With cutbacks, mergers, and downsizing, job security has become a thing of the past. Nothing is guaranteed when it comes to longevity within the workplace. Do you have a plan if faced with an unforeseen job loss? Consider these five tips for preparing and coping with unemployment.
Create a financial plan
Look at your monthly expenses to determine how long you can cover them if unemployed. Planning—and sticking to—a budget and trimming nonessential expenses are key. Also, reach out to your credit card, auto, mortgage, and insurance companies to inquire about lowering your annual percentage rates or reducing your monthly payments until you obtain steady employment.
Apply for unemployment benefits
To bridge the income gap, you may choose to apply for unemployment benefits. The length of time you can collect unemployment benefits in Pennsylvania is typically 26 weeks. Keep in mind that taking a severance package, temporary work, or withdrawing from retirement accounts may prevent you from receiving unemployment benefits. For state-specific information on unemployment benefits and employment assistance, visit the Pennsylvania Department of Labor and Industry.
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