We've all seen the current unemployment statistics and it's a scary time. Last week was the highest number of unemployment claims filed in a single week and many Americans are struggling as a result. You may be worried abut your own employment security as a result. So what should you do in this uncertain time? Here are my top three tips.
1. Create a Backup Budget
With the uncertainty of employment looming, now is the time to tighten your budget. Think about what you could cut in an emergency and where you could save. Are there any costs you can cut now? There's tons of great resources out there to help you with this- I love Clever Girl Finance's offerings. Now, take any money you've cut and add it to your savings to help float you in the case of job loss.
2. Make a Just-In-Case Plan
Is your resume current? Do you know who is hiring in your field? Think about looking into these things now rather than when you're in the shock of being laid off. What would you do if you needed a job now? Think about work from home jobs, in or outside of your career, that you could apply for if you absolutely needed a job ASAP. Hopefully you won't need these, but it's better to prepare and not need them then need them and not prepare.
3. If It Happens, File for Unemployment
If the worst case scenario happens, make sure you file for unemployment ASAP. This is true even if you're promised a job once the virus scare is over. You may still be eligible for unemployment in the meantime. There are also some initiatives specific to the current health crisis. Have questions? Visit the government's guide here.
Have you planned for the worst-case scenario? Let us know what steps you've taken in the comments below!