay down debt and create an emergency fund to cover bill for at least 8-12 months.
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