What To Do If You Experience Income Loss
Experiencing income loss can be very difficult and stressful. However, there are steps you can take to manage your financial situation and get back on your feet. In this article, we will outline some positive actions to consider.
APPLY FOR UNEMPLOYMENT BENEFITS
If you have lost employment or wages through no fault of your own, the first thing you could do is apply for unemployment benefits, which can provide a temporary income source while you look for a new job. Each state has its own eligibility requirements and benefits, so check with your state’s unemployment office to learn about your options.
EVALUATE YOUR FINANCIAL SITUATION
Take stock of your finances. Calculate how much money you have in savings, how much you owe, and how much you spend each month. This will provide a clear picture of your financial standing and help identify areas where you can adjust your spending habits.
CUT BACK ON EXPENSES
During a time of income loss, it is important to reduce your expenses as much as possible. Look closely at your budget and identify areas where you can cut back. This might mean canceling pricey subscriptions or memberships, eating out less frequently, or finding ways to save on groceries.
DEVELOP A PLAN TO FIND A JOB
When you are ready to start looking for a new job, it is important to have a plan in place. This might include updating your resume and LinkedIn profile, networking with contacts in your industry, and searching job boards and company websites for open positions. You may also want to consider working with a career coach or job placement agency to help you find the right position.
SEEK OTHER SOURCES OF INCOME
While you are looking for a new job, it is a good idea to explore other sources of income. This could include freelancing, taking on part-time work, or selling items you no longer need. Any extra income can help to tide you over until you find another job.
SLFCU CAN HELP
If you have taken out a loan with SLFCU, you may be eligible for our skip-a-payment option. This allows members in good standing to skip two payments in any 12-month period on many SLFCU consumer loans, including auto loans.
SLFCU also offers loan extensions which allow you to defer consumer loan payments for a longer period. Contact us for more information about these options.
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