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Tips for Starting a Business While Unemployed

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Job loss is never nice, that much is for certain. It brings with it a lot of financial uncertainty, and it can have a devastating impact on the person’s confidence and self-esteem. That being said, unemployment still throws up a host of different opportunities, one of which is entrepreneurship. If you ever lose your job, don’t allow yourself to wallow in the disappointment for too long — see it is as an opportunity to broaden your professional horizons. If you use your newfound free time wisely, there’s no reason why you can’t start your own business and ultimately take your career to a whole other level.

Explore Your Options When It Comes To Financing Your Startup

Unemployment will force you to [Read more…] about Tips for Starting a Business While Unemployed

Out of Work? 5 Ways to Stretch Your Budget until You Find a New Job

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It’s not fun to experience the stress of unemployment. You’re not sure where your next check is coming from and there’s no real certainty regarding when it’s coming. Though being in limbo feels terrible, if you stretch your budget wisely, you can make it through without worrying.

Clip Coupons to Cut down on Costs?

Many people don’t realize the power of couponing and how much money you can truly save. There are tons of websites and apps that will guide you through the process of taking advantage of the best deals. But remember that coupons are usually for name brand items. Often you can find a store brand or generic brand for less so it pays to compare. The problem comes with quality. often the generic or store brand is the same quality as the name brand but sometimes it isn’t. For instance often the cheap dishwashing liquid is watered down so you need twice as much to do the same job (not a savings). Also store brand Tomato soup just doesn’t taste the same as good old Campbells.

Cook and Eat at Home

Though McDonald’s fries might be your favorite, it’s still cheaper to purchase a bag of potatoes and make fries at home. It’s also healthier as well. Take a look at [Read more…] about Out of Work? 5 Ways to Stretch Your Budget until You Find a New Job

How to Handle Getting Laid-Off Without Warning

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Getting laid-off without any prior warning can be devastating. You must deal with a wide range of emotions after hearing the news, and you have to plan for the future. You might be upset, but you cannot let your emotions control your reaction. Here are some practical steps you can take when facing this uncertain situation.

Process Your Emotions

It is normal to feel anger and disappointment at this news. Your anger is not a sign of weakness. Take time to process your emotions and feel them fully. When you are away from the office, speak with a friend about your feelings. Be kind to yourself as well. Inform loved one of the situation immediately, just talking it out will help you begin processing the emotions. Try to look on the bright side. This is an opportunity to follow your dreams, get out of a rut and try something new.

You Are Not Your Job

According to Psychology Today [Read more…] about How to Handle Getting Laid-Off Without Warning

5 Tips to Manage House Payments While You’re Unemployed

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Manage Mortgage When UnemployedWhile you may not look forward to going to work every morning, it does provide the income that you need to make the mortgage payment. However, if you are out of work, it doesn’t mean that you should immediately look to sell the family home. Obviously, the best solution would be to plan ahead and pay into an emergency fund which optimally would cover 6 months of living expenses. But what if you weren’t that farsighted?

Here are some ways to manage the mortgage payment until you can get back to work:

1) Apply for Unemployment Benefits

The first thing to do when you become unemployed is to apply for unemployment benefits through your state unemployment agency. Often it takes time to be eligible for benefits or to wade through all the “red tape” before you actually get your benefits. So it pays to start early. Unemployment benefits vary by state with high cost states like Massachusetts paying as much as $993 per week for 30 weeks. But most states limit benefits to a maximum of 26 weeks  and pay less than $500 per week. Note: While you are collecting unemployment benefits might be a good time to acquire new skills that make you more employable. See: Highly Skilled Worker Shortage in a Recession?

2) Call the Lender

The next thing that you should do is [Read more…] about 5 Tips to Manage House Payments While You’re Unemployed

Housing Relief for Those Underwater or Unemployed

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For many people across the country, being unemployed and underwater on their mortgage appears like a never ending hole. Not only are you unemployed, but you owe more than your house is worth. Although recently the housing market has begun stabilizing, there are still countless people who are in financial distress due to unemployment and owing more on their mortgage than the house is worth. If you are currently in this financial dilemma, do not despair because there are options available to help alleviate both problems.

Dealing with Unemployment

Underwater UnemploymentLosing your job and struggling to make your mortgage payment often go together if you haven’t set aside a savings cushion for emergencies like this. If you were living on your full salary before, living on reduced unemployment benefits certainly is going to result in making ends meet even more difficult, let alone making your mortgage payment every month.

However, if you are facing these dire circumstances, you may very well be in a position to obtain housing relief. A government backed program called the Home Assistance Refinance Program (HARP for short) allows you to restructure your existing loan into a new loan with a lower principal balance along with a lower interest rate.

HARP can give you a monthly mortgage payment that works well within your budget if you are unemployed. Apply today with your lender, explain your situation and get the ball rolling on a completely modified loan.

How to Deal With Underwater Mortgages

First and foremost, it is important to understand [Read more…] about Housing Relief for Those Underwater or Unemployed

6 Basic Budgeting Tips for the Unemployed

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Across the United States today, more than nine percent of adults are unemployed. Without a job, you might be receiving benefits from the government or living off of savings. Either way, you will be on a limited budget. Even small expenses can add up, taking away from your security and your finances. If you are unemployed, here are a few basic budgeting tips to help stretch every dollar.

Budgeting Tip #1: Get Rid of Unnecessary Expenses

budgeting tips for the unemployedMake a list of all the things that you spend money on in an average day, week or month. While the necessary items are things like the mortgage, the car or utilities, there are likely a lot of things that you can cut from your spending. Luxury coffees each day, eating out in restaurants or paying for cable are things that you can eliminate right away to reduce your spending. [Read more…] about 6 Basic Budgeting Tips for the Unemployed