Get Your Spouse’s Help (and Approval) When Drawing up Your Emergency Budget Once they know that their (hopefully minor) sacrifices are helping out the family, they may be more understanding than you’d ever have dreamed when it comes to playing with old toys for a few months longer or eating chicken nuggets at home rather than from a box with a logo on it. Toddlers may be little monsters some of the time, but they can also be surprisingly sensible and cooperative when you explain the situation in terms they can understand. Don’t put this off too long or try to sugarcoat the facts, though. One of the worst parts of losing your job unexpectedly is having to explain to your children why you’ll be spending a whole lot more time at home for a while. You may be able to defer your payments until you’re earning an income once again or even negotiate a lower interest rate on loans, but you’ll never know if you don’t ask. It may also be worth it to find out which local organizations will be willing to help out and contact your creditors to see what they’re willing to do for you. Thankfully, government relief programs have come a long way since thenĭepending on where you live and your general circumstances, you may qualify for federal or state assistance with things like paying rent.
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Unemployed workers waiting in line for a free loaf of bread during the Great Depression.
Again, however, getting your application filed as soon as possible is definitely in your best interest. The good news is that the CARES act will help cushion the blow somewhat, for instance by extending coverage to people who didn’t qualify previously. There’s another consideration, too: an application for unemployment benefits often takes several weeks to be processed, a figure that has only increased during the current economic downturn. Nobody likes paperwork, which is all the more reason to get it out of the way as soon as possible. Unemployment Benefits and Other Sources of Assistance Rather, this exercise is all about learning where you stand and finding ways of expanding your financial breathing space. Looking at your financial health in terms of runway is not really about terrifying you into saving money when you’re unemployed. Should you start thinking about putting your house on the market, or perhaps move somewhere cheaper and rent it out? Do you need to look at emergency loans, or is there some time to explore your options? Is it necessary to cash out an investment, possibly paying extra fees, or can you afford to wait for a while? Still, it’s one of the first things you should do when you lose your job: knowing your runway figure will help you plan ahead and make better decisions. You may have thought that you were doing okay financially now you see how precarious your situation really is. If you’re living paycheck to paycheck, as about half of American families do, your runway is about 30 days.Ĭalculating this figure can be a real eye-opener. It’s not difficult to put a number on this: if you have $10,000 in the bank and you typically spend $2,000 per month, you have 5 months of runway. Financial planners have adopted this metaphor, especially in the startup world: your “runway” is the amount of time you can survive if you keep going the way you are. Money Is Time: How Far off Is the End of Your Runway?Īn airplane nearing the end of its runway without the speed to take off is in serious trouble. 9 Final Words: An Example for the Future.4 Get Your Spouse’s Help (and Approval) When Drawing up Your Emergency Budget.2 Unemployment Benefits and Other Sources of Assistance.1 Money Is Time: How Far off Is the End of Your Runway?.
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